CITY FINANCE.

New Zealand Mail, Issue 896, 3 May 1889, Page 31

CITY FINANCE.

A LOAN OF £75,000 PROPOSED. REPORT OF TfiL FINANCE COMMITTEE. The Finance Committee of the City Council have agreed upon the following report,. Which will be submitted to the Cbifficil meeting to-night The Committee beg to report that they have had finder Cofisideratioii the estimates of receipts and expenditure for the Current year. These estimates, as? first drawn up, showed a probable surplus o'n geriefal account of about L 4500 after provision had beef! made for the ordinary expenditure of the year, imd the principal question which engaged the attention of the Committee was whether this amount should be expended in carrying out some of the drainage or other works of a more urgent nature, or whether it should be set aside for interest on a new loan. After much deliberation the Committee has come to the conclusion that the latter Course is the ode which should be adopted by the Council. The Committee have accordingly drawn up a schedule, which is attached hereto, chewing the amount which they consider should be raised in order to refund to the general account the sum of L 10,500 expended on new works, and to meet all the requirements o? the city for a number of years to come, and recommend the same for adoption. The general revenue of the city being thus relieved of expenditure on new works and the payment of interest on overdraft, there will be ample funds for payment of interest on the loan without any increase of rates, and a considerable amofint (upward of L 2000) will this year be left in hand for contingencies. The Committee have now to recommend : 1. That the Council, decide in favour of the loan as now presented, and that the necessary steps be taken to. place the matter before the ratepayers in terms of clauses 177 to 184 of the Municipal Corporations Act. 2. That the accompanying estimates of receipts and expenditure be approved by the Council preparatory to striking the rates for the current year. 3. That the said rates be as under : General rate, Is in the poun 1; water rate, 5 per cent on the rateable value of all dwelling houses supplied with water, 2b per cent on the rateable value of all Iwelling houses not supplied with water, and being within 100yds of the water mains, 2\ per cent on the rateable value of all stores, warehouses, etc. ; special rate for interest on city improvements loan, 6d in the pound ; hospital and charitable aid, 2id in the pound. 4. That L 15,000 city improvement loan deposit account now matured be disposed of asunder : Ll4,oooredepositecl for one year at 5 per cent, LIOOO placed to current account No. 2 to meet expenditure on street formation. The Committee have further to report that the accounts of receipts and expenditure for the year ending 31st March have been balanced, and are now in the hands of the Government Auditor for inspection. Particulars with reference to the principal items were included in the estimates for the new year attached hereto, and the complete statements will be circulated as soon as possible. The following statement of the expenditure of the proposed loan is appended : Proposed New Loan op L 75,000. £ Drainage works... ... ••• 15,000 Repayment to general account: amount already expended on drainage works of a permanent character, L6OOO ; purchase and erection of Destructor, L 4500 ••• 10,500 Formation of streets on Thorndon reclamation ... ... 5,500 Formation of streets on Te Aro reclamation ... ... ••• 2,000 Extension of Taranaki-street, Tory-street, Cambridge-ter-race, Victoria-street, Clydequav, and Oriental Bay Esplanade ... ••• 5,000 Formation, kerbing, etc., on orivate streets not yet taken over ... ... ••• 2,000 Other street construction, kerbing, etc., as per City Engineer's schedule 4,000 Town Hall ... ••• ••• 17,000 Recreation ground for Thorndon, and formation of esplanade on reclaimed land ... 6,500 Road through town belts and general improvements in city reserves ... ••• ••• “’Jwi New cemetery f’noo Contingencies ... l,Uuu Total ' £75,000 GENERAL ACCOUNT. A statement of general account ap-

pended shows the estimated revenue for 1889-90 to be L25,77S 11s 2d, as against L 2-5,157 13s 2d estimated and 1.25,26514 s actually deceived last year.- The principal items in the estimated receipts are : —• Rates at Is in the pound, L 15,434 16s ; publicans’ licenses, L 2540 ; interest on deposit account, L 1655 ; reclaimed land rents, L 2070 9s ; market reserve rents, LSBB 6s 2d ; auctioneers’ licenses, L4BO ; wholesale licenses, L 520 ;• interest from Harbour Board, L 507. The estimated expenditure on general acoount is L 25,776 11s 2d, as against L 24,450 13s 2d estimated and L 26,187 6s Sid expended last year. The principal items of expenditure are :—Street lighting (five months’ gas to 20th May, ten months’ electric lighting), L 1900; interest on loans, L 7514 ; labour, cartage, road metal, cement, timber, &c., L4OOO ; contingencies, L 2437 Us 2d ; interest on new loan, half year, L 1687 10s ; proportion of salaries, L 1340 ; fire brigade, LIOSO ; scavenging and street watering, L 1790 ; street works already sanctioned (not chargeable to loan), L 1220 ; collection of refuse, L 640 ; Post Office clock, L 320 ; Queen’s Drive, L 250 ; printing, &c., L4OO ; insurance and sundries, LSOO ; Wellesley Block streets,- L 390 ; maintenance of Destructor, L2OO. WATERWORKS account. The estimated receipts this year are L 18,530, as against L 17,450 estimated and L 17,121 17s Id received last year. The? expenditure is estimated at L 18,530, as against L 17,450 estimated and L 17,406 3s 5d expended last year. SPECIAL- RATES. The special rate for interest on city improvements loan, 6d in the pound, is estimated at L 7717 8s ; and the expenditure at L 6900. , . The special rate for hospital and. charitable aid, 2jd in the pound, is estimated at L 3215 11s" Bd, and the expenditure at L 3192.