CITY'S FINANCES

Dominion, Volume 12, Issue 103, 25 January 1919, Page 3

CITY'S FINANCES

STATEMENT BY THE MAYOR A SOUND POSITION The Mayor last evening presented to the City Council a comparative statement of the revenue received by tlie council under tho ciiief heads in 1918 and 1919. The figures quoted were: — Rates. £114,574 (1918) and £119,236 (1918); rents; £26,098 (1918) and £25,554. (1919); water by meter, £12,048 (1918) and £12,472 (1919).. _ His Worship also gave the council information as to the state of the chief accounts at the beginning of 1918 and 1919 . respectively. The figures were:—Abattoirs account, or., £1170 (1918) and £5039 (1919); electric lighting, cr., £94,584 (1918) and £71,47G (1919); tramways, cr.,,: (1918) and £25,037 (1919)-; general accident fund, cr. : , £5260 (1918) and £6083 (1919); tramways and lighting accident fund, cr., £10,519 (1918) and £12,774 (1919). The total of the figures quoted under ttin heading of accounts for 1918 was £111,533, and of the figures quoted for 1919, £120,409. The new credit in 1918 was £22,344, and that in ,1919 was £43,831. Taking the accounts as a whole, said the Ma.yor, it would be seen that the net credit had increased by £21,457, which indicated a substantial improvement in the financial' position. Dealing with the question of loans, the Mayor' said that loans would fall due as under: September, 1919, city improvements (part), £25,000 at six per cent.; October, 1920, horse tramways, £20,000 at four per cent.; October, 1920, street widening, £120,000 at four per cent. Towards the repayment of theso the council had' sinking funds estimated as at the dates on which repayment was due, to amount to the following: City improvements, £43,000; horse tramways, £15,300 (and land valued at £5260); street widening, £28.800. It would be seen, the Mayor observed, that the city improvements and horse' tramways. loans were fully provided for. The repayment _of these would givo the city some relief in the annual charge for interest and sinking fund on loans.