THE CITY'S FINANCES.

Dominion, Volume 6, Issue 1763, 30 May 1913, Page 6

THE CITY'S FINANCES.

STATEMENT BY THE MAYOR,

FIGURES FOR THE YEAR,

A statement of tho Wellington City Corporation's finances, setting forth the position of affairs 011 March ill last, was.presented to the City Council by the Mayor (Mr. J. P. Luke), last evening. The Mayor stated that ho hoped to bo able to bring down the Estimates at tho next meeting of tho council. Tho 'revenue for tho year totalled ■£1-13,3-13, received from tho following sonrces:—General, -£21 ,93G; abattoirs, ,£5731; tramways, ,£151,833; power supply, J:10,(1HI; eiectric lighting, -CjS,ls7.

The expenditure, including working expenses-, interest, sinking fund, and depreciation, continued the Mayor, amounted .to .£423,451, as follows: General, <C 225,559; abattoirs. .£536'.!; tramways, <£139,933; power supplv, JC9SS3; electric lighting, £15,009.

Thus, tho surplus of revenue over expenditure on the whole of the operations of the city, amounted to .£H,S92. Tho debt of the city on March 31. 1912. s'»d at .02,272,050. There was received during 1913, .£17,000 on account of tho Wainui duplication loan, and the total indebtedness now stands ut .£2,289.050. Of the total debt, that 011 the tramways, waterworks, private lighting, and abattoirs, amounted to .£1,519,003, which is reproductive, and meeting all claims and charges without any call oil the ratepayers. Non-productive loan money 111 connection with sanitation, street works, and similar services, amounts to .£770.047.

The sinking fund stood at <£2G1,153. The investments during the year were .£19,150 011 leal estate and .£5820 on debentures. The total interest from the sinking fund was ,£9lOl, nnd the average earned was £■1 9s. sd. per cent. Tho, rates levied for the year totalled <£154,812. which, with arrears amounting to <£7042, gave a total of .£161,654 to be collected in tho period of some eight months. There has been collected .£153,673 leaving a balance of ,£7981 to be dealt with. The total rent collectable during tho year, including the amount outstanding from tho previous year, amounted to ,£30,5G4. . The amount collected was .£29,635, leaving .£929 outstanding, tho greater part of which became due during The accident funds are in credit to the amount of .£9725. There is .£5(100 on deposit. Claims paid during tho year totalled i£2Gl7. Tho depreciation fund to tho credit of tramways totalled ,£103,358. Of this the council used <£93,35S on new works, and the balance of ,£IO,OOO in cash is invoted and is available when required. *>'ho amount to the credit of tlio electric lighting depreciation account is .£3G,773, which was all used on extension of undertaking. There is to the credit of the abattoirs depreciation account .£B6l, of which .£5Bl is invested. Under the heading of capital expenditure, the assets were increased by adding to the property of tho city sections in Willis Street, the Newtown Park tea kiosk, and the fish market representing an expendituro of .£11,362. The sum of .£8351 was expended on Tramways, ' .£6723 on electric lighting, ,£2&B on improvement of the abattoirs. All the revenue accounts at tho bank are considered as one for computing overdraft, but are kept separate for each trading account, and each department shows its own bank balance. The net. balance is a credit of .£2554. The district fund is in debit to the extent of .£19.216, but tho. accumulated credits 011 other accounts account for the net credit. The electric lighting department owes the district fund .610,0-00, being the balance •• i>'i advanco from the district fund in February, 1910. The deposits under Clauso '96 of the Municipal Corporations Act, 190S, amounting to <£20.7Gfi, liavo been paid into the district fund. Allowing for these adjustments the debit balance to the district fund would be .£29,982.