Levin Borough

Levin Daily Chronicle, 21 June 1917, Page 3

Levin Borough

TRIEASURiER'S REPORT TOR THE YBAlt ENDED, 31.3.1917. General Account. The account began the year with a debit balance of £199 4s 3d, and finished with a credit balance of £76 10s 9d; the expenditure being £3581" Ob 3d and the receipts £3657 l'ls. The laritems of expenditure were: Streets, footpaths, gardens and reserves £31322 -, interest on loans £382 9s; sanitation, £289 os 9d; street lighting and new lamps £236 12s 6cl; hospital and charitable aid levy £259 9s 6d; public library £190 3s 4d; offioe salaries £268 ss. It is worthy of note that the total interest paid to the 'bank on the borough overdraft amounted only to the sum of 36s for the year. Water Account. | This account started in credit to the extent of £967 2s 3d. and ended' on March 31st, 1917, in credit to the extent of £1169 10s sd, but it must not be forgotten that each June a sum of £822 is payable in interest on the £18,000 waterworks loan, independent of £135 payable towards the sinking fund of.this loan. . The expenditure on the water account for this year amounted to £1510 2s 4d, and the receipts came to £1713 9s 6d, a profit on the year's working of £203 7s 2d. The largest items of expenditure were: Interest on loans and sinking funds £!1308 2s 4d; pipes, maintenance and upkeep £202 19s. On the receipts side £1021 12s 6d was received by the way of rates, penalties, etc.; outside borough supply ,£3l 4s 2d; public buildings and railway engines £105 16s; power £167 8s 10d; refund pipes £104 2s. The atabunt reeived for water totherwfisethan from ratepayers was. £587 6s lOcl, against £541 9s 3d for the year ending Marach 31st. WIG. Gas Dbpartment. The year ending 31st March, 1917, constituted a record both in receipts and expenditure of this department, the expenditure being £2926 10s 9d and the receipts £3010 15s Bd. On the expenditure side some of the items represent :coal £842 Us Id; maintenance and renewals £190 15s 3d; services and mains £230 10s lOd; interest and sinking fund £618 101s; cookers £129 19s 3d; meters £74 10s. The receipts show £1941 6s 2d for sales; coke and tar £195 "13s 9d; cookers £69 13s; street ligjht and new lamps £236 12s 6d; fittings £491 10s 6d. The credit balance on the year's working was only £48 4s lid. This is acounted for by the fact that some of the items of expenditure were very hea.vy this year, in comparison with previous years, coal costing £200 more, of which £100 was due to the rise of coal and freights; maintenance and renewals cost £107 more. This is accounted for by the new retorts, etc., £46 more was spent on cookers, .and £26 on meters; also on main services £114. bathroom and fittings £50. iNor must it be forgotte* that the first instalment of the new £100 sinking fund was paid to tho Public Trustee. The items of the expenditure mentioned total £593; and in spite of their increase it is satisfactory to have a credit balance of £48 on the year's working. The total credit standing on March 31st. 1917, in the gas department was £597 18s. Interest Account. It will be interesting for councillors to know the position of the different interest accunts and the amount of of principal paid off, which arc as follows :—■

£750 Gravel reserve loan principal repaid 450 0 0 £10,000 pas loan prin. rpd. 800 0 0 £10,000 gas loan (skn. fd.) 100 15 3 £18,000 waterworks loan •sinking fund 2065 7 5 £2200 waterworks loan sinking fund 199 18 0 £1200 waterworks loan 99 2 '0 £750 waterworks loan 21 14 5 £4075 waterworks loan, 3J per cent., pays itself off in 41 years from date '1 loan. £3058 streets loan, 31 per cent pays itself off in 4tl years from date of loan. Statement of Public Debt. The total due on loans obtained by the borough amounts to the sum of £38,600. Of this 1 amount water takes £26,042; gas £9400, and 1 streets £3058; balance of gravel reserve loan £300. The whole of. the waterworks Joan is so borrowed as to pay itself off in 30 years, with the exception of one amount £4000 which term is 41 years at 3} per cent., at which time it is paid. The £18,000 amount was borrowed S from Home with a Government guarantee, they paying half the siriking fund; the accrued sinking fund- in this ■ loan amounts to over £2000, and it is anticipated that in 30 years the loan will be repaid, and will live cost tho borough about only £4500. The gas loan is payable by a £100 debenture each; £800 has actually been paid off, and to place the loan on a. firm financial basis, the council has made provision to further provide annually • a further £100 for an extra sinking fund towards its payments. Gravel and Rubbish Reserve. The amount borrowed' was £750 and by repayment to date the loan is reduced to £300; the revenue receivable | from the reserves by way of rents amounts to £62 per annum, and 1 another four years will see the reserve clear of debt. Considering these were purchased! for gravel purposes in exchange for the valuable site in the centre of the town, which is now returning to the borough £600 per annum the bargain would be a good l one for us. - Statement of Receipts and Expenditure. Receipts Expenditure General Acct. 3657 11 3 3581 0 3 ! Water Acct. 1713 9 6 1510 1 4 Gas Acct. 3010 15 8 2962 10 9 Cemetery Acct. 44 5 0 51 4 10 I £8426 1 -5 £8104 17 2

Statement of Balances. Book Balance. Gas account 59* 18 0 Water account 1160 10 5 General account 76 10 9 Cemetery account 44 13 0 £1888 12 2 Bank Balance. District (Fund Acc.ount 1719 18 5 Cemetery account 44 13 0 Cash in hand gen. acct. 122 9 3 Cash in hand, gas 1 H 6 j £1888 12 2 Credit balance £1888 12s 2d. General. In conclusion during the year's life of the old 1 councillors, which terminated on March 31st, 1917, good resufts are shown regarding finance, as the following figures will show. On April Ist, 1915, the district fund account was in debit tib the extent of £406 lis 9d, and on April Ist, 1917 it stood in credit to tho extent of £76 10s 9d. Tlie credit of the gas department was increased from £89 Is 5d to £597 18s, and the water account from £737 T7s Id to £1169 10s sd. Summarizing the accounts tlie increased amounts show the following results during the last two yea its :— General acct. improved by 483 2 3 Water acct improved by 431 13 4_-, Gas acct. improved by 516 16 7 To tlnis may be added the £100 extra gas loan sinking fund-provided 100 0 0 £1531 12 2 The above statement finished 1 trust will give** the councillors a little idea of the past finances of the borough, and T feel sure that the information given will prove useful.