16
treated as Waterworks Revenue.
base
The normal practice is to pass
the contributions to a Renewals Fund
on the full replacement value and
accordingly to credit recoveries to the
revenue of the undertaking, but in the
special circums tances of the Waterworks
KAA
Renewals Fund no objection is seen to
crediting such receipts to the Fund.
It
would, however, be irregular to pass the
receipts direct to the Renewals Fund
deposit account, and in order to secure
formal appropriation it will be necessary
to credit the receipts to a separate item
of revenue in the Colony's Revenue and
Expenditure accounts, and to add a
corresponding sum to the annual contribution
voted to the Waterworks Renewals Fund.
I have,
etc.,
(Sgd.) MALCUlwi macDONALD
}