TAIHAPE BOROUGH COUNCIL.

Taihape Daily Times, 23 April 1918, Page 6

TAIHAPE BOROUGH COUNCIL.

-?■ At the meeting of the Borough Council on Friday the following i«Utement by the Town Clerk, Mr„ J* >•¥. Menzies, was laid before the Coun,«U:—•' H,isMoßssss Gentlemen,—l submit herewith for your inspection the annual statement of receipts and expenditure for the Borough of Taihape for the year enduing 31st March, 1918. The accounts

The. debit balance in the General Account has. been reduced by £239 12s lOd, a rather unique position as tar as Taihape is concerned, as since the Borough was constituted in 1906 the debit in this account has been steadily increasing. A number of accounts owing to sundTy creditors, some going as far back as 1914 Eave !>een paid, and as far as I Can ascertin all these outstanding accounts have been settled, practically only the invoices received this month for March supplies remain to be paid. Included in the expenditure is the sum of £3OO 15s 9d, for purchase of horses, cartage plant, and erection of stables, but as an offset to this the account received a refund of £309 12s 2d, as monies expended on account of electric light works last year. Further, the expenditure on , roads and streets amounted this year to £1023 8s ,as against £Bl4 19s 2d for the previous financial year.

The Town Hall Account has Increased its credit balance by £l6l 8s €d, despite.refunds and reduced rents for meetings and amusements for pat-» riotie purposes, and has further contributed £25 towards payment of office salaries and £l2 15s 6d for payment of interest on hypothecated dehen tures. In view of the opinion received from the solicitor to the Municipal Association, I would suggest that the Special Rate on the Town Hall Additional Loan should not be struck this year and payment of Interest and Sinking Fund amounting to £ll6 per annum made from revenue. Temporary Loans Act. —With the approval of the Government the Council accepted money on temporary loan at'4 per cent, and this arrangement lias had.the desired effect of reducing bank overdraft interest. Street Lighting Act.—Arrangements have now been made to make an annual charge of £l4O against this account for maintenance of, and current for, street lamps, and as the Hate struck provides approximately £l5O per annum the present debit balance, reduced from last year's am. cunt, should disappear in the course <pf a few years. Waterworks Act. —The supply or "water to the Railway Department has materially assisted this account, tne increase in the credit balance being £398 6s 2d. The Electric Light Supply Department has benefited to the «xtent of £IOO, owing to the transfer ior pumping water being increased to £260, oi account of the extra work „ entailed' by the supply to the Railways, The Water Account has also borne the interest charges on hypothecated debentures, £43 7s, never-1 theless, the account still shows a surplus of £398 6s 2d. on the year's -working, and I would accordingly suggesl that the special rate o$ the Water additional loan should not be struck, and the payment o£ interest and refund of principal, £202 per an3ium, transferred from the separate account to the interest account. Electric L s ,r,bt Supply Act—Tt will be observed that the account showed a credt balance at 31/3/17 of £1036 Ss 2d, at "31st March, 1918 appears as £s*2 13s. I had hoped to be in the position of being able to present to you a trading account drawn up on lines, showing the true result of your operations in this department; but, owing to the non-re. •eeipt of the statement of administraff.cn of Sinking Funds from the Public Trustee, I have been compelledto ', Uictd it over. However, when it is .'..thatf included 'in, the pay-

STATEMENT OF ACCOUNTS.

and statement are now ready for audit, excepting that I have not yet received ' from the Public Trustee his statement of the administration of sinking funds for the period mentioned herein. When this is to hand I can complete the statement of Public Debt. The following will showjiowthe balances compare with those of the previous financial yeaT.

ments for the year, are such amounts as Power House Road, £lO3, Tumbull & Jones, £633 18/3 and Loan Act No 4 £179 14. approximately £916 the explanation of the account showing a reduction in credit is obyious .

Loans for whica debentures have been hypothecated—Last year, the Government Audit Department rightly took exception to the interest being charged to these separate accounts, and this year, I'have charged the interest on same to the Electric Light Waterworks and Town Hall accounts respectively, in view of the opinion received from Mr. Martin.

Intoests accounts.—lt is hardly necessary to detail the position of these, as same is set out on page one hereof. T have suggested, that special rates for the Town Hall and Water additional loans be not struck this year, and the interest and Sinking Funds, etc.. paid out uZ revenue from these departments. On a property valued at £SOO (capital), this would mean a reduction of approx 12s per annum within the areas affected.

The Drainage Special Rates require explanation however, as does also the paths and Streets Loan Special Rate. Drainage Area No. 1. Rate Is lid. —lnterest payments amount to £39 12s 2d. Rate levied produces £37 Is 2d, the credit balance in this account is £54 7s 3d" and I would ask for your !as Itjo whether Rate should be increased to l/10th of a penny producing £4O 15s or left as it is. Personally I think that for this year at least the Rate might remain as at present.

Drainage Area No. 2. Kate 5/32nd.— Interest payment amounts to £36 4s 6d Bate levied produces £25 3s 9d credit balance reduced from £9 4s 2d to 19s lid. I would suggest that this rate be struck at id producing £4O. which will allow approximately the; necessary 10 per cent, as against Kates remitted or unpaid at the end of the financial yeai\ Drainage Area No. 3, Rate 23/32nd —lnterest and Sinking Fund payment £206 ss, rate levied produces £IBO Is 4d. Credit balance,"£2 lis 4d at beginning of year, has become exhausted and a debit now shows in this account of £lB 4s sd. By increasing the rate to 7/8 of a penny, £219 would be collected, and should ultimately wipe out the present debit, and provide the necessary amount for contingencies. Streets Improvement Loan £6OOO. Rate Id—lnterest Sinking Fund £330. Bate levied produces £306 18s. Credit balance reduced from £39 9s to £36 17s Bd. If Rate remains as at present this would practically be exhausted in a year's time, as there are fewer arrears to come in. The rate must socner or later be increased tc- approximately 9/32nds of a penny in the £. General Rates.' — The general rate for 1917-18 was l£d, producing approximately £ISOO. In view of the increased prices for labour, the class of labour available, the cost of material and possible contingencies arising out of the unfortunate conditions now obtaining in the world, and the large amount requiring to be spent on repairs and maintenance this year, I would advocate the striking of the rate as at present, making your estimates to t>uit, and retaining something in hand for contingencies and the reduction of the debit balance. I would further, take the liberty of endorsing Cr. Wrightson's opinion, against the principle of purchasing plant and creating permanent works out of revenue, as the £3OO spent on £t(j • during v the past year, ",'iTc! ■ •"-"* naid for the interest on a •/-in cf £GC'CC\ and necessary works

could have been completed within a year or so, and the interest payments by way of Special Bate would not have exceeded, not even equalled, tho average of the amounts appropriated from revenue for such purposes during the past years. Further, by the flotation of a loan, you are relieving to a certain extent, the burden an present owners, improving your town within a reasonable period, and leaving posterity to assist in paying for the benefits they are bound to receive from the forethought and judicious management, of the present or the next few Councils. In conclusion I wish to thank you for the consideration shown me since I have taken up my duties here, and trust that the same amicable relationship will be sustained during the present financial yaer. From the members of your staff I have received freely, all the assistance and information I have required, and I consider the Council is to be congratulated on having such efficient and conscientious employees. J. F. MENZIES. Town Clerk.

191&—1917 Dr. General . 5598 1*5 6 Town Hall" Temporary Loans Sanitation 237 1:l * Cr. 565 3 11 , 140 O 0 1917Dr. 5359 2 8 237 11 1 -1918 Cr. 726 12 5 2860 0 0 Street Lighting Waterworks Eleetrie Light Loan No. 1 (Water) Loan No. 3 (Town Hall) 84 1 1U 712 5 3 209 10 5 257 4 1086 3 2 8 712 5 209 10 3 5 655 10 10 582 13 0 Loan No. 4 (E. Light) 3473 4 10 3500 " V 0 Interest Accounts 54 7 3 10 15 6 82 17 6 36 17 8 Taihape Township Eoads Taihape Drainage Area" Taihape IJ\S. .; iljgtliJ 51 8 12 17 75 15 39 9 9 8 0 0 Taihape St. Improvement ■ i 5 12 7 19 11 Taihape Prime's Eoad 7 8 3 o Taihape Drainage Area 2 Taihape Loan £21,250 9 4 1048 2 1 1082 15 5 Taihape Drainage Area 3 v 2 11 4 18 4 5 ~\09, 0 8 Taihape Town Hall £6270 108 7 1 215 5 0 J.U-J v u Taihape Water £4000 212 15 4