CITY'S FINANCES

Dominion, Volume 9, Issue 2749, 18 April 1916, Page 6

CITY'S FINANCES

A PROSPEROUS YEAR

A CREDIT BALANCE IN ANTICIPATION

CITY'S DEBT, £1,953,046

At tlie conclusion of the meeting of tho Finance Committee of the Wellington City Council yesterday, the, Mayor (Sir. J". P. Luke) was a6ked by a Dominion reporter to give the publics an idea of the revenue and expenditure of tlie City (apart from its trading concerns) for tho financial year ended March 31 last. The Mayor, in his summary, showed that the ordinary receipts for the year were =£2-18,856 lis. Bd., and the ordinary expenditure .£244,691 13?. 7d., showing a credit of ,£4164 18s. Id. Synopsis of .Receipts. Tho following is a synopsis of the receipts for the year:— £ s. d. Ordinary receipts 2-18,856 11 8 Ordinary, expenditure 244,691 13 7 Rates received 175,270 0 0 Kent received 38,055 3 4 Receipts water account ...... 17,357 2 2 Tho chief items of 'ordinary expondi. hire were: — ' £ s. d. Streets, drainage, lighting... 72,231 3 5 Waterworks (including interest and sinking fund) '33,625 U 7 Interest and sinking fund... 40,746 8 10 A Good Rates Year. The rates levigd for the year amounted to ,£174,092, -which, with arrears from the previous .year, totalled ,£186,957. Tho amount collected was ,£175,276, leaving a balance of ,£11,681 to be dealt with.- Although .62000 more rates wj>re levied, last year than the previous year, tho amount actually collected was £7000 in excess of the .year 1914-15. Rent Account. 'The total amount of rent collectable ,£39,°04. of which ,038,055 was paid, leaving .£1749 yet to come in. The City's Debt. ■ ) At the'beginning of the year the City loan debt stood at .£2,264,050. During 'the -year the Corporation issued debentures for the purchase of a block of land and buildings at the c'orner of Cuba and Vivi.i" Streets for ,£16,000- at Tier cent., which increased the City's indebtedness to .£2.280,250. The sinking fund amounts to ',£327.204,' which reduces the public debt to ,£1,953,046. . During the year was coll°cte<T by way of interest on sinking fund investments. . - Tlie new investment in debenture loans and freehold security amounted to ,£42,5(10, 1.1 the . rate of 41 per cent., 5' per cent., 5J per cent. The added amount to sinking fund account is at the rate of i ■£.'{■').ooo per annitm. The accident fnnd is in a strong position, and no abnormal claims were received last year. The amount to credit at tho end of the financial year was .£17,507. '• The depreciation fund at the end of tho financial vear (cash, deposits) .was as follows: —Tramways,' ,£26,061 Os." 7d (which is drawn upon -for renewals), and abattoirs,, ,£1532 lis. The Bank Account. Tlie statement of tho bank shows a. net credit of ,£15,069. The different credits are made up as follow:— Abattoir 535 fl '(j iilectric lighting account ... 35,432 0 0 tramways account 5,697, 0 0 General accident fund 4,598 0,0 Tramway and lighting accident fund 12,909 0 0 A? a 'nst these 18 a debit of ,£44,102 against the district fund, leaving the credit balance as above stated This credit compares better than well with !c23 612 ar ' n therß I ™ S " a debit ot A Convenient Arrangement. regard to the special sum of .£40,000 ■ that the council arranged to draw on at 5 per cent, daily drawing, the amount availed of was ,£13,552. During the com- , hist year the finance to provide payments ■ for' new carshcd and workshop at Kil- - birme wiU be available out of the - balance of the. special amount, viz., ,£26 448 borne years ago. months used to elapse after the. close of the financial year before the above figures were available, and it is to the credit of Mr. C. Collins (City Treasurer) and his stnlT that the Mavor was enabled yesterday to give, such a succinct summary of the City's finance?.