NEWMARKET FINANCES

New Zealand Herald, Volume LXXV, Issue 23002, 1 April 1938, Page 12

NEWMARKET FINANCES

SATISFACTORY RESULT YEAR'S SURPLUS OF £2400 Satisfaction with the financial position of the Newmarket borough was expressed by members of the council at a meeting last night, when the annual report of the town clerk, Mr. H. Wilson, showed a surplus on the year's operations of £2400". The Mayor, Mr. S. Donaldson, said the result was particularly pleasing because for the last eight or nine years the council had boon trying to reduce its deficit and last year a reduction in the rates had been effected, with consequent, loss of revenue. Mr. Wilson reported that the result was very satisfactory, especially as unforeseen expenditure during the year toalled £750. Tho rate collection was £13,789, or 98 per cent of tho total levied. This was tho highest collection recorded for many years and the outlook for the coming year was very satisfactory. The total expenditure including tho loan accounts was £75,000. Tho ouly item in last year's budget which did not exceed or approach the ostimato, said Mr. Wilson, was arrears of rates. The budgetary figure was £1550 and the actual amount collected £826. Generally revenue was of a buoyant nature.