BOROUGH ELECTRICITY ACCOUNT SHOWS SOUND POSITION

Taupo Times, Volume IV, Issue 190, 16 September 1955, Page 1

BOROUGH ELECTRICITY ACCOUNT SHOWS SOUND POSITION

I , The statement of Receipts and Ex1 penditure in the Borough Council's |l Electricity Account, for the first four I months of the current financial year, I as presented to the mid-August Counm cil meeting, showed a credit balance in the account, as at July 31, of I . £0S24. The credit balance brought. forward at the end of last financial year ori March 31 was £10,622. The main I item of Receipts for the four months E 'of this year was sale of current £9179, |, with connection fees bringing in £29, K and rent of Oruanui Street house £15, I . making a total on the Receipts side K. of the account at July 31 of £18,845. i; Expenditure for the four months 1; totalled £13,021, made up of adminisi tration £1573; miscellaneous £7884; m- inaintenance £152; and capital £3412. The main items spent under adruin- | istration were salaries and wages | £1128, and brokerage £188 ; under i miscellaneous the main items were i depreciation fund £3035, and loan inI terest and principal £4799. Under | tlie heading of capital, £2350 repre-v I sented purchase of dwelling for staff I in Oruanui Street, and £1000 represented clebit for additions to the office I for the electrical department. The amount allowed in the EstimI ates for sale of current -for the whole 1 of the present financial year was I £25,000, leaving an estimated £15,821 I to come in for the final eight months

I of the financial year. The sale of | current for the first four months of I the year indicate that the Estimate |- under this head is likely to be exI ceeded. The amount allowed in the EstimI ates for expenditure during the year l was £23,693, which did not include | any amounts for staff housing or | office additions, expenditure on | which items above totals £3350. De- | preciation fund also appears above at | £1035 more than the £2000 allowed in | the Estimates, while the sum of £1050 I appearing in the Estimates for capital | expenditure on motor vehicles has not | yet been expended. While the above amounts of actual expenditure in excess of the Est.im- . ates total £4385, it would appear that | the buoyancy of the electricity de- | partment's revenue is likely to meet I the extra expenditure, which Is also, I of course, represented by tangible | assets.