Healthy Position of Feilding Finances

Manawatu Times, Volume LV, Issue 6834, 15 April 1932, Page 3

Healthy Position of Feilding Finances

CREDIT BALANCE OE £2600 FORECAST OF LOWER RATES “The year has ended very satisfactorily as far as the borough is concerned,” raid the Mayor of Fcilding (Mr. C. E. Taylor) at last evening’s meeting of the council when reviewing tho statement of receipts and expenditure for tho year ending March 31 last. At the close of the year, said the Mayor, the council finished up with a credit balance of £2619 3/, £IOOO of which was represented by a fixed deposit, of that amount,, leaving approximately £ISOO to the credit of the general account. When preparing the estimates for tho year the council had estimated for a credit of £llsoo—£looo on fixed deposit and £SOO in the general account. As previously stated, the borough had finished the year with nearly £IOOO more than had been budgeted for. This was mainly accounted for under three heads, viz., a saving of £375 on Sydney exchange, ari additional £275 in fees in the abattoir account, and the receipt of just over £3OO more than had been estimated from the Alain Highways Board. This latter came about when tho maintenance subsidy was increased during the year from £2 for £1 to £3 for £l. A reference to the expenditure accounts disclosed a saving of over £SOO during the year. Sundry accounts under miscellaneous receipts showed increases and savings in expenditure. While having a credit balance of £ISOO, leaving out the fixed deposit, tho council would not forget that there was levied in respect of rates £BOO less than in the previous year. After tho council had paid the accounts in connection with the Aianchostcr street scaling work and tho laying of the North street water main the Alayor felt that there would be a credit, in the current account of £I2OO.

Continuing, the Mayor stated that about SO properties were being revalued at the present time, and the council would have to face a loss of between £BOO and £IOOO in rates during the coming year. With certain benefits that should accrue to tho borough from the bill now before Parliament—the National Expenditure Adjustment Bill —which would benefit tho borough to the extent of 2/ in the £1 on interest on loans domiciled in New Zealand, the Alayor felt that the council would be able to reduce the borough rates to approximately £15,400, or £IGOO less than last year. If tho revaluations now being made resulted in the borough losing £BOO in rates, the Alayor felt that it: the council was careful it would be able to make a further general reduction in rates of another £BOO. In any ease, the council would have a later opportunity to consider the rate position. Air. Taylor went on to refer to the different accounts, and concluded his review of the borough’s finances by suggesting that the town was in a distinctly favourable position. Ho offered his congratulations to the town clerk (Air. N. C. Harding) and the office staff on the early completion and presentation of the balance-sheet. Cr. E. Fair supported the Alayor in his reference to the town clerk, and remarked that it- was very gratifying to councillors to know that the borough was in such a strong position.