Council banking debated
Why there are four bank accounts for the Waimarino District Council was a subject of much confusion at the council's meeting May 30. The council now has one bank account to cover all its activities but can't close the existing Ohakune, Raetihi and County accounts until all cheques issued against those accounts have been drawn. District Manager John Murrihy was asked several times to explain why the bank accounts where not closed, as well as why they needed to be closed. He explained that
while one or more account may be in the black and thus earning interest, if another account was in the red and thus paying interest the earnings would be more than offset by the cost of the overdraft on the other accounts. Councillor Griffiths argued that interest earned by the county ward's account should benefit county ratepayers. Mr Murrihy said the small gain for the county ward would be more than offset by the loss to the District and that the loss would ultimately affect the county ratepayers as well.
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Waimarino Bulletin, Volume 6, Issue 246, 14 June 1988, Page 3
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177Council banking debated Waimarino Bulletin, Volume 6, Issue 246, 14 June 1988, Page 3
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