The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-02
MAYOR TELLS ABOUT
NEEDS OF BOND ISSUE
Continued From PAGE I.

seen that the amount available from last
year Is just about sufficient to provide fer
toe liabilities carried over from last year.
This being the case, the city starts with
the year lSCS practically without any funds
available for current expenses or I'M
D~oNements and is dependent entirely on
license and departmental revenues until
taxes are receivable.
To get a better understanding in re-
gard TO the amount to be raised by taxes,
the WaterwOrks fund should be elimina ted
from the report of the committee on es-
Inmates and appOrtiOnment, as this fund
mas no connection with the tax levy. So
far as the WaterWOrks fund is concerned
the revenues at the present rates will
provide fund sufficient to pay for main
tenance, ordinary improvements and in
terest on bonds and leave a balance to
the credit of the fund at the close of the.
year about equal to the amount for
which water rates are assessed i'm ad-
vance.
What Figures Show.
To get better idea of the city's cur
rent requirements. the revenue funds ex-
Guiding the wateTwOrks fund, should be
considered on a current revenue and ex-
2ense basis. That is. the relation of cur
rent requirements to current revenues
available should be approximately ascer-
tanned For the purpose of making such
calculation the amounts shown in the
committee report as available balances
OF cash and uncOllected 1907 taxes ana
water rates. $40. 43, should he elimi-
mated. This latter item. as previously
stated, is about offset by last years
debts.
The report of the committee on
estimates and appointment
shows total estimated revenues
for the year 1893 OF ............. 81. 34l.S45 50
Deduct available bal
anCeS of cash and
1897 taxes and water
ldA0S -S-tVr LIS
Estimated amount to
he raised by water
rates ...........,.. 94,S49.S6- 264, o.. %
The difference represents the es-
tfmated revenues that must be
provided for by license and de
partmentaI receipts and taxes.s 976,S73. 60
The report shows the estimated
licenses and departmental re-
ceipts as ........................ 2sS. OOo. 90
Leaving balance to be raised
by taxes of ......................s 67S,S73. 90
The average monthly current
requirement, excluding water
works fund, is .................s S1,4c6.O0
The average monthly license
and departmental revenue
available to meet this re-
quirement is .................... 24,SSS.OO
The difference represents the
average monthly require
ments in excess of license and
departmental revenues .......S 56.57300
Must incur Debt.
It is obvious that the city will be com
PEELED to incur current Indebtedness
averaging $56.573 per month, which is the
difference between the average monthly
requirements and the average monthly
revenues available 1t is understood of
course, that should the people approve
the bond issue, the revenue funds will be
to the extent of the improve
ceeds of the bond issue and the usual tax
levy will be sufficient for current ex-
penSes.
In the above statement of the city fl
nacial condition at Dec. 81, 1907, and of its
estimated requirements for the year 1905
l have aimed to present the facts in as
concise a form as possible.
There is attached hereto a certified
statement of Westerman, Trader & Co.
public accountants, showing the expendi-
lures from the water bond fund and sew
er bond fund.
The auditors detailed statements and
the report and detailed statements of the
committee on estimates and apportion-
meut are now in the hands of the print
er and will be ready for distribution
shortly.
How Issue Was Expended.
This is the statement showing the
purposes for which the proceeds of the