COUNCIL FINANCES FOR CURRENT YEAR

Taupo Times, Volume III, Issue 148, 26 November 1954, Page 5

COUNCIL FINANCES FOR CURRENT YEAR

FIGURES FOR SEVEN MONTHS I At the Borough Council meeting on Wednesday, November 17, the Treasurer, Mr S. Torepe, presented a financial report giving details of the Borough finances for the first seven months of the current financial year, ending October 31. In the General Account, receipts for the period totalled £14,030, and expenditure £10,481, which, with a debit balance brought forward from last financial year of £2896, as reported in connection with the Borough accounts for last year, leaves a credit balance in the account at October 31 of £653. In the Electricity Account, the credit balance as at October 31 was £5,615. General Account Income In the General Account the in- ! come for the seven months to October 31 included Current rates £10,807, arrears of rates £606, penalty on rates £71, sundry license fees 892, building permit fees £648, miscellaneous £305 and roading subsidy £701.

In the Estimates for the current year, the income estimate for the full financial year was £16,584, included in which was £12,587 for current rates, £500 for arrears of rates, £60 for penalty on rates and £187 for subsidy on rates. As at October 31, arrears received exceeded the estimate for the year by £106, penalties received were £11 above the year's estimate, while the rates subsidy had not yet been received. Roading subsidy received however, £701, had not been included in the income Estimates for the year. The sundry license fees received, as shown above, exceeded the estimate for the year under this head by £142.

Expenditure Details Payments for the seven months from the General Account totalled £2288 under the head of Administration, items included in which were salaries £1307, Honorarium £225, Printing and stationery £148, Travelling expenses £78, Office expenses £70, Insurance £62. Under the head of Works, payments for the period totalled £8193. Major items were: — Streets and footpaths £303; Street sealing £428;

Maintenance £1982; Plant hire £953; Plant maintenance £432; Tools and materials £1023 Share Spa Road £112; Water supply £131; War Memorial Hall £458; Borough yard £106; Town Planning £185; Building inspection £207; Valuation Department £394; Fire Services £11,60.

Electricity Account The financial report shows proceeds from sale of electricity for the seven months to October 31, 1954 as being £10,733, with connection fees £28. The amount included in the Estimates for the full year for sale of current was £12,900. This amount seems likely to be exceeded, according to the report, which states that a further amount of approximately £8,500 in revenue this financial year may be received, while £850 only remains to be paid by way of capital charges this year. Payments out of the Electricity Account to October 31 totalled £10,626. With a credit balance brought forward from last year of £5,480, to be added to the income for the first seven months, the report shows a credit balance in the Electricity Account at October 31 of £5,615. The main items included in the total- payments of £10,626 are as follows: — Salaries and wages £1555; Advertising, printing and stationery £164; Audit fees £49; Office expenses £93; Insurance £76; Vehicle maintenance £156; Tools and ,mat~.

erials £205; Depot £1667; Depreciation fund reserve £1724; Capital charges £4714. Other Accounts In the Library Account, the report shows income for the period of £152, made up of Subscriptions £126 (an increase on the last full year of £44), Fines £6, Sale of books £2, Miscellaneous £18. Payments for the seven months total £247, made up of salaries £105 lleating and lighting £3, Books £121, Stationery £15 and sundries £3. With a credit balance of £299 brought forward at the beginning of the current financial year, and a rate estimated to produce £550, it would appear, states the report, that the account is in a sound financial position. Receipts in the Cemetery Account total £39 for the period, with payments of £4. A debit balance of £180, however, was brought forward from last year. In regard to the Hospital Levy Account, the Report states that with an actual levy of £1460 (due to the Waikato Hospital Board) and a rate revenue estimated to produce £1400, together with a credit balance of £135, the account appears to be in a satisfactory position. ;j|