FINANCIAL STATEMENT

Bay of Plenty Beacon, Volume 7, Issue 67, 26 April 1944, Page 5

FINANCIAL STATEMENT

POSITION IN BOROUGH

TOWN CLERK'S REPORT

The following financial statement was submitted to the Whakatane Borough Council by the Town Clerk Mr D. V. Saunders, at. last meeting:— In submitting the financial cash statement for the Borough of Whakatane for tire year ended March 31 last I again have pleasure in reporting a sound and satisfactory financial position. The tendency of the past few years of revenue buoyancy continues the total receipts during the year amounting to £33,004.; General Account £19,856 and Electricity Department £13,148. Payments total! £34,138 being on General Account £21,205 and in. the Electricity Department £12,933. In general amounts due to the Council have been very promptly met this, year and in consequence the amounts owing to the Council from various sources are reduced to a small total., Rates levied during the year amounted to £10,738 (excluding native) of which £10, 637 (99.06 per cent) was paid before the close of the year. A balance of 1943/44 European rates of £101 only remains outstanding. At the commencement of the year there was £313 rates in arrears and of this £142 was collected £27 was; written off as irrecoverable and £144 remains outstanding. General Account In. the General or Working Account rece'ipts generally are maintained on a par with those of last year and. no items call for special comment. A total expenditure in the account of £7647 is easily a record for the Borough as is also the item of £4187 expended on maintenance and improvements to streets and general Borough works. A comparison of this item with earlier years is of some interest; in 1933 it was £1435 (relief wages £1340 additional), 1936 £2530 (£BIO relief wages), in 1940 £2260 (£B9O relief) and 1943 £3633 (no relief wages). The General Account In debit £214. Separate Accounts The reserve in the Water Supply Account was absorbed during the: year with the delivery and installation of the new pumping plant on wh'ich £1064 was expended. Maintenance of the service at £515 is up £164 of the figure, for the previous year. The debit balance in the Sanitary Service Account has increased • as was expected when the estimates were framed. The Hospital Rate Account shows a substantial' credit balance, but it will be recalled that revised, hospital estimates -were re» celved' after the rate 1 had been struck. Separate accounts have been opened detailing maintenance, etc. costs on the two cemeteries arid the cost of establishment of the new cemetery respectively k The balance in the latter account is the amount due at March 31 by the Whakatane County Council. The total cost to date of the Whakatane Hill Cemetery is £787 of which £195 was for the acquisition of the site, £89 for the shed and £593 for roading, fencing, pegging and general. The transfer of £379 represents the Council's proportion of cost to date which has to be found from general revenues. The Plant Working Account balance shows an increase, there being a possibility of heavy expenditure on plant renewal during the ensuing year. The Emergency Precautions Service Account is now closed off. The total expenditure by the Council under this head was £428 towards which subsidy amounting to £266 was received. Special Accounts! Principal repaid in reduction of the Borough debt totals £3376 leaving a nett balance of loans of £76,750. Since the Loans Conversion* Orders of 10 years ago the Borough debt has been reduced by £22,340. Electricity Department Receipts from sales of electricity increased by £784 to £11,951. Expenditure is much below normal by reason of the lull in development of 'the Borough and the difficulty in obtaining supplies. In accordance with the Council's directions £2000 was set aside during the year as a nucleus of a reserve for expenditure i«n post war years when it is considered that large sums of money will be required for additions and extensions to the electrical system.