ROSKILL ROAD LOAN

Sun (Auckland), Volume 1, Issue 107, 27 July 1927, Page 3

ROSKILL ROAD LOAN

SANCTION WITHHELD EXPENSES NOT ALLOWED A “SET-BACK” was experienced by Mount Roskiil Road Board last ev-sning, when the Local Government Loans Board refused to sanction the proposed loan of £BB,OOO for the concreting of Three Kings and Mount Albert Roads. The board objected to the first year’s interest and sinking fund being Paid out of such loan. It was prepared to sanction a loan of £81,500, which would not include the expenses objected to. The chairman, regretting such a decision, pointed out that the difference of £ 6,500 would take a rate of §d in the £ 1 to cover such expenses, which would work rather hardly upon the ratepayers. The board had already agreed to extend the expenditure of the loan over three years. Mr. Belcher's idea was that unless rapid progress of the district justified otherwise, the work of concreting Mount Albert Road could be deferred indefinitely, thus allowing them to borrow a much smaller sum. The question arose as to the possible effect unimproved value rating would have upon future revenue, Mr. Allen expiessing the opinion that a big reduction in general rating would not be as many anticipated. The clerk explained the position ana added that no matter how future rating went, all requirements out of general revenue would have to be met in the rates levied. Finally it was decided that the whole subject be again debated in finance committee.