COUNTY COUNCIL FINANCE.

Poverty Bay Standard, Volume I, Issue 301, 4 December 1884, Page 2

COUNTY COUNCIL FINANCE.

THE FINANCIAL POSITION. A meeting of the County Council Finance Committee took place in the County Council Chambers this morning. Present — Crs. Ferris, (in the chair) Gray and Gannon, Tne question of the financial position of the Council was gone into with the view of bringing up a report on the same to the Council, to meet at two o’clock this afternoon. The committee also took into consideration the best arrangements that could be made with the Bank for such floating balance that might remain there to the credit of the Council from time to time. It appeared that the average floating balance for sometime past to the credit of the County had been about £lOOO, upon this it was expected that the Council would be able to get ordinary bank rates of interest. The balance to the credit of the County at the present moment is £950, a week ago it was £ll5O. There are £2OOO in general rates still outstanding; in two month’s time there will be £5OO due by the Crown for rates, and about the same amount due at the same period by the Natives for Native lands. The contracts at present in hand, together with all salaries and other outstanding liabilities for the next month, do not exceed £3OO This, then leaves the Council in ihe position of being able to undertake a large amount of public works at the earliest possible opportunity. Some little time will necessarily elapse before the specifications are out and the necessary time allowed to contractors to tender. The Committee intend recommending to the Council that a sum of £3,000 be spent in public works before the end of the March quarter. This, the County Engineer stated, could be done. Of that sum it is intended that £7OO should be spent on the Coast roads.

It was mentioned during the discussion that in view of the Harbor Board elections to take place in February, additional impetus would be given to ratepayers to pay up so as to be enabled to record their votes. This will contribute indirectly to supplement the county’s funds. During the past three years £350 has been paid to the Bank for interest, and the Council naturally hopes to becomer« i nbursed by getting interest on its credit balances. The Committee waited on Mr. Matthews, the manager of the Bank of New Zealand, to-day, who stated that the arrangement of allowing interest on the credit balance of the c >unty had been in vogue in 1879, but not since that year. He would wire at once to Auckland and endeavor to obtain the necessary information as to whether or not the Council would be allowed to carry out the arrangement proposed. He added that If EL,OOO of the County funds were placed as fixed deposit for three months, interest at the rate of 3 per cent, would be allowed, if for six months 6 per cent., and in the event of the Council requiring an overdraft they would be able to obtain it at the rate of 1 per cent.