CITY ESTIMATES.

Star (Christchurch), Volume LXVI, Issue 20360, 18 July 1934, Page 7

CITY ESTIMATES.

Increase in General Rate Unlikely. LOWER EXPENDITURE. The Finance Committee of the City Couneil will hold a special meeting next Monday morning to deal with the estimates of expenditure and income fer the current year. It is expected that the meeting will last for several hours as it is intended to complete the estimates if possible in order that they can be submitted to a special meeting of the council at an early date. The general rate levied' bv the council last year ws s 2id in the pound on the unimproved value, and it is considered extremely unlikely that there will be any change this vear. On account of a number of valuations having been reduced, however, the total amount that will be collected will be ahout £2OOO less than two years ago. Last year the council transferred £15,000 to the general account from the Municipal Electricity Department’s funds, the money being used principally for the relief of unemployment, on which about £IB,OOO was expended. This year, however, the council cannot transfer more than £J2.000 from the M.E.D. funds, but it is considered probable that the whole of that sum will be taken. There is also a fairlv substantial credit balance in the Halswell Quarries account and some of this money may be transferred to the general account so as to avoid increasing the general rate. Smaller Credit Balance.

A credit balance of between -4000 and £SOOO will be brought forward from last year, but this will be about £2OOO less than the sum brought forward in the previous year. *th the reduced amount that will be obtained from the general rate as a result of the lower valuations, the smaller balance brought forward and the smaller sum that is available for transfer from the M.E.D. funds, it will be necessary to curtail expenditure, and the estimates have been framed with this obiect in view.

None of the councillors wish to sec an increase in the general rate this year, and it is certain that there will n ? t an unless unforeseen difficulties arise. It is equally certain that there will not be a reduction in the rate.

.The loans conversion and consolidation scheme does not come into operation until next financial year. In the present year the interest rates will be slightly lower than last year.