The estimates of ordinary income are r based with due appreciation of all the relevant factors and the revenue shown as accruing should be realized if no untoward circumstances intervene during the course of the year, Provision has been included for full returns from the Western Extra-Settlement Area as an Offset to the cost of services furnished in that area by the Council and a margin has been allowed for additional revenue to be derived from the estiniated
990 or 89.00 per cent. as compared $70,110,740} an Increase of $37,257,- with the Budget for 1940, Of this amount of $79,119,740 Land Tax accounts for $19,450,000, General Municipal Rate: for $35,737,000 and Special Rate for $2,988,000, or a total of $58,175,000.
The Land Tax and Rate provisions are based on the bases of levy ap-Proved at the recent special meeting of ratepayers:—
Land Tax—t 135 per cent. plus a 40 per diture estimates of individual departments. is causes-in tie purchasing value of the Chinese dollar which has occasioned Continuous. and unprecedented rises in the costs of commodities and services required fór the normal and efficient functioning of the Municipality, The enormous rise in the cost of living has necessitated the grant of substantially higher compensatory allowances to the staff from which there cen be no relief until conditions Provision has been included through-cut all departmental estimates for normal promotions and pay increments in accordance with the grading Scales. Another factor of importance is the re-institution of long leave on a modified basis after a suspensión of slightly more than a year. It is now estimated that the cost during 1941 of restoring this privilege will border of closely upon $4,500,000. This of course is due to the adverse effect of the low prevailing exchange value of the Chinese dollar on foreign currency rassge and long leave exchange appropriations,
Text read from the printed page and cleaned; old type leaves the occasional error.