Deposit Accounts
2.39. The various services provided by this department to private developers, organizations and other individuals requiring surveys, drainage, water connections and other works to be carried out on private account show a considerable increase over the previous financial year. The estimated cost of works undertaken by this department is paid in advance by the developer and such amounts are placed on deposit until the work is completed. The balance of deposits brought forward from 1969-70 amounted to $3.802M. and further deposits totalling $7.728M. were paid during the year 1970-71. A total of $5.029M., representing the value of completed works, was transferred to revenue leaving a balance on all deposit accounts at the end of the year amounting to $6.5M.
P.W.D. Contractors--Inspection of Accounts
2.40. Contractors on the P.W.D. Approved List are placed initially on probation in one of three Groups depending upon their financial background, experience and capabilities. The Groups respectively list contractors who may only tender for projects costing under $500,000, those who may tender for projects of a value up to $2,500,000 and those who may tender for any size of project. As a contractor's capability improves he may apply for up-grading. It has become an established practice for the department to request P.W.D. contractors to submit their latest audited accounts when applying for inclusion in the List or when a contractor is seeking confirmation in a particular group or upgrading from one group to another. In addition, when completion reports prepared by project architects or engineers suggest that progress of work was affected by lack of finance, the contractor concerned is requested to submit his accounts for a routine check.
2.41. A total of 61 contractors submitted audited accounts during 1970-71 and of these, 4 applying for inclusion in the P.W.D. List of Approved Contractors and 4 applying for upgrading were considered to have financial resources insufficient to merit approval of their application. A further 15 contractors who were requested to submit audited accounts had failed to do so by the end of the period covered by this report.
2.42. It is felt that the system of inspecting audited accounts has been an effective instrument in determining the financial stability of
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Deposit Accounts
2.39. The various services provided by this department to private developers, organizations and other individuals requiring surveys, drainage, water connections and other works to be carried out on private account show a considerable increase over the previous financial year. The estimated cost of works undertaken by this depart- ment is paid in advance by the developer and such amounts are placed on deposit until the work is completed. The balance of deposits brought forward from 1969-70 amounted to $3.802M. and further deposits totalling $7.728M. were paid during the year 1970-71. A total of $5.029M., representing the value of completed works, was trans- ferred to revenue leaving a balance on all deposit accounts at the end of the year amounting to $6.5M.
•P.W.D. Contractors--Inspection of Accounts
2.40. Contractors on the P.W.D. Approved List are placed initially on probation in one of three Groups depending upon their financial background, experience and capabilities. The Groups respectively list contractors who may only tender for projects costing under $500,000, those who may tender for projects of a value up to $2,500,000 and those who may tender for any size of project. As a contractor's capability improves he may apply for up-grading. It has become an established practice for the department to request P.W.D. contractors to submit their latest audited accounts when applying for inclusion in the List or when a contractor is seeking confirmation in a particular group or upgrading from one group to another. In addition, when completion reports prepared by project architects or engineers suggest that progress of work was affected by lack of finance, the contractor concerned is requested to submit his accounts for a routine check.
2.41. A total of 61 contractors submitted audited accounts during 1970-71 and of these, 4 applying for inclusion in the P.W.D. List of Approved Contractors and 4 applying for upgrading were considered to have financial resources insufficient to merit approval of their application. A further 15 contractors who were requested to submit audited accounts had failed to do so by the end of the period covered by this report.
2.42. It is felt that the system of inspecting audited accounts has been an effective instrument in determining the financial stability of
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