BOROUGH FINANCE.

Taranaki Daily News, 22 April 1922, Page 4

BOROUGH FINANCE.

POSITION IN NEW PLYMOUTH. “VERY SATISFACTORY.” GENERAL MANAGER’S REPORT. Commenting on the stale of the various accounts at the end of the financial year (March 31 last), the New Plymouth general manager, in his annual report, states: “The position disclosed is very satisfactory. It will be remembered that when the council decided some two and a half years ago to completely repair the roads comprising the tram route and other tarsealed streets, a very large expenditure, far in excess of the revenue available, was incurred. The natural consequence was a large debit balance in the general account, and an undertaking was given that this debit balance would be wiped out by curtailing expenditure in future years. This undertaking has now been given effect to. The debit balance of the general account at the commencement of the year was £9490 ss, and this was reduced by the end of the year to £9lB Is 7d, and provision made in the estimates for the current year to wipe out the debit balance altogether. The position disclosed is all the more satisfactory in view of the restrictions imposed by the Local Bodies Finance Act, 1921.

“Although the general account shows a small debit balance of £9lB, the district fund account, which comprises the general account and several semi-trust accounts, shows a credit balance of £6194 Bs. New Plymouth will, therefore, be one of the very few boroughs not having any antecedent liability as defined by the Act in question, and will therefore be relieved of the difficulties surrounding the repayment of the antecedent liability within the time prescribed by the Act.”