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Hokitika Guardian, 7 August 1930, Page 2

A COUNTY’S DIFFICULTIES. The Waitemata County Council finds that its operations are restricted from the beginning of the financial year till rates begin to come in, usually in January, February and March, owing to the fact that the overdraft limit allowed is only 75 per cent, of the general revenue, which in its case is approximately £20,000. Discussing the point yesterday, the engineer of the council (Mr A. Murray) explained that of the amount of the overdraft £12,000 was actually committed between April and December for interest and sinking fund oil loans which bad been raised over the whole country in past years. It therefore followed that the amount available for expenditure in this period was only £3OOO, plus any credit balance which had been carried forward from the previous year’s working. If provision could be made whereby the county would be permitted to raise, by way of overdraft, sufficient funds to meet any necessary commitments for interest and sinking fund, security for the money could he given by the striking of loan rates. That was done in the ordinary way with the general rates. It would also mean that £15,000 would be available for work during the winter months, and that interest and sinking fimd on loans would not be a charge against the general account overdraft.