BOROUGH FINANCE.

Hauraki Plains Gazette, Volume XXXV, Issue 4689, 23 April 1924, Page 3

BOROUGH FINANCE.

POSITION SHOWN SUGGESTED RATES 7%D' IN £. The following financial statement was presented at the Paeroa Borough Council meeting last Thursday evening by the Finance Committee: — Your committee begs to report that during the month the revenue to the District Fund account amounted to £3OO 10s lid and the expenditure to £330 15s Bd. The balance sheet for the year ending March 31, 1924, including rate statements, is completed and before you, mid we recommend its adoption subjec'. to audit. • The finance all-round is in a very satisfactory position, and the General account shows a credit balance ui £723 10s 4d. Revenue other than from rates has been approximately the same as last year, and would have been better but for the fact that no license has been taken out. Administration charges have beep higher than in previous years, but tins was inevitable as .i result if the increased activity in municipal matters and the prosecution of permanent improvement works. The Domain makes an increased demand on the General account, the transfer amounting to £172 15s Bd, but when the installation of electric light is taken into account the position : .s about the same as last year. The Street Lighting account has cost about £2O more this year, due to additional lights being installed. The year closed with this account showing a credit balance of £lO4 2s 3d. The Sewerage Loan Interest account has a credit of £Bl4 5s 6d, which will be required to - meet accounts falling due in June. The Water Account is still a bright feature of pur balance sheet, showing a credit in hand of £695 17-I 7 - 3d. and a profit for the year of £450 after contributing £5O towards salaries. This year there remains only one-half year’s payment of £l5O due to the Ohinemuri County on-account of purchase price, so that approximate!' £6OO profit Should be produced during the year. The hospital levy has been lower for the past year, and the account shows a credit of £l7l 13s 9d. The £650 Financial Adjustment Loan Interest account has a credit of £l9 Ils 9d and arrears of £23 13s lOd, and it is not necessary to-strike a rate for this year. The Sewerage Loan shows, a debit to the Bank of N.Z. of £1509 10s 3d, with arrangements to borrow, up to £6OOO on the security cf .hypothecated debentures. We recommend that application be made immediately to the State Advances Depart-' ment. for the maximum J early advance of £5OOO to repay money borrowed from the bank in this account. ’J'he Street Improvement Loan account 1 as a debit balance of £679 18s id, with an overdraft limit of £4OOO on : imilar security to the sewerage loan. These credits are sufficient to meet comm’tments and work arranged for. The. Rate Statement is again uni a.t'Sfactory, showing rates outstanding amounting to £1742 16s sd, which is over £3OO more than the arrears v. ere at March 31,. 1923. It has admittedly, been a hard year for many ratepayers, but this position must nor be allowed to develop, as it is unfair to those who dp pay their rates, an.l this year steps should be taken by the council to collect all arrears. The estimates for the year are be ■ fere you, and we recommend that thev be approved and that steps be taken to strike the following rates: General rate, 3%d in the £; Sewerage Loan Interest rate, 2%d in the £; Street Improvement Loan Interest rate, %d in the £; Hospital and Charitable Aid rate, y 2 d in the £ ; Street and Lighting, rate, %d f n the £: Total, 7%d in the £. This is exactly the same as last year’s total. T n view of the importance to the town of providing the fire brigade with a motor reel we recommend that £2OO be ear-marked for fire prevention purposes and the immediate purchase of a reel at a cost of £273. This, of 'course, will necessitate an appeal to the public, who benefit. It is regretted that this large amount is required this year, especially as £366 was found last year, as large amounts like this make serious inroads on the amount available for public works. We recommend that the overdraft limit on the District Fund account be : fixed at- £2OOO.