Levin Borough's Financial Position

Horowhenua Chronicle, 22 July 1915, Page 3

Levin Borough's Financial Position

The financial position of the Levin Borough Council was placed before tho Couucil at its meeting on Monday night in the following report submitted by the Borough Treasurer, Mr P. W. Goldsmith.— ? Finance.—The general account of the Borough shows that the receipts reached £3209 3s .'fd as against £330 l 10s 2d in the previous year and the expenditure amounted to £3114. (3s 5d as against £33-10 Is 9d, reducing the debit balance in the general account from £501 8s 7d to £-10(3 lis 9d. For the greater portion of the year the district fund account was in debit at the bank and the sum of *£-17 -Is r d was paid in interest, etc., but at the close, of the year the Council's bank account was in credit. As hitherto tho hospital and charitable aid'levy (£190), interest and sinking fund on streets and,, gravel reserve and former loans (£388), library upkeep (£120) have all been paid out of general revenue and no special rates hare been collected. For the first time all the interest, etc., on the whole of the waterworks loans, amounting to £1281' has been charged to the water account. Rates.—General rate: Amount collected this year plus arrears and penalties was £1(393 as compared with £l(j<Jß' for 1913-IJ. Water rate and

i The rate in the borough with arrears and penalties produced £L)fD. . outside borough -Cll7. power £'111, Now Zealnnd Go vera men t institutions £134—a total revenue of £1330 as against £1100 in the previous year, 1 regret to report that the amount ol outstanding rates thi<s year is somewhat' . larger than that of the previous year being £358 as against £264. I' am pleased to state ,however, that the accounts lor water supplied outside tho borough ■were all paid before the close of the year. Rents.—The rente collected amounted to £590, with an amount of £IUI outstanding at 'March—a sum which is considerably larger than is desirable. Sanitation.—As hitherto the income and expenditure about balance, the former being C27T as against an expenditure of £20(5, Considering the fact that the cost of a new supply uf sanitary puns did not come in until after the year closed, there is a small credit balance, but in reality there is a liability against tlii.s account. Licenses and fees.—Receipts under this head increased by £40 over the previous year. Under some heads there is a distinct falling-off as compared with earlier venim of the borough's existence but on the other hand there are increases which make good the deficiencies. Coronation Baths—The baths only seem to flourish in •Levin during tlTo hot "weather, and as last season was not noted for sunshine or heat, the consequence was that the baths were not well patronised. Members of the Royal Life-saving Society gave a practical demonstration on life-waving at the baths one afternoon in March, "which was largely attended By the public. U a result of the demonstration a branch of the Life Saving Society was forced in Levin with classes to follow in due course. So that it is anticipated that ip the-coming season the baths will ' c more in rerjuistion and greater use wil 1 he made of them hy the boys and girls attending school as well as the genera l public.

Loans and public debt.—The total debt of the borough stands at £38.910 0s 9d. The first loan raised by the borough, a gravel-and rubbish reservo loan of £750 has now been reduced to £120. £600 has been paid off the gas loan (if £10.000. The largest of the water loans, viz., that of £18.000 raised in England, lias now an accrued sinking fund of £130!) 10s. During the year a small loan of £750 for waterworks extension wa6 raised and expended. It was an instalment loan raised through the New Zealand Government- Advances Office. The total amount of interest and sinking fund paid by the borough during the year amounted to £2197 9s sd. The iMa yor said the report disclosed that the finances of the Borough Council were in a very satisfactory condition, and it gradually was redwing the debit balance which accumulated during the first few years of its existence. Its position compared favourably with the position of borough of an equal size. The loans due by the Council seemed large, but it must be remembered that the works carried out with the money were reproductive especially the gas department. The Mayor and Councillor Blcnkhorn complimented the treasurer on the clearness of the report and exactitude of his estimates.