An unusual financial situation was revealed at a meeting of the IVaikato County Council the other day, when the clerk, Mr T. B. Insoll, said the bank overdraft, amounting to £17.304. bad almost reached the limit permitted. The rates outstanding amounted to £20,000, and the council could not permit- its overdraft to exceed outstanding rates at the end" of the financial year, which occurred in Alareii. The effect of the present situation, sai 1 Mr Insoll, was that there could be practically no expenditure for three months. Although the annual income, exclusive of Government subsidies and grants, was £30.000. the council had not a half of this money in hand.
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Otago Witness, Issue 3959, 28 January 1930, Page 21
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110Untitled Otago Witness, Issue 3959, 28 January 1930, Page 21
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