BOROUGH FINANCES.

Daily Telegraph (Napier), Volume 58, Issue 69, 23 April 1929, Page 8

BOROUGH FINANCES.

ELECTRICITY DEPARTAIENT DOES AVELL. Regarding the financial position of the borough the Alayor produced a tentative report prepared at his instructions hv the town clerk, Air Jolin Dick. Tlie report dealfc with tlie finances np to Alarch 31 and stated : — Following the procedure adopted when reporting on the balance sheet in previous years I append a summary of the "cash" and " accounts" as at Alarch 31, 1927, 1928 and 1929 respeetively, which shows at a glance the position at the close of the respective financial years (sbillings and pence omitted) : —

LTABILITIES. The liabilities at March 31, 1929, exIfeeive of the pnblio dehtj pontraots (

let for loan works, and works to be provided for in the 1929-30 estimates are_ approximatelj' (sbillings and pence omitted) : —

The figures given are approximate only as certain adjustments and departmental transfers have still to be made; the cash in the hands of the Renewal Fund Commissioners does not include the current year's interest as the Commissioners' statement has not 5'et heen received. GENERAL ACCOUNT. Tt will be noted that the debit of this account has increased by £150S 14s 5d. AA'hen the balance sheet is before members of the council it will be found that the actual expenditure generally compares favourably with the estimates with the exception of the waterAvorks department. In this deparement the actual working expenses are approximately £300 less than estimated. but the cost of electric current is approximately £1200 above the amount of the estimate, no doub due to the instailation of additional electrieal pumping plant. On the receipt side there appears to be a shortage between the estimated receipts and tlie actual cash received in the following departments: — Rents of reserve6, etc., appjjjximately £1000; theatre, £634; but nntil the miscellaneous receipts are dissected the exact differences cannot be given. TRAAIAVAY DEPARTAIENT. Revenue : — The total revenue for the year nmounted to £14,215 and the estimated revenue £14,675, a shortage of £460. Tlie year ended with a defieit for the --ear of £L532, against an estimated defieit of £2020. It will be remembered that the defieit for the year 1927-28 £2627, was met by a transfer from tho electricity department. Traffic statistics for the past year are not vet completed. ELECTRICITY DEPARTAIENT. The revenue for the year amounted to £38,227, being £46S0 in excess of the estimate £33,547, whicli in view of the substantial reductions made in the charges for electric light and power is very satisfactory. After transferring £2627 to the tramway department the cash balance of the department's scparate account now stands at £21,532, against £18,731 for the previous year, The increases i.i the department's renewal and reserve funds are shown in the summary. GENERAL RKAIARKS. Tt is regretted that owing to the short space of time between the closing of the financial year on Alarch 31 , also to tlie Easter holidays intervening, and to the additional work involved connection with the preparation of the burgesses' roll and the forthcoming election generally, it has not been found possible to place before you a complete balance sheet of the year s working. ,, , , Tt will be notecT that tlie referred to are exc-lusive of balances of loan funds and show an increase in cash amounting to £3288 16s.

1926-27 1927-28 1928-29 Credit balances at hank exclusive of special loan accounts 10,109 6,112 9,246 Fixed deposit at bank (exclusive of loans 25,026 25,423 26,794 Cash in hand 1,706 1,945 & 1,497 Cash in hands of renewal fund commismissioners 12,143 14,951 16,595 Cash in loan accounts exceeding total of same ... — 331 1,443 £48,986 4S,764 55,577 Less outstanding cheques 1,229 313 3,746 Less drainage deferred ... 332 — 191 £47,424 48,450 51,639

CASH.

Cr. Cemetery Account ... 2S2 347 373 Cr. Contractors' Deposit A^c 1,008 949 646 Cr. Elec. Light Consumers' Deposit A/c 1,303 1,440 1,539 Cr. Hospital Rate A/c ... — — — Cr. Napier Harbour Board Rate A/c ... 49 25 92 Ci. Fire Insurance Reserve Fund A/c ... 1,971 2,312 2,648 Cr. Renewal Fund Electric Light Dept. 7,22S 8,902 10,1SS Cr. Renewal Fund Tramway Dept. 4,915 6,04S 6,406 Ci . Reserve Fund Electric Light Dept. 6,SS0 8,402 10,071 Cr. Public Risk Fund Tramway Dept. 1,297 1,555 1,814 Cr. Interest and Sinking Fund 5,957 5,700 2,230 Cr. Elec. Light Separate A/c 18,270 18,731 21,532 Cr. Heavy Traffic Fees Separate Account ... — — 1,406 £49,962 55,406 58,951 Dr. Tramway Account ... — 2,627 1,532 1'r. Hospital Rate A/c ... 172 296 240 Dr. General A/c 2,331 3,958 5,467 Dr Rivers Board Account ... 34 73 70 £47,424 4S,450 51,639

ACCOUNTS.

£ £ Unpresented cheques ... 3746 Contractors' deposits ... 646 Electric light consumers' deposits 1539 Outstanding accounts ... 3533 Heavy traffic fees to be allocated amongst local bodies 1972 Less proportion collectible from other local authorities 1200 772 £10,237