COUNTY’S OVERDRAFT

Taranaki Daily News, 17 January 1930, Page 15

COUNTY’S OVERDRAFT

LIMIT ALMOST REACHED. SITUATION IN WAIKATO. An unusual financial situation was revealed at a meeting of the Waikato County Council on Tuesday, when the clerk, Mr. T. B. Insoll, said the bank overdraft, amounting to £17,301, had 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 practically no expenditure for three months. Although the annual income, siuid Mr. Insoll, was that there could be occurred in March. exclusive of Government subsidies and grants, was £30,000, the council had not a half of this money in hand. The outstanding rates last year amounted to £3OOO at the end of tne financial year. The position would probably be as bad this year, if not worse. A sum of £lOOO had just been paid into the bank as interest.

The chairman, Mr. T. Hinton, said the council would have to exercise care, as it had experienced heavy expenditure in the early part of last year. A further indication of the state of the county’s finances was contained in a report from the engineer, Mr. A. A. Woodward, who said the outside staff had been reduced to a minimum and that no work which was not considered immediately necessary would be done during the coming three months unless especially authorised by the council.