2.42 Revenue from land sales continued to increase and indicated the prosperity of the local property market while the collections derived from quarry products and works executed on private account reflected the growth of building development. As a result of the implementation of the new Defence Costs Agreement, no revenue from 'Services Capital Works' and 'Services Maintenance Charges' became due. Although revenue collected under 'Chargeable Water' showed an increase of $23M over the previous year, it was under the approved estimate by nearly $20M due to the implementation of the 4 months' billing system and the consumption by new meters not yet taken into account in the year under review.
Deposit and Suspense Accounts
2.43 The volume of work of various types carried out by the Department for private organizations and individuals showed a further increase in 1972-73 as reflected in the respective deposit accounts. Payment in these cases is required in advance, based on an estimate of the cost of the work to be done, to which is added a percentage to cover the departmental overhead expenses; amounts thus received are placed on deposit accounts until the work is completed and the final cost is known, when an adjustment is made taking the equivalent of the actual cost plus departmental expenses to revenue, any surplus held being refunded to the payer. At the beginning of the year the balance held on deposit, i.e. in respect of works not completed, was $9,133,587 and further deposits amounting to $11,493,192 were received during the year; from this total of $20,626,779 the amount taken to revenue in respect of completed works was $7,863,619, while $1,289,315 was refunded, leaving balances remaining on the deposit accounts at the end of the year totalling $11,473,845.
2.44 Under the Government-financed Staff Welfare Scheme, funds allocated by Government are placed in a departmental deposit account to be used for authorized welfare and relief purposes to assist lower-paid staff. During the year 22 loans totalling $14,830 were issued under the scheme and $8,657 was recovered in repayments. The balance available at the end of the year for all purposes was $68,756.
2.45 During the year, the transactions under the Suspense Account - Colonial Treasurer Incorporated - were less than expected and the amount involved was minimal. No properties were taken over by the
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2.42 Revenue from land sales continued to increase and indicated the prosperity of the local property market while the collections derived from quarry products and works executed on private account reflected the growth of building development. As a result of the implementation of the new Defence Costs Agreement, no revenue from 'Services Capital Works' and 'Services Maintenance Charges' became due. Although revenue collected under Chargeable Water' showed an increase of $23M over the previous year, it was under the approved estimate by nearly $20M due to the implementation of the 4 months' billing system and the consumption by new meters not yet taken into account in the year under review.
Deposit and Suspense Accounts
2.43 The volume of work of various types carried out by the Department for private organizations and individuals showed a further increase in 1972-73 as reflected in the respective deposit accounts. Payment in these cases is required in advance, based on an estimate of the cost of the work to be done, to which is added a percentage to cover the departmental overhead expenses; amounts thus received are placed on deposit accounts until the work is completed and the final cost is known, when an adjustment is made taking the equivalent of the actual cost plus departmental expenses to revenue, any surplus held being refunded to the payer. At the beginning of the year the balance held on deposit, i.e. in respect of works not completed, was $9,133,587 and further deposits amounting to $11,493,192 were received during the year; from this total of $20,626,779 the amount taken to revenue in respect of completed works was $7,863,619, while $1,289,315 was refunded, leaving balances remaining on the deposit accounts at the end of the year totalling $11,473,845.
2.44 Under the Government-financed Staff Welfare Scheme, funds allocated by Government are placed in a departmental deposit account to be used for authorized welfare and relief purposes to assist lower- paid staff. During the year 22 loans totalling $14,830 were issued under the scheme and $8,657 was recovered in repayments. The balance avail- able at the end of the year for all purposes was $68,756.
2.45 During the year, the transactions under the Suspense Account -Colonial Treasurer Incorporated-were less than expected and the amount involved was minimal. No properties were taken over by the
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