CITY'S BALANCE-SHEET.

New Zealand Herald, Volume LXIV, Issue 19798, 19 November 1927, Page 12

CITY'S BALANCE-SHEET.

ASSETS EXCEED £7,785,000, DEBT INCREASED £604,000. OVER A MILLION SINKING FUND. A reduction in the surplus of assets over liabilities is shown by the balancesheet of the City of Auckland at March 31, 1927, a copy of which was furnished by the town clerk, Mr. J. S. Brigham, yesterday. The surplus is now shown as £966,805, as compared with £1,104,822 at March 31, 1926, a reduction of £138,017. The valuation of assets is £7,785,461, an increase of £465,967, while liabilities have increased by £603,984 to £6,818,656. The increase in liabilities is almost entirely due to expansion of the loan debt by £609,339 to £6,574,615. Contractors' deposits are higher by £6627, most of the other items being lower. The assets include cash at bank in district fund and loan accounts, and at the city treasury amounting to £245,621, an increase of £43,665. Mortgages are lower by £28,093, the reduction in respect of Anzac Avenue and Beach Road sections, in respect of which outstanding mortgages are now £49,671. As in the previous balance-sheet, thero is included in the landed properties one unsold section in Anzac Avenue, valued at £IO,OOO. Sundry debtors at £50,180 show a reduction of £6661, but there are n>aw liabilities to the council in respect of contributions due for the paving of the northern highway and Lincoln Street amounting to £13,590. Land and other properties are valued at £1,724,577, an increase of £13,526, in addition to which there is a new item, Queen and Quay Streets property, £41,060. Tramways assets are entered at £1,711,171, an increase of £119,099, and waterworks at £1,098,175, an increase of £123,453. The fish market is valued at £5013, a reduction of £6231. Sinking funds amount to £1,159,402, an increase during tho year of £135,385.