CITY FINANCE.

New Zealand Times, Volume LI, Issue 8966, 17 April 1890, Page 2 (Supplement)

CITY FINANCE.

The Town Clerk submitted to the City Council on Wednesday a few general particulars of the state of the Corporation finance, which were as follows :—The year commenced with an overdraft of L 10,077 5s 6d, and this has been increased to £12,298 2a 2d, an addition of L 2220 IGs Bd. In spite of this, it will be seen, when the full particulars are to hand, that there has been an actual saving of L 2204 4s 5d on general revenue, inasmuch as the expenditure of an exceptional character was no less than L 4425 Is Id during the year, viz., on drainage account, L 3383 Is Id, and on capital account for land at Wainui watershed, L 1042. This large expenditure on drainage, amounting to LIO,OOO during the last three and a half years, has weighed very heavily on the general account, and only needs to be mentioned to show the necessity for a loan with which to complete the whole city drainage as soon as possible. The expenditure on the general works of the city has been kept well within the estimate,'and the receipts have, with a few exceptions, fully realised the estimated amounts. The estimates of receipts and expenditure for the present year will be ready for the consideration of the Finance Committee next week, so as to be presented to the Council at next meeting. The rates for the current year can then, if the Council approve the estimates, be struck at the following meeting (on the Ist of May), and be made payable earlier than last year. This is very necessary," as owing to the unavoidably late period at which the rates were struck last year the amount of arrears is this year somewhat heavier than usual. The overdraft on Te Aro reclamation account, No. 1, is L 3505 9s 2d, which will probably ha reduced in the course or settlement with the various foreshore owners, as some of these will doubtless take additional land beyond the quantity which they are entitled to receive as compensation, in order to complete their frontage. The Te Aro reclamation account No. 2 is in credit L 4847 14s 6d, which is .as nearly as possible the amount required for the contractor on completion of his work. The amount to credit of city improvements loan is now LI o. 179 17s Bd. Summarising the above, it will he seen that the total amount of overdraft is L 15.803 lls 4d, and the amount to credit is L 20.027 12s 2d. This latter will, however, be reduced to L15,C00 immediately upon completion of the Te Aro reclamation. The memorandum was laid on the table, the Mayor remarking that it was a rather unpleasant reflection that LIO,OOO had been spent on an ineffective drainage system.