Borough Finance.

Taranaki Daily News, Volume XLVII, Issue 7900, 16 August 1905, Page 2

Borough Finance.

Tto Auditor-General's Tags. The, Borough Council's balance shoet as returned from the Auditor-Gener-al, was adorned wiffi: several of the "tag»" bo dear to the official heart. The Mayor made an explanation on these Items to the Council on Monday evening. The Auditor stated that the special loan rate of tenpence had been used. j for purposes other than payment of' interest.

Thfl Mayor explained tht.it the Council's books showed a credit on interest account of £1748, but no separate, bank account was kept, and the whole amount would |ljle absorbed next year. It was not likely, he said, that the Council was going to pay interest to the bank on an overdraft of three or four thousarVl. while tlis amount was lying idle earning nothing. "We have adopted this course ever si ire 1808 and no objection has been. raised previously, "said ihe Mayor, "and now, 'becauMe the Auditor f-.-els lie must say something, lie says we have not banked this money correctly."

The Auditor also pointed out that the abattoir working account showed £231. 10s more expenditure than th>> -oceipts provided for. It was tixplaine-d that this was caused Uy thV' fees originally fixed not meeting the expenditure, and accord ingly the amount was transferred from the general account, to Ihe repaid to the general account when the abattoir account w«is in credit. This . wus clearly allowable under the section quoted by the Town Clerk. The complaint of the Auditor Dhat the ccmotory moneys hjad not been paid to a. separate account, was on the'same footing 1 . "We keep scparato ledjjer accounts," copi'o'udcd the Mayor, "bvt. the various accounts are drawn ion as one fund in the bank Th!» is the proper course to take, as it would be absurd £6 Ire paying interest on an overdrawn general account whilst the other accounts have a credit lying idle at tho bank.:' He considered the balanco sheet a very creditable one.

The Council adopted the balance sheet kind ordered it to bo printed To tho "tags" mentioned, the Town Clerk's cxplanationslwill be attached.

To Mwc the cost of lOdvtirtisln,;, an economical Council decMed to supply copies of the printed balance sheet to ratepayers on application,;