"HIGHLY SATISFACTORY."

Press, Volume LVII, Issue 17124, 20 April 1921, Page 8

"HIGHLY SATISFACTORY."

EICCAETON'S FINANCIAL POSITION. The Riccarton Borou<rh,'s finances for the year ended March 31st last were reviewed by tlie town clerk (Mr A. L. Go.), i n & report to the last meeting of tho present Riccarton Borough Council. "Ihe" general account commenced with a debit balance of £244 10s, and ended with a debit balance of £863 14s 9d, showing an' increase during the y>ar of £6i9 13s 9d," it was stated. ''The principal cause of this increase is the amount of £335 6s od, transferred from tho central and eastern, area asphalting loans, which wore overdrawn to that extent consequent on the advance in wages aiid the increased cost of materials. Another item which has largely contributed to the increase is the" expenditure on law costs resulting from the decision of the Appeal Court in the Council's claim against the Canterbury College for rates on the Boys' Hostel. Another large item is the expenditure on read metal, but' as a setoff against this is. the fact that there was £320 worth of metal in stock at the end of the year. "Thus it will be seen that although the general rate was not raised, but remained the same as last year, and despite the' fact that wages and materials increased considerably during the year, tha account would, under normal conditions, have gone very near to- showing a credit balance. The small amount expended on bank overdraft is brought under' notice. It will be noticed that there weru no temporary loans at the l»>ginning of the year, neither were any borrowed during the year, and the overdraft, at the bank has been so arranged that the interest has amounted to the vory small sum of £l3 4s, as compared with £93 14s 4d interest on temporary loans the previous year. With regard to separate accounts, it will be noted that all are-in credit,with the exception of.the coal account. I would recommend that this be transferred to the general account, ten off, as it seems impossible to dispose of the remaining few 'tons of coal, which is now merely a heap of coal dust. The town hall account has increased its credit balance to £l3B 3s 4d. /

"Special attention was called to the state of the electricity supply account, which," said the town clerk, "I consider is a great credit to the borough. Th* credit balance at the beginning of the year was £669 4s 5&, receipts during the year £2040 18s sd, expenditure (including interest on. loans £269 7s 6d, sinking fund £l5O, and renewals'fund £100) £1927 ss, leaving at the end of the year a credit balance of £782 17s lOd. . Included in the expenditure were amounts totalling £260, which in previous years would have been paid out of loan money, but which are now being paid out of the supply account, also £250 transferred to sirdrinrr fund arfd renewals fund in accordance with af recent decision of the Council. It will therefore be seen that, comparing the account with previous years, there has boen .a marked improvement. The statement of rates shows that on April Ist, 1920, the amount outstanding was £155 3s 2d, amount levied during the year £6298. 16s 4d, amount received £6266 4s 2d, written off £IOB 6s 7d (including Bovs' Hostel £lO5 12s Id), outstanding March. 31st, 1921, £79 8s 9d. The statement of Assets and liabilities shows a very considerable amount of assets over liabilities. The public debt of the borough is £22,538 3s 4d, repayable on various dates spread over a period from 1921 to 1955. (N.B.— £2OO Dudley street loan has since been paid)'." Ths report was adopted, the Mayor and councillors congratulating the town clerk on the capable manner in which it had been prepared.