THE BOROUGH'S FINANCES

Wairarapa Age, Volume XXXII, Issue 10017, 13 April 1910, Page 5

THE BOROUGH'S FINANCES

SUBSTANTIAL REDUCTION OF INDEBTEDNESS. A SATISFACTORY POSITION. At the meeting of the Mastertoa Borough Council last evening, the Borough Treasurer submitted a statement of his balances down to the 31st of March last, together with a report in the following terms:— This being the end of the financial year, in submitting my statement of balances I beg to retort ihii hank overdraft on G«nerai aic.imit at the 31st of March last to be £2,905 17s 6d. Seeing that the jeai's payments have been made upon the assumption that the balance in hand at the beginning of the year plus rates and other receipts would amount to the sum which was estimated to be spent, and which has in fact been apent, viz., £6,402 as appears by the statement of receipts and payments it is but right that had the uncollected rates at the end of the year amounting to £387 6s 6d plus cash in hand £92 16s 3d, been collected, the overdraft would have stood at £2,515 14s 9d. At the end of the last financial year the overdraft was £3,520 4s Id, so that the Council may fairly claim to have reduced us overdraft by tbe amount in difference, viz., in -round figures £I,OOO. Having regard to the fact that the Water Rate revenue was considerably reduced by the Reduction made in the charge for the. *

supply of water this result is about equal to what was achieved last year when the overdraft was reduced by some £2,000. Turning to the statement of receipts and payments on the year's transactions the Council will notice that on General Account theactual receipts exceed the estimated receipts by some £65, and that the actual payments exceed the estimated payments by £23, so that the Council must feel gratified at finding its estimates approximating so closely to its actual financial transactions. There were no unpaid accounts ac the end of the year in the departments of the Town Clerk and Borough Engineer, all liabilities having beeu met. The Tar mac account is in credit some £SO. The Hosking Bath account is closed. Deposits during the year exceed the return deposits by £l4. The Waterworks Revenue account payments have exceeded the receipts by £2BB, there being yet some water rate to be received. The Library account payments have exceeded the receipts by £93. Tfte Council will recall that no rate hss been struck during the past three' years, and consequently it will be necessary next year to make a rate. The Gasworks receipts have exceeded its payments by some £SOO, but it must be borne in mind that some £500 ; of accounts which wete due for payment-and would have been paid during the financial year but for the Gas Committee being unable to form a quorum. The working of the Abattoir for the year appears very satisfactory, having a balance on the year's working of £l4O available, being the difference between its actual receipts and payments.

The Mayor stated that the financial position of the Borough at this time of the year perhaps called for some comment. It was gratifying to note that they, had not only succeeded in keeping within their estimates, but they had also made a reduction in the overdraft of £697 during the past year, and during the past two years something like £3,000. A comparison of the figures for the past three years showed that on March 31st, 1908, the overdraft stood at £6,316 3s Id, and on March 31st, 1909, it had been reduced to £3,675 ss, effecting a saving lor the year of some £2,440. On March 31st, 1910, the overdraft was £2,995 17s 6d, having been further reduced by £697. It must be gratifing to them to know that the overdraft waa going down, making a reduction in two years of £3,000, If they continued like this for another two years there was no reason why they should not wipe out the overdraft altogether, and that without any increase in the rates. It also had to be considered that less had been received from the water rate by about £I,OOO, so that there was every cauue for gratification. It seemed to him that thie saving was accomplished by Keeping strictly to the estimates. Notwithstanding this substantial reduction their streets had not been neglected, and were in good order. The Council were indebted to the Town Clerk, Mr Mansfield, for the excellent report showing the financial position, and farther they were indebted to him for the reduction of the overdraft in thac he was always strict in advising the Council not to spend money not provided for in the estimates. The Treasurer had endeavoured to ke"ep down the expenditure in spite of the loss of revenue from the water rates and the licensing fees, and had succeeded, and they were indebted to him for the manner in which jtfae finances had been managed. Cr Ewington did not quite agree with the remarks about keeping within the estimates. 'lhera was one particular item of £3OO which he noticed was owing to the Gas account. They "had allowed £450 for street lighting, but only £l5O had I been paid. The Mayor explainad t'iat the items referred to were not included \ n the period mentioned. | , tr