CITY FINANCES

Otago Daily Times, Issue 16982, 19 April 1917, Page 8

CITY FINANCES

A SATISFACTORY STATEMENT. In moving the adoption of the Finance Cornruittoii's l'eport at the City Council hLst evening the chairman (Cr Small) said he wished to refer yerj l briefly to tho operations of tho trading departments for the past financial year. WATKII J) itt. , A BTMKXT. In this departmcijt thcro hud boon an increase in revenue of £2716, and an iner6aso in tho expenditure of £2267, making an increase in tho not profit for tho year of £448 10s sd. These increases were explained by the inclusion of the revenue and expenditure of tho Bay Town district and Mornington Borough in this year's .accounts. So far as net profit was concerned this department was still in the lead. The rovenue for tho past year had been £46,010 2s. The charges for working expanses, interest, renewals, and depreciation amounted to £28,602 3s, leaving a not profit of £17.407 19s. GAS DEPARTMENT. In this department thcro had been an increase in the rovenue of £1535 2s. lid, wholly from residuals. The increase in the expenditure had boon £635 18s 9d, showing an increase in tho net profit for tho vear of £849 4s 2d. This result must bo considered very satisfactory. The revenue for the year had come to £48,185 7s. The working expenses, interest, renewals, and depreciation amounted to £42.097 19s Bd, which left-a net profit of £6087 7s 4d. TRAMWAYS DBPAHTiIEJTT. For the past year thcro had been an increase of £2240 4s 2d in the revenue and an increase of £1091 6s 7d in the expenditure, giving an increase in the net revenue of £1148 1/s 7d. iho revenue for the year had been £79,928 os Id. 'ihe working expenses, interest, renewals, and depreciation amounted to £73,937 5s 2d, leaving a net prolit of £5987 2s lid. ELGCTEIC DEPARTMENT. In this department there liad been an increase in the revenue of £53J8 0s 6d, and an increase in the expenditure of £1868 17s lud, leaving an increase in the net prolit of £3429 2s 7d. 'iho revenue for the year amounted to £70,370 7s sd, and the expenditure to £50,436 7s, leaving a. net prolit of £14,8i4- Cs sd. The amount spent on extensions was >£7668 14s sd.

The aggregate result showed that the revenue tor the year amounted to £244,494 4s 6d, disposed of as follows: —Working expenses, £105,423 4s 7d; interest, £52,775 0s 9d; renewals, £30.206 2s 2a; deprecia-tion,-£11.671 7s 4d; net. profit,. £44.418 9s»! 8d;—£244,494 4s 6d The other combined expenditure of the departments vnis: —Extensions, £34.847 4s 6d; payment to municipal department, £18.041; payment to sinking fund, £10,176 105;—£63,064 14s 6d. This was met by:—Not profit, £44,418 9s 8d: depreciation, £11,671 7s 4d; decrease floating assets, £4886 4s lid; overdraft increase, £2088 12s 7d;—£63,C64 14s 6d.

The result of the operations of the Mornington trams was not included in the foregoing statement. It was as follows: — Traffio revenue, £8809 3s 10d; sundry revenue, £16 2s lid; Maryhill extension, £279 5s lid;—total, £9104-'l2s Bd. Expenditure:—Power, traffic, and general exponses, £5307 2s 2d; Maryhill extension, £280 5s 4d; war pay, £250 8s; replacement account, £1000; interest, £2038 17s;—total, £8376 12s 6d, leaving a credit balance of £228 0s 2d.

The speaker said ho thought councillors might congratulate themselves not only on the net "profit, but on the all-round extensions in revenue as well. Ho thought the council had never contemplated that the net profit would ever reach the sum of £44,418 per annum.—(Applause.)