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MIDDLESBROUGH BUSES INCUR 07,782 DEFICIT

4th July 1958, Page 41
4th July 1958
Page 41
Page 41, 4th July 1958 — MIDDLESBROUGH BUSES INCUR 07,782 DEFICIT
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Which of the following most accurately describes the problem?

ANET deficit of £17,782 during the year ended March 31 is shown in the accounts of Middlesbrough Corpora

tion transport. Mr. J. B. Woodham, borough treasurer, says in his report that revenue during the year rose by only £2,000, whereas operating costs were £20,000 higher. This meant that the operating profit fell from £30,000 to £12,000, which was £18,000 short of the sum required to cover expenditure.

During the first eight months of the year, the number of passengers carried and the amount of revenue were both lower than in the previous year. The £2,000 increase in revenue was secured only by a fare increase instituted in November. Since then, all costs had been covered with a small surplus.