£2432 IN CREDIT

Poverty Bay Herald, Volume LXV, Issue 19622, 4 May 1938, Page 4

£2432 IN CREDIT

BOROUGH FINANCE SATISFACTORY POSITION £llßs TO RESERVE PUBLIC DEBT REDUCED SMALLER LOSS ON BUSES

The statement of borough accounts for the year 1937-38, submitted to the Borough Council last night by the town clerk, Mr. W. 'M. Jenkins, showed that the general account had a credit balance of £2432 and that the public debt had been reduced by £7240. "The year's working and the stable condition of the borough finances must be considered very satisfactory," Mr. Jenkins said.

"The gi<neral account, which covers the major operations of the council, commenced the year with a credit balance of £1245, after, transferring £IOOO to the reserve fund, closed' in credit £2432. "In view of the substantial credit balance disclosed, I recommend that £llßs be transferred to reserve. This fund will then show a credit balance of £2OOO.

"In the aggregate the actual receipts and expenditure compare favourably with the estimates, as will be seen from the following:—

Estimated receipts, £42,380; actual receipts, £43,715.

Estimated Actual Expendi- Expenditure, ture.

Receipts Total £118,064. ■ "The total receipts from all sources amounted to £118,064, and payments £115,091, resulting in a nett cash credit of the combined revenue accounts at March 31, 1938, of £2973. Actually the cash credit should be £3325, as there is an amount of £352 due to the district fund account by the aerodrome loan, and this amount will be refunded when the loan is raised.

"Current rates paid equal 91.5 per cent, of the total amount struck, compared with 89.6 per cent, in 1936-37 The collection of arrears has also beer satisfactorily maintained, 60.2 per cent. of the total having been paid during the year, compared with 58.3 per cent, the previous year. The total rate.' outstanding at March 31 were £9933; at March. 1937, £12,546, a reduction of £2613. The total rate collection for the year 1937-38, current and arrears, exceeded the" amount struck for the year by £2128. Smaller Bath Deficit. "Macßae Bath.—Considerable improvement is shown in the operation of the bath for the past year. Estimated receipts were £IOO, and actual, £137; estimated expenditure £250, actual £195. The actual deficit was £SB, against an estimate of £l5O. "Water Supply. This account opened with a debit balance of £356. and closed with a credit of £BB, showing an improvement in the year's work of £444. Actual receipts amounted to £2904, compared with an estimate of £2650. Estimated expenditure was £3070, and actual £2459. "Abattoir.—Killing fees showed an increase of £271 over the previous year, and expenditure has increased by £458. Extensive repairs and maintenance during the year were mainly responsible for this increase The year commenced with a credit balance of £lB, and closed with a debit of 14/-. Loss on Buses. "Omnibus Department—The yeai commenced with a debit balance ol £1689, and closed with a debit oi £IBB3. The loss on the year's working on a cash basis amounted to £193 compared with £256 the previous year. The total receipts, excluding e grant of £632 for depreciation reserve from the general account, amounted to £8744, and the expenditure £8937. Last year it was decided to write off the advances made from the general account, amounting to £5104 for capital expenditure, thereby relieving this department of the annual charge for interest of £257. The trading accounts of this department will be submitted later when finalised. "Public Debt—At March 31, 1937, the public debt amounted to £626,875 and for the year ended March 31, 1938, was £619,634, being reduced by £7240 by redemption of debentures and repayment of principal. "Valuations.—Prior to the commencement of the last financial year, a revaluation of the borough was undertaken. The unimproved rateable value was reduced by £94,224, and now stands at £1,180,086." The report was adopted.

£ £ Administration .. 4.474 4,232 Levies, grants, and unauthorised . . 7.50 602 Streets & bridges 21,942 21,022 Sanitation 3,765 3,876 Drainage 2,570 2,990 Reserves 2,516 2,502 MacRae Bath 250 195 Contingencies 500 483 Fire Board levy . 1,471 1,471 Housing survey . 205 265 Cemetery maintenance ...... 267 245 Superannuation . 500 477 Motor-buses depreciation reserve . 450 682 Discount on rates 1,500 1,038 Miscellaneous Totals £ 1,220 1,203 42,380 £41,283