COUNTY FINANCE.

Shannon News, 10 May 1929, Page 4

COUNTY FINANCE.

TREASURER S ANNUAL REPORT

POSITION A FAIRLY SATISFAC- ' TORY ONE AT PRESENT.

FULL INTEREST BURDEN NOT YET CARRIED.

Very concise, yet thoroughly inclusive, is the report which was presented by. .the County Clerk and Treasurer (Mr F. H. Hudson) to the Council on Saturday, On the financial operations for the year ended March 31st, 1929. Amongst other items it contains a useful .statement of the position as regards the Main Highways. The report is as fallows:— RECEIPTS AND PAYMENTS.

The total receipts from all sources amounted to £68,167, and the total payments: were £60,700. RATES AND RATE COLLECTION.

The rates levied amounted to £26,970 and the total collected was £22,768. Although the amount levied was £1862 more than for the previous 3 r ear, due to increase of hospital levy, ete., the arrears for the year amounting to £3202, .show a decrease of £338 as compared with the previous year. With respect to arrears collectible from previous yours and outstanding at April Ist, 1928, the- same have been reduced from £5169 to £1768. It may be interesting to note that the sum jof £852 has been paid by way of penalty in the last three years; GOVERNMENT SUBSIDY ON RATES. . For the sixth year in succession, the maximum Government subsidy was obtained. and has been apportioned to the ridings as follows: — ( . £ Tokoniaru 734 Wirokino •• 978 Otaki .. 315 Te Horo .. ...... .. 473 I Total ..... .. .. £2500 MAIN HIGHWAYS. It will be remembered that in the early part of the financial year it was ' necessary to review the whole of the construction programme in view of the fact that the original estimated expenditure was likely to prove insufficient to complete the work. The revised estimates indicated that the total expenditure required for the reconstruction of Nos. 1 and 60 Ilighways would be in the vicinity of £242,000; instead of £148,000, originally estimated. During August of last year, propos- ■ als were submitted to the Highways Board for the expenditure of £140,036 on the r completion, >f the Highways mentioned, and this amount was sepav--1 ated into two divisions, as the Council’s loan resources were inadequate i to subsidize the whole of the expenditure.

The following lengths were selected for completion on a £3 for £1 subsidy:^— NO, 1 DIVISION. Estimated Cost to Complete. r No. 1 Highway— Otaki bridge to Levin station £10,388 Levin to Wirokino bridge 44,855 No. 60 Highway.— Levin Borough boundary to Arapaepac Road .. .... 1,530 •Shannon to Makerua railway station .: . 7,566 North , boundary Wirokino riding to Shannon .. .. 11,732 Tokomaru River to northern boundary of the County 7,836 £B3 907 APPORTIONMENT OF COST.’ ! Main Highways Board .. ... £32,930 Horowher.ua County Council 20,977 . , £83,907 After prolonged negotiation with the Main Highways Board, the Council were advised on Oetdber 24th last, that the Board were' prepared to grant their subsidy of £3 for £1 for the’ above works. In the meantime and ' practically since the commencement of the financial year, operations were more or less suspended. At the close of the year, the following amounts were expended:— No. 1 Highway.— Otaki bridge to Levin station £2,034 Levin to Wirokino bridge .. 59 No. 60 Highway.— Levin Borough boundary to Arapaepae Road £1,134Shannon tc- Makerua railway station 7,200 North boundary Wirokino riding to Shannon .. .. Tokomaru River to northern ; boundary of the County 5,948 £16,375

The Main Highways Board's shave of the above work is £12,224 and the County’s share £4151. The total expended to date is £122,630, of whieh sum the Board have found £6i,840, and the County £60,790. The County's contribution includes £7069 for adminJ(gtration, (survey work anjd sundry items not. subsidized by the Board. NO. 2 DIVISION. - This includes two hill portions of No. 60 Highway edmpri/sing Waoku /Stream to northein boundary of the Wiroldno riding and Makerua 'railway station to Tokomaru. The total cost of the necessary re-construction is estimated as being in the vicinity of £56,000. As you will be aware, the Council have intimated that the iunds necessary will require to be found by the Main Highways Board. MAIN HIGHWAY' CONSTRUCTION LOANS. The sum of £69,000 has been raised by the Council out of the authorisa : tion of £78,000 for construction or reconstruction, leaving a balance of £9OOO to be raised. At the close of the year the balance in hand of moneys already raised was £B2IO. When the, Board visited Levin recently, a request was made that a proportion o 1 the estimated expenditure each year should be provided by the Board early

in the financial year in view of the fact that the County could not continue to finance the Board and 'themselves until after the yearly appropriations were approved by Parliament. This is a very important matter so far as the Council are concerned and one that will lead to financial difficulty unless the Bofird can meet their request. It. might be as well to state that it will be advisable for the Council to consider taking the necessary steps to raise Ihe balance of the loan, authority of £9OOO at an early date. MACHINERY LOAN OF £12,000.

This loan was raised in 1925 and will mature, £SOOO in Masrcli, 1930, and £7OOO in March, 3937. The sinking fund accrued to date amounts with interest thereon to £3894. The full amount of the loan has been expended. MAIN HIGHWAY CONSTRUCTION LOAN INTEREST.

For the past four years, the, following, amounts have beep require 1 to meet interest and sinking fund char-ges:—l92s-26, £221; 1926-27, £1434; 1927-28, £3069; 1928-29, £4439. MAIN HIGHWAY MAINTENANCE.

The following is the expenditure on Main Highway maintenance for the past four years on Nos. 1 and 60 Highways:— ' M.H.B. i'I.C.C.

Tokomaru Riding.—The receipts in this riding amounted to £3739, including a credit balance of £1437 brought forward from the previous year. The expenditure comprises .£1345 for upkeep of district roads and £l5B for share of antecedent liability repayment, leaving a credit balance of £2236 td carry forward.

Wirokino Riding.—This riding commenced the year with a credit balance of £1212, to which has been added share of general revenue, etc., £3131. The expenditure shows that £2125 was spent principally on the maintenance of roads and £755, share of antecedent liability repayment, leaving a credit balance of £1463.

Otai i Riding.—This riding brought forward a credit balance of. £155, to which is added the sum of £1503, share of general revenue, making the total receipts £1658. The spin £435 was expended in road main ten ance, etc.,' and £BS on antecedent liability repayment, leaving a credit balance of £ll3B.

Te Horo Riding.—The total receipts amounted to £2407. The expenditure includes a debit balance of £365 from the previous' year, £IOBS expended principally on roads and £136 share of antecedent liability repayment. The year therefore ends with a credit balance of £B2l. MACHINERY AND PLANT WORK- . ING ACCOUNT. The cost of running the machinery owned by the Council amount ; l to £13,484, inclusive of aijnual interest and sinking fund charges. The receipts from hire, including a balance in hand from lasi year of £4545, amounted to £21,216. There 13 therefore" a surplus of £7732 to be carried forward. l ANTECEDENT LIABILITY REPAYMENT LOAN, £9OOO. The sum of £6300 has now been repaid in connection with this loan and the balance is to be paid off in annual instalments of £9OO by March, 1932. MOTOR LORRY LICENSE FEES.' The receipts for the year amounted to £832 as. compared with £759 for 1927-28. REPAIRS TO COUNTY COTTAGES. During the year, necessary attention has been given to the repair of pi"operties .owned by the Council, and the sum of £335 has been expended in this direction. PUBLIC DEBT, ETC. The County have now 127 special loans, which total £198,584. The annual interest and sinking fund charges amount to £12,330. On the average, the public debt would amount to 31/4 per acre and the interest, etc., to. 8-id per acre, over the whole County. As, however, the loans are principally raised over special areas that in some cases only partially overlap one an•other, the average may vary considerably if applied to special localities. Although several proposals were investigated, no special loans were raised during the year. RE-VALUATION OF THE COUNTY.

A re-valuation of the County was commenced during the year gild I anticipate that the new values will be available for the 1930-31 rating year. JAs you will be aware, a rc-val.lat.ioll brings in its train a consul;fable amount of additional clerical work in the adjustment of special 'rates, etc., "which in consequence are affected.

In conclusion I might state that, considered as a whole, the finances of the, Council are in a fairly satisfactory condition. Whilst the riding accounts show improved credit balances, it mus* be understood that we are not, yet carrying the full weight of interest, etc., on Main Highways Loans, and, in addition, there are the natural financial difficulties existent in the transition from the old order to the new. I desire to acknowledge the consideration I have received from the chairman and members of the Council and the willing assistance givcii bp the ■members of the staff.

Total. Slih're. Share. 1925-26 £7042 £2997 £4045 1926-27 7138 3975 3163 1927-28 • 6715 4027 . 2688 1928-29 4842 3233 1609 RIDING- ACCOUNTS;