THE CITY FINANCES

Dominion, Volume 7, Issue 2128, 21 April 1914, Page 5

THE CITY FINANCES

FIGURES FOR 1913-14

SUBSTANTIAL CREDIT BALANCE.

The following particulars, showing the financial position of the City of Wellington at tho end of the.year which, closed on March 31, 1914, were [aid be-fore-the--City Council last evening by tho Mayor (Mr. J. P. Luke) :—

General Acoount. ■ . • Receipts increased by £7,450 on all heads other thaii trading accounts. / Expenditure increased by £7,209. Increase on all heads, except baths, £33; cemetery, £14-: Fire Brigade, £72. Hecoipts, 1013, £221,212: receipt's, 1914, £228,662; increase, £7460. Estimated receipts, £222,874 (£5788 above estimate). '

Expenditure, 1913, £219,701; expenditure, 1914, £226,910: increase, £7209. Estimated expenditure, £223,217 (£3693 above estimate). • '." . Principal items, increased rates and Hospital and Charitable Aid, £3000; suburban districts revaluations, £4000. llents increased'by £64741 Street-Widening Account.

Total expenditure,. Willis Street, £116,246; Adelaide Road'arid Newtowh, £63,535; Ait Ken, Street, £25,528; Elizabeth Street, £7035; miscellaneous alterations, legal valuation and compensation for disturbance of business, £24,905; total,. £237,249. / ; '. • .

Street-widening Income—Loan, raised for general street-widening, , £120,000; loan raised for Willis Street; £46,000; sales of property not required . after street widening operations, £52,119; sale of reclaimed land, £11,90£>. Difference debit," £7226, which has been advanced from district fund.

AVillis Street ,(alone).—Purchased properties, £116,246; miscellaneous expenditure, £6566: total, £121,812. i Credit against above.—Properties sold, £1103; value of properties held by council, £106,309; -difference, debtor, £14,400, which represents the net cost of widening, Willis Street (constituting the ten feet into the street, and incidentals). '

Tramways. Revenue, 1913, £151,839; credit, £11,903; revenue, 1914, £160,347; credit, £15,430; 1914, net increase revenue, £8508 over 1913.

Expenditure—l9l3, £139,936; 19U; £144,917; credit, £15,430. • ■ Expenditure increase, £4981. On the above, tho renowal and depreciation fund set aside was:—l9)B. £14,0681914, £14,682; increase, £614. . • ' Chief Increase, Passenger TrafficCarriage of luggage on passenger cars increased, , , from £632 to £1254; 'freight car, increased from £486 to £540; advertising, increased from £455 ,to £876; Wadcstown rates, increased from £1566 to £2091. Total working expenditure, increase, £101,129 to £105,613. Total cost of operation, increase, £139,936 to £144,917. Tramways Capital Expenditure.—Commencement of year, stood at £648,121; at end of year, stood at £670,576. ' The £22,455 added to capital account is represented l .by the-followihe expendi.way,' '£8255';' electrical; equipment of line, £1653; buildings and fixtures, £5974; electric cars, £6209 • other rolling stock. £816; power station plant, £1762; tools and sundry plant, £335; extension to power supply system,, '£1028; -extensions'track lighting, £95; total, £26,027; less repayment and amount written off, £3572; total, £22,455.- • ...

Tho' total pasßengere=carried on city lines increased from 23,868,412 to 24,665,376. The average increased from 1.40 to 1.43.

The average passengers per .car mile increased from 11.08,t0 11.28. .The car miles have increased 24,936. The average working expenses,increased by .85d. (increase cost of coal and labour thereto.) The average total' expense increase cd by .36d, The percentage of. working expenses to revenue received decreased from 66.6 to 65.8. The percentage j>l net Burplus to capital outlay increased from 1.96 to 2.45, an increase of .49.,'

Power Supply. : The revenue increased from £10,681 to £11,439, and the total working expenditure £9,583 # to £10,447. Net surplus.decreased from £1098 to £093. Tho extra amount set aside for depreciation amounting to £119 explains the difference'!" Special expenditure was £12,529. Lighting. ~-.,. The revenue was:--1913, £58,157: 1914, £61,968; an increase of £3811. The expenditure was:—l9l3, '£45,009; £46,169:. an increase of £1150. Special expenditure was .£12,375. . ' Tho net surplus in 1913 was ■ £13,148 ; and the net surplus in 1914, £15,809.. The capital account stood at £228,839 at March, , 1913. Addition to capital account: Buildings and fixtures, £220: new station plant, £4709; extension of main 3, private lighting, £2436; extension of mains, piiblic lighting, £297; new meters, £1356; new transformers, £573—£9591; total capital, £238,430. Written off, old station plant; goodwill and preliminary; £10,115; leaving a net capital of £228,315. -Total loans raised, £176,900; loss cash in hand, £32—£176,868,;. loan from district fund, £10,000; contribution from' depreciation fund, £41,447; total, ;£228i315._ \Tlie lighting connection increased from £6362 to £7006,, and the average working expenses per unit sold decreased from 2.49 to 2.29. The net surplus per unit sold increased from'l.l9 to 1.27.

Estimates Exceeded. The Melroso drainage fund, the Mayor stated, was in debt to the district fund £13,080, and upon the Kelburne Recreation Ground a slim of £3103 had been spent in excess of the Estimate. Expenditure upon the Lyall Bay Itecre'ation Ground had exceeded the estimate by £1975. The bank account at the end of the year showed a credit o.f £41,434 but tho district fund was in debit £32,563, leaving.a net credit of £8869. The Electric Light Department owed, tho district fun'd £10,000 and arrears of rates due also had to be borne in mind.

Tho City Department. The public debt of tho city at the beginning of the year was £2,289,050. During the year £5000 had been received from tho A.M.P. Society on account of the Wainui Duplication Loan. The public debt now was £2,294,050. Tho Wainui duplication loan had been called up to tho amount of £95,000. The sum of £5000 still had to bo raised on this loan.

Sinking Funds. The sinking funds totalled £294,673. During the year £11,745 had come in by way of interest in investments. The sum of £8000 would bo paid off the No. 2 £75,000 loan (for tramways, woodblocking, and the Town Hall) on May 1, mid on September 1 £25,000.w0u1d bo paid off the City Improvement Loan of £100,000. The accident fund was £12,596 in credit. The figures as a whole indicated., tho Mayor remarked, that the interests, of citizens had been well looked after during the past ye»r. ■