BOROUGH FINANCE

Hauraki Plains Gazette, Volume XXXVI, Issue 4823, 20 April 1925, Page 2

BOROUGH FINANCE

POSITION OF PAEROA. STATEMENT BY COMMITTEE. The following report was presented by th: Finance Committee and adopted at Thursday’s meeting of the Pacroa Borough Council: —

“The usual monthly statement of finance shows receipts to the credit of the District Fund account .amounting tc £lOBl 12s 9d, and expenditure £1241 18s ; expenditure on the Street Improvements Loan account £286 15s 3d; an Domain Improvements Loan account £227 4s; and on Sewerage Loan account (interest and bank charges) £l5B 16s. “The balance-sheet and rate statement is before you to-night, and we recommend its adoption subject to audit. The town clerk is tc be congratulated on having same completed on the morning of April 1, indicating not only that the office work is kept up-tc-date, but that keen interest in the work is constantly maintained. The last month with licenses, balances, estimates, and returning officer’s duties lias been a very strenuous one for the office staff, lint the work has been kept up by night work and Easter holiday working. The balance-sheet generally shows a satisfactory position, with a credit in all accounts except two, namely, General account, £76 16s 3d; and Financial Adjustment Loan Interest account, which has a debit of £l3 17s 3d.

The credits are: Street Lighting account £5l 8s 6d ; Water, £845 17s 4d; Hospital Board, £lB3 6s 3d; Sewerage .Loan Interest; £736 Os id; Street Improvements Loan Interest, £BO 9s 4d. On the two latter, interest and sinking fund payments fall due in a few weeks, which will practically absorb-all the credits in each account. “The one- very unsatisfactory feature i-s the large amount of outstand? ing rates shown in the rate statement, namely. £2728 15s 2d. At March 31. 1922, they amounted to £1391 16s sd, and. during the past two years they have increased by £1336 18s 9d, or nearly double.

“The outstanding rates are divided as follows; General, 1 £1443 15s 9d; hospital, £251 0s 4d ; lighting, £219 7ts Id; Seweiage loan interest, £752, 14s lid : street improvement interest £55 Is 2d ; £650 loan adjustment, £l6 10s 7d ; fire brigade, 5s 4d. Approximately 10 per cent, of this is native rates, and will not be collected, which leaves about £2456 of collectable rates outstanding. In the opinion of your committee this cannot be allowed to continue, and we recommend that the estimates for the year provide for the reducing of these outstanding rates dining 'the present financial, year. This will compel improvements in this respect. “Estimates of income and expenditure in the various accounts have been prepared and are before the council to-night. We recommend that £5OO be transferred from the Water account to the General account to assist in the purchase of the roller. We recommend that notices of intention to strike and collect the following rates be made and given : —

Gnccral rate of 3%d, sewerage Iqan interest rate of street improvement loan interact rate of I4d, hospital rate of street lighting rate of li''. £650 financial adjustment loan rate of %d, domain improvement loan rate of ] /ad. Total, 7%d. “This means an ineresae of %d in the £ on the total rates struck for the. last two years, which is the increase required to meet the additional interest required on the last instalment of the sewerage loan. A reduction ts possible this year ‘in the lighting rate of in consequence of accumulated credits; but a financial jdjustment ■loan rate of %d, and a domain improvement loan rate of %d, arc required to be raised this year.

■'Advice is to hand that the consent of the Minister for Finance has been given to the payment of 6 per cent, on the sewerage connections loan of £2ooo' and tlie waterworks loan of £6OOO, and the necessary Orders-in-Council have been prepared. As you know, arrangements have been made with the Bank of New Zealand for £lBOO and £2OOO, respectively, in these accounts, as the matters are both urgent, and to avoid any delay we recommend that the Mayor and Crs. Edwards and Brenan be given full power to complete arrangements, including the affixing of the Borough Seal to all necessary documents.”