COUNCIL BALANCE-SHEETS

Manawatu Herald, Volume L, Issue 3983, 13 August 1929, Page 3

COUNCIL BALANCE-SHEETS

TWO YEARS’ AUDIT NOAY COMPLETED.

The Town Clerk (Mr. W[m. Trueman) reported to last night’s Borough Council meeting that the Council’s balance-sheets for the years ending March, 30th, 1928 and 1929 had now been completed and the audited copies returned by the Government Audit Department. The balance-sheet foil’ the year 1928 had been returned minus any tag, but a formal tag had been placed on -the 1929 balance-sheet. This was due to the fact that the Audit Department has introduced a new rule since 1928 which provided that where a ballot paper in connection with a loan proposal made reference to a sinking fund and that sinking fund was not established a tag was placed on the balance-sheet. When the auditor

was woiking on the balance-sheets lie had intimated that he thought they would go through without any tags and Mr. Trueman was disappointed that one of them had been tagged. In conversation with the auditor oveir the ’phone that official had agreed that had a nominal sinking fund of 10/- been established, the balance-sheet would have been approved untagged. Most of the other local bodies would find themselves in the same position, Cr. Cowley congratulated the Clerk on the fact that the balancesheets had been returned untagged and complimented him on his wolrk. It was decided to establish a sinking fund of one-half per cent-, in connection with the Roads and Streets and Town Hall loans in order to obviate a tag in the future.