A SOUND POSITION

Bay of Plenty Beacon, Volume 6, Issue 69, 4 May 1943, Page 6

A SOUND POSITION

BOROUGH FINANCES TREASURERS ANNUAL REPORT "In submitting the financial cash statement for the Borough of Whakatane for the year ended March 31 last I again have pleasure in reporting a satisfactory financial position" said the Town Clerk at the last meeting of the Borough Council. "The sound condition of the accounts at the close of last financial year is maintained in the accounts herewith." The previous tendency of the past few years of revenue incrca.se continues, the total receipts during the rear amounting" to £.'H).578. being in the General Account £18,11.1 and in the Electricity Department £12,4.33, In general amounts due. to the council have been more promptly met this year and in consequence the amounts owing from various sources arc reduced to a comparatively small sum. Rates levied (.luring the year amounted to a total of £10,610 (excluding native) of which £10,473 (98.78 per cent) was paid before the close of the year. A balance of 194.2/43 European rales of £137 only remains outstanding. Of the £485 rates in arrears at April 1, 1942, £266 was collected during the year, £43 of rates irrecoverable was written off and there remains outstanding the sum of £170. Total Eun> pean rates outstanding is £313. The State Housing Department, which has an annual rate account of £380 now lias met its obligations up to date.

In the. General or Working Account receipts from licenses is maintained (contrary to expectations). A full refund from the Housing Department of £875 for street construction work at the state housing blocks has been received. The transfer of £625 from the Electricity Department includes the £500 provided in the estimates as well as £125 being the department's contribution towards the office equipment and extensions fund which has been created, and on behalf of which an investment of £250 in Government 2 /'o per cent short term war loan was niade during the year. Expenditure on streets,, drainage and general at £36-14 is an increase of £100 on last years figure, although then the council's staff was engaged, on street construction at the state housing blocks where £1030 was that year expended. Other items of expenditure call for no comment. The account closed in credit £881.

The credit balance in the. Water Supply Account is continued liecause of the non arrival of. the new pump. and. the Sanitary Service Account closes in debit, this reflecting the increased costs in this Department. Expenditure for Emergency Precautions amounted to £246 for the year, total expenditure to date under this heading being £424. subsidy on most of which already has- been claimed and received. Expenditure on Main Highways Account has been quite substantial although not approaching the total provided in the estimates, for which full authority was not forthcoming. Increased receipts and payments on Hospital Account, duly eventuated, and the. increased expenditure in the Cemetery Account includes payment j for the new 1 cemetery site. Principal. moneys amounting to £2803 were repaid to debenture holders in the. council's two Conversion Loans. In the Electricity Account receipts from the sale ot' electricity show an increase of £300 over the preceding year a large proportion of this, being derived in the past two months and since the lifting of the lighting restrictions. Maintenance expenditure is up £330 in total, which is more than offeset by a reduction of £873 in capital expenditure respecting which a reduced figure must be anticipated until normal building and developmental activity is resumed. The account closed quite satisfactorily in credit. Discussing the report,, the Mayor, Mr B. S. Bariy, at the last meeting of the council said that, he wished to the Town Cleric on the very prompt manner in which he had produced the balance sheet. He also thought the council could compliment itself on the very sound fmanc'a'. position of the Borough. A lot of tar sealing had been done during the year in spite of the restrictions, whilst the kerbing and channel 1 ing programme had also ahead. There, had been a fal'ing oH" in subdivisions of land : ing <>!' private resident ■ ...ti •" e war and as a result there was still an acute housing

shortage. He mentioned the. new cemetery, the borough Avater supply which would, have- to be substantially improved after the war and the work of the E.P.S. organisation. Discussing the revenue from electricity, Mr Barry said that two months ago the position looked very poor, but as a result of the lifting of the lighting restrictions that result was better than antic'w pated. The whole position was most satisfactory, the ordinary .services and amenities having been maintained and the finances carefully watched at the same time. "There are two major undertakings which we must not lose sight of," 1 said Mr Barry. "They will be of, a substantial nature and will have to be done out of loan moneys. They are the sew erage and a complete overhaul of the water supply service both of which will have to be tackled a.s saloon as the war is over and normal time's return." Cr Creeke said he desired to congratulate not only the staff (inside and out) but also the ratepayers on their response to the demands of the. times.