THE CITY FINANCES.

Otago Daily Times, Issue 13863, 28 March 1907, Page 7

THE CITY FINANCES.

,1' HIGHLY, SATISFACTORY STATE* : ;..■'" ' /In moving the adoption of the Kn?uco Committee's report at last night's meeting of the City Council, Cr Small, the .chairman, said tho only matter tliat required any explaining' ma the estimate, which wore for the wain part a repetition of last year's. Aβ-far as tho works were concerned, trio only variations were provisions that had ; been made for street widening to tho extent of. £5000, and for the completion and equip- . went of a-free public library for £400C n Uio funds to meet these two payments, it would be seen, wero; proposed to ie transferred from, the. water and gns departments, Whether that would bo done at the end oE' 'tho year or not ho could aiot say. It) would thon bo a matter for the counoil. •Ho was glad 4o bo in a position to bo able to give a forecast of ttio financial payrncnts by the council for tho jear just ending. , There, liad been a. reduction of the not overdraft to-tho extent of £12,199, aiiti: ivhile that wja so, there had been new works carried', put and materials purchased .' in .connection with tho water, gas, and tramways departments to the amount of £15,000, so tliafc the corporation's position . had improved during the p_a6t year to the extent of £27,000. Dealing with the various departments in detail; Cr Small said the overdraft in the municipal account, which at • the beginning of tbo War was £92,'4-10, had been reduced by'£Bs3o, and this bijlanco was partly accounted for by a transfer of £,2000 from the water account, from the gas account £2000, from tho redemption loan account £1500, and from the tramway account for street widening £2727, making a total of £8227. The not result of ih6 v operations in "this account so far : ' as ordinary revenue and expenditure .wore ' cpiicernqd-wasthat the former had.excecdqit ' tho latter by £1371. With regard to : tlie■■./ wafer account, there Lad boon an apparent :' loa here of £5279. This was jaceouuteu for by'tho following work, wliich'had been ,• .; dono out of revenue:—Repairs to Roes Creek, £1027; repairs to Ross Creek' tunnel, £1374;' and Maori Hill reticulation,' £SUO;. - ■- and with tho transfer , to niunioipal account (£2000),' tho'.account showed > profit of . . ;.. £4631 for tho year. As far as the, tram account was concerned, the"pcsil.ion was ,' that after providing for depreciation ('£5200), for Accident, Fund (£600), and for Sinking Fund' (£1500), there 'remained a .profit of £495. The •balance, at the. credit of thij gas account to March 31. 1907, was £13,820,' ' and this had-becn increased during tbo:year bx £6921. In addition thcrp had jjeon work done- at the gas -works to the extent of' £1161, and there had been transferred t'o the municipal account a sum of £2000, showing aji 'approximate profit for the. yea? .'. of .£12,082. Now that it had been shown what, could be.done by careful and judicious ! 'management," he trusted tho .ratepayers would make future councils " toe tho mark'." Tho Mayor emphasised wbut could bo doiio by complete organisation; and careful' .'/. management, and said that if tlie council's operations were only conducted on the lines that had boeii initiated and followed .during' the past year in the reorganisation of'. ; tho dcDartments,' the time wjjs .not fardistant when a reduction of tho rates , would be possible. ' '■'■■:'■•.. ' Tho following tables wero submitted /by ■ \ Cr Small:- ' ' '. , /' ' ; ; ' 1 ;■ •■■"•■, r< o • 4 ■■/ rt .: ■.•■.; ■ "' ■ ' CI O ■' £0. "" ■ ' ': "■. il H ■ ri .'•■ & i~ o ■ t. ' '. - ■■ ' 1 CO Q ' .. S 1 " '• I : ' V ■ : '§ « ■ ■ :... +\.-\. : H■■ ■ ' g e> to .. gH. « '■■■ ■■*.& - ■* ■ '.-sa ».■-■■ - a' * ' '\ '™*- '.. * ■ •■" .''-.. • H' m ' ' '■ i" , " i- o S - . I ■-<■'. . . o doom" •'> .' ■'"•' ' ' S SB3 3 . -. '■/*■' ' ' ' fl to CO* tJ4* of '- • ■ •'."-., ws ■••:;' •'■■ ■ ■ // ~° § :.■■ \ '■ " -g =j «ri m h 'ej «' ;u»; .■.■-■' : -| 8 °.' as •' ■-■fj-.' ■ ; ■ ■«?.". f .S' B :3: .;-: ■ ■ ' ■;:.;: '-s :-e; ii • [ v- : -. -. ;... \ "B. ■afe-v . /'. §" ": t |||| '■■■ ■■■"■ ■ % Z <-'■ _.; . Statement showiag the result of .the.year's ' . '.\ operations:— ' A.— Municipal Account. I ' ■ "■ .;■ Dr balance SlsfeMaicli, 1906 ~ JE93,«0'19 2 Dγ balance 31atvMarch, 1907 .'. '83,580 17 2 . ;. Reduction .. ... o'~ : This ■ balance is • .■', . partly accounted for > ■ '. as' follows to ex- . . ■ tent of £8227 by: •' ■ ' , •" ,' TranaJer from •'.,■., ■ ■,' water .. .. ..,£2OOO 0 0 ■•"..■' •',- Transfer from gas 2000 o; 0 :■' _ '■ Transfer from re- ' , '■'■•>'-.-. '■ demotion loan, . >• account' :. .. 1500 0 0 .! y ••■.'.'.'.:■' , Transfer from tram- • . . '■ ' . way loan account . '- for street widen- •■ ■ . ing: 2727 0 0 . i _ __ 8,227 9 fr. -,;; Difference ... ' £103' 2>o '- , The following payments have been ■ '■■'' made, which are ■ . . . outside ordinary ex- ' . : .' penditure :-? ' . - .' .'■■■. ■'"' To Koturo Gallery £100 0 0 , >;:'.!'•'.. ', Hocken Fund.. .. 200. 0 0 ' Free Librarj- 237 0 0 " •■. : ■; For street lighting from year 1905-0.. 531 0 0 -. . . : ■', I,OGB Oβ ,• ; Amount by which. !'ordinary rcvoniU). .•••■■',. ]ia3 exceeded ordi- ',-.■.■ nary expenditure £1,371,2 0 ■:'.'. B.—Wateb Accodst. ■ ■ Cr bakuce 31st MaTch, lOpfi .. £8,716 17 9 ' Cr balance 31st Marchj 191)7 ... 3,437 12 1 . ■. •: Apparent loss .. .. ... .. .. £5,279. 5 8 ',: Explained as follows. • ■ Durinp the year the f following works ha,ve /■ been done ont of . j. roveliue: . . . '. ' , \ Hepaits Rosa Creek £1027 2 0 . _, ■~ ■ Repairs Ross Creek ,•' .: ' ' -tunnel 1374 15 G ' . f. Maori Hill retiem' '' ' ' lation : &110 0 0 Transfer to municipal account "'..• 2000 0 0 . .—, — 9,801 17 6 Showing a profit for the year ». £4,63111 10 ..'.'.; C. Tbaus. , ,'.'■ /■*■ Debit balance 31at March, 1906.. f9,320 O',l ; , Debit balance 31st March, 1907 9,292 7 8 ; ■ ; ; £27 12 6,'- ,■' But during the current year in order to enable'the tram loan'", account to clear off its indebtedness to tho bank there was transferred from thia ac- ■' count to the loan account the . ■ , sum of £6268 in exchange Ipr superfluous stores in hand after finish of trams ... .. £6,263 0 0 Showing gross profit lor -the yen of .. ~ £0,235 12 6 Prom this has to ho deducted— . ' Depreciation .. £5200 0 0 Acoident fund 1 .. 600 0 0 5,800 0 0. Approximate profit for the year after all provision has been made ~ £495 12 5 D. &As Account. Credit balance March 91, 1907., £13,820 GO Credit balance March 31, 1906.. 4,899 0 i Tho credit balance has been in- ' creased .. .. ~, .. tJI £8,921 5 8 In addition, during the year there has been expended on i ' ' ': reconstruction works " ■ at gasworks the Bum , of £1161 0 0 ': " . Transferred to muni-. cipal account .. 2000 0 0 • — £3,161 0 0 ■'■ Showing an approximate profit -. 'or ihe year of .. ,£12,082 5-8 ':