COUNTY FINANCES

Waihi Daily Telegraph, Volume XXXVIII, Issue 9362, 17 April 1939, Page 2

COUNTY FINANCES

“VERY SATISFACTORY POSITION" REVIEW BY CHAIRMAN i REDUCTION IN PUBLIC DEBT Finances of the Ohinemuri County Council were in a very satisfactory position, according to the report on the balance-sheet for the year ended March 31, 1939, which was submitted by the chairman, Mr William Marshall, at the monthly meeting. “The year commenced with a credit in the general account of £1435 4s Gd and ended with a credit balance of £92G 75,” stated the chairman.

“The receipts for the year totalled £31,069 5s 6d and the payments £31,371 7s 3d against £25,577 12s 4d and £22,776 11s Id respectively for the previous year, the increase being due mainly to an increase in expenditure under. Scheme 13. Revenue from the magazine amounted to £0 0 Ss 7d, an increase for the year of £lB 3s. Motor drivers’ licenses yielded £l4O 7s Od, an increase of £2 12s od. Dog registration fees amounted to £95 12s against £IOO 7s 3d for the previous year with an expenditure of £Ol Is 6d, leaving a profit of £34 10s Od compared with £46 12s lid for 1937-38. "Goldfields revenue and gold duty received amounted to £S7S 2s 7d against £1024 13s 9d for the previous year, including the amount received from the.Waihi Borough; a decrease of £4OO 11s 2d.

EXPENDITURE ON WORKS

“Expenditure on public works other than main highways subsidies and exclusive of Government grants and subsidies from the Employment Promotion Fund amounted to £10,311 12s lOd. Main highway subsidies, Government grants and subsidies from the Employment Promotion Fund totalled further expenditure of £ 15,22 S 15s lOd, making a grand total of expenditure on public works of £25,540 8s Od. "This, however, includes all plant maintenance, part of which is in con section with hire and sale of metal, estimated to have realised £l4Ol 4s id, leaving a net expenditure on public works, including main highways, of £24,139 4s 2d. “Expenditure on main highways totalled £1906 Is 2d, of which the council’s share was £457 lGs 3d, an increase in expenditure for the year wf £1225 11s 4d. In the hospital and charitable aid amount the levy was increased to £l7Bl 6s 2d from £1219 12s 7d and the debit balance reduced by £l4 19s 7d to £33 13s lid. The credit balance of £4 6 0s Id in the cemeteryaccount was increased to £59 Is Id. “Items under expenditure on administration total £798 10s lOd, an increase of £139 3s 5d of which approximately £lO5 was increased salaries and about £33 stationery and printing. Premium paid for insurance on employees in general account increased from £199 2s Sd to £303 5s sd, and claims for insurance compensation amounted to £l9B 10s 2d. Legal expenses amounted to £lO - c s Od against £35 4s Od in the previous year.

“Interest on overdraft and bank foe amounted to £lO2 9s—an increase of £77 6s 3d. Audit fees amounted to £7l 2s, being for two years as against no charge in the previous year; and election expenses amounted to £7l 15s Id compared with no charge in the previous year. . . The total adverse movement in the general, separate and loan interest accounts is £912 7s. COUNTY’S TOTAL PUBLIC DEBT “The total public debt as shown in the balance-sheet is £9721 10s 4d, but from this can be deducted sinking funds accrued at March 31 amounting to approximately £GSS, also the difference between the £2OS7 10s, showing under Maitaiti bridge loan and the total of interest yet to be paid on the loan amounting to £682 19s Gd which, when paid, will extinguish the loan, making a deductible balance of £1404 10s Gd. This makes a total of sinking funds and credits of £2062 10s Gd, giving a net public debt at March 31 of £7(55S 19s Gd, a reduction for the year of £524 17s 1(L

"Having regard to the serious flood damage experienced during the yeav the results are very satisfactory and our thanks are extended to the clerk and engineer for their efforts to obtain good results and protect the interests of the corporation.”