FINANCES OF SYDNEY

Wanganui Chronicle, Volume 74, Issue 142, 18 June 1931, Page 8

FINANCES OF SYDNEY

BRIGHTER VIEW TAKEN. DEALINGS IN ELECTRICITY. SYDNEY, May 21. The financial position of the Sydney City Council is now considerably brighter than at the beginning of the year and there is a possibility of the civic budget being balanced without making any increase in the demands upon the ratepayers, as compared with the total amount paid by them last year. At the commencement of the year there was a fear that the electricity department might close the year with a deficit of any sum up to £200,000. The subsequent rationing and economy measures have enabled the expenditure of the department to be considerably curtailed. In addition, there has been an encouraging increase in the demand for current, which is an indication that, industrially, there are brighter times ahead. The departmental officers now believe that the department will end its financial year with only a very small deficit, if any. In 1930 the net valuation of the city was £60,848,883, which, at the rate of 3Jd in the pound on the unimproved capital value, produced £1,009,015. It is confidently expected that the City Council will be able to about balance its budget in 1931, with about £50,000 less from ratepayers than last year. However, should the assessments now being appealed against be reduced by £10,000,000 or more, as is expected by many property-owners, it will be neces sary for the council to increase its rate from id tG 4d to produce an amount £50,000 less than that received last year.