THAMESCOUNTY FINANCE

Hauraki Plains Gazette, Volume XXXIII, Issue 4378, 15 February 1922, Page 3

THAMESCOUNTY FINANCE

CHAIRMAN’S REPORT. INTERESTING SUMMARY. chairman of the Thames fJounr ty Council (Mr Henry Lowe), presented the following interesting and discriminating summary to his. count ell at the last' monthly meeting, held at Thames : The Bank overdraft limit being £9900, there is approximately £9OO to spare, but this amount represents a deposit held in the account pending the proposed disposal of the water race, and should, for the purpose pf iMuertaining the overdraft, be deduct(ed? That wpuld make the overdraft at March 31 ‘ £9500, the actual limit. The question of carrying on alfter March 31 would, therefore, seem difficult, but as all liabilities to the end of the month . will be met and paid for the Council will not require to pay anything/ until the beginning of May. There will be receipts of s&les of viater for the month ofj March, appropriately £l5O, and miscellaneous reempts of probably £5O, which, together with, transfers of capital exwill enable immediate requirements being met. The Local Bqdies Finance Act, which comes into force on April 1 next, provides that the Council shall not work on overdraft ekcept to the > amount o,f rates then outstanding. It, will, therefore," be necessary for the Council to immediately commence the collection of its ratesifor the ensuing .year to provide the funds to carry bn. to what shall be done with the overdraft, that question can be dealt with either by a special loan or be •paid off by instalments. In any case tlie overdraft existing on March 31, 1922, becomes, an antecedent liability, that cannot be operated on to any extent). ; Hwcver, with regard to the loan operations, I am pleased to be able to definitely inform members of! the Council that a loan of £6OOO, to cover the purchase of machinery,, has been granted by the Public Trust Office. This means that application can be immediately to the State Ad-i vances Office for £5OOO, making in all, with the amount still unexpended of the previous instalment, approximately £13,000 available for the roa P“ ing loan scheme. Of this, £3500 will he flor the direct bridge rind road. It only remains, therefore, to s,ecure subsidies for the main road section to ,mftke a start soon after April 1 next withi this necessary portion.