DEVONPORT FINANCES

New Zealand Herald, Volume LXXIII, Issue 22401, 23 April 1936, Page 13

DEVONPORT FINANCES

IMPROVEMENT IN POSITION SURPLUS SHOWN FOR YEAR A surplus of £1340 on the year's working was disclosed in the annual financial statement submitted by the town clerk, Mr. A. E. Wilson, at last night's meeting of the Devonport Borough Council. Receipts for the 12 months ended March 31 totalled £60,349, while expenditure amounted to £59,009. The principal it-ems in the receipts were general rates and subsidy, £32,974; wages refund under No. 5 Scheme, £10,0(32; water rates, £9239; proceeds from miscellaneous rents and leases, £4417; petrol tax, £1703. The largest individual payments under general expenditure were: Wages, £19,993; interest, £18,318; hospital assessment, £3024; purchase of stores, £3040; waterworks, £2349; administration expenses, £1929; street lighting, £1594. "It is pleasing to be able to report again an improvement in_ financial conditions." said the Mayor, Mr. H. F. W. Meikle. "Revenue has improved under all headings and many ratepayers who have been in difficulties for a number of years have been able to liquidate their liabilities." The current rates collected during th« year amounted to approximately 86 per cent, as against 83 per cent for the previous year, and 81 per cent for the year before that, Mr. Meikle said. The "collection of arrears had improved by an even greater percentage. The amount outstanding for arrears of rates at March 31, was £11,540, this being a reduction of £1230 on the figure at March 31, 1935. This was the lowest figure for four years. Most of the difficulty relative to collection of arrears came from properties subject to Crown mortgages. The council had been able to make some reduction in the rates each year, which in the aggregate had amounted to a considerable sum. The total rate struck in 1935-36 was £6447 less than the total rate in 1930-31. This sum represented almost ljd in the pound on the old unimproved values. During the year the council stopped all No. 5 Scheme work. All labour now engaged was employed at full award rates of pay "It should be noted that the public debt is in a satisfactory position," said the Mayor. "It is at a figure well below the average for a borough similar to Devonport. All loans current in New Zealand are at rates of interest not exceeding 4J per cent. Provision has been made to liquidate all loans by increasing annual redemptions of debentures within the next 29 years. The net public debt at March 31 was £261.931, as against £267,348 at March 31, 1935 —a reduction of £5417 for the year."