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THE CITY'S FINANCES

CREDIT BALANCE OF OVER £10,000 LOWER RATES MENTIONED With a. promptitude that is commendable a statement of the city's revenue and expenditure lor year ended on March 31 was presented to the City Council last evening. The figures show that the expenditure has bef.il kept within the bounds of the revenue, the difference being a niatttr of £2855 to the credit of the revenue account. The revenue for the year compared with that of the previous financial ytar is set out as follows Mar. 21, Mar. 31, 1918. 1917. General. £ £ Ordinary revenue 238,129 2,17,815 Other' receipts 15,550 17,655 Abattoir 5,612 5,572 Tramways 218,320 207,916 Power supply 19,129 15.440 Ulectric lighting 87,536 79,472 Totals £6041306 .£583,930 Income increased by £20,376, The expenditure-(with a .similar comparison) is given as follows Jlar. 31, Mar. 31, 1918. 1917. General: £ . J! Ordinary expenditure 257,241 255,598 Special expenditure... 41,626 26,725 Abattoir 4,886 5,178 Tramways 200,420 185.956 Tiamways—special .... 6,240 7,826 Power supply 18,182 13,711 Electric lighting 58,416 52,880 Electric lighting— speciaL 11.340 10,334 Totals £561.,238 Included in the expenditure is the sum of .£l7,o6o—paid back temporary loans. The Bank Account. Year 1917— J) Hank Cr.—all accounts 37,257 Owed temporary deposits 37,728 Dr. <£471 Year, March 31, 1918Bank Cr.—all accounts 37,257 Owo temporary iouns 20,668 Cr. ,£5,072 For 'year ending March 31, 1918, purchased War Certificates, £5000, making Cr. for year 1918, .£10,072, as against Dr. .£471 for the previous year. Other bank credits are .shown as follow £ Abattoirs account—Cr 1,555 Mileetric lighting account—Cr 42,135 General accident nccouut—Cr 6,405 fTramways and lighting accident account 13,745 .£63,841 Tramways account—Dr. .£2,226 District fund account— Dr 35,875 £38,101 Net crcdit £25,740 "Also £50,000 on deposit—.£4o,ooo district fund, £10,000 tramways. fAlso .£SOOO invested in War Certificates. The bank account shows crcdit of £25,7-10, that is taking all the accounts together. Deposits are held from the general public £20,668, as against £37,728last year. There was paid off during the year the balance of the special loan of £30,409, for the Constable Street duplication and extension over Crawford ltoad. During the year £50,000 of electric light accumulation was transferred to the district fund account; of tlhis sum, £10,000 was transferred to tramways account. The transaction being inter-de-partniental, the not balance is not affected. Sinking Funds. £ The sinking funds at beginning of year stood at 363,682 End of year anfount added to by interest from investments ... 14,728 And annual appropriation 21,369 Total at March 31, 1918 £399,779 During the year £15,000 was invested in war stock and £1891 in othc-r sources. Accident Fund. The accident fund now stands at £25,150; £5000 of the amount was invested in War Loan certificates. RateS, £ Collected, year ended March 31, 1918 177,728 Collected last year to March, 1917 175,262 The arrears amount to £11,000. The position is better than last year, when the arrears were £12,112. Rents. £ Collected to March. 31, 1918 41,823 Collected to March 31, 1917 41,406 Arrears end of year, £990, against £1641 previous year. Special Cash Deposits. •£ Fire Brigade interests (excess rents) 361 Land Dedication Loan (Loan of £10,000) - 2,500 Abattoir depreciation (built up yearly) 2,236 Wadestown Tramway Loan (unexpended loan) 1,404 Waterworks Loan (Wadestown and Northland) 4,500 Tramways Benewal Fund (built up £5000 per year) 33,361 £-14,509 The Mayoral Review. In reviewing the financial statement, the Mayor (Mr. J. ,P. Luke), referring to the credit of £10,072 as against a debit of £471 on the general account, conj gratulated the council and the citizens 1 on the buoyancy of the city's _ finances, j and said that the Wellington City Coun--1 cil was probably the only body in New ! Zealand which had been able to carry on without increasing the burdens of the people. There had been no increase in the rates, and the tramway fares had not been raised. In dealing with the electric light figures lie was ngain in a congratulatory vein, and said that in addition to tlie credit of £42,136 to the credit of that account, there was on deposit to the credit of that department the sum of £50,000, making a total credit of £92,136. The Mayor also eave credit to the Tramways Manager (Mr. W. H. Morton), his oliicers,. and the whole of the staff for the manner in which they had worked together to make the undertaking so successful. Lowering the Rates. Councillor J. O. Shorland said that in view of the City Engineer's oft-repeated statement that he could get no labour for city works, and the comparatively .little- work that was in progress in consequence, would the Mayor not consider (he possibility of lowering the rates, and strike a lessened rate for the current year (as labour was likely to be still scarcer). The Mayor said that the finances could be discussed at the next general meeting of the council. As to the suggestion of lowering the rates, he would point out that owing to increases made more money was required for wages for all classes of labour, and material of all kinds had increased in cost, as every business man knew. The statement, too, showed that, more money had been spent on street works than during the previous year. Anyhow, be ivould leave the whole question of the city's finances open for discussion at the next meeting of the council.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19180419.2.49

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 11, Issue 180, 19 April 1918, Page 6

Word count
Tapeke kupu
877

THE CITY'S FINANCES Dominion, Volume 11, Issue 180, 19 April 1918, Page 6

THE CITY'S FINANCES Dominion, Volume 11, Issue 180, 19 April 1918, Page 6

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