Interest nets $3.7M
The 1986-87 M.E.D. draft budget includes interest earned on funds invested. In 1985-86 $3.7 million was earned in interest and the council expects another $2.6M in interest for the 1986-87 year. The 53.7 M will be transferred to the council’s general accounts as well as a contribution towards Queen Elizabeth II Park.
In line with the council’s new policy, approved by the Minister of Energy, Mr Tizard, 2.5 per cent of electricity sales, including interest ($2,438,946) has been provided for as the Territorial Authority Return.
In the 1987-88 year the transfer will be limited to 2 per cent, in 1988-89 1.5 per cent and in 1989-90 1 per cent.
The limits of transfers follows allegations of improper transfers of interest earned on M.E.D. monies to general accounts. Profits from the M.E.D.’s trading activities are not limited but the 1986-87 budget provides for the expected trading profit of $529,000 to stay within the department to finance more stock.
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Press, 30 January 1986, Page 7
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160Interest nets $3.7M Press, 30 January 1986, Page 7
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