The daily sentinel., 1912-06-20

Sentinel Special Service.
Denver, June 20.-The annual re-
port of State Auditor NJ. A. Leddy,
covering the fiscal year ending Nov.
80, 1911. has Just been made pub
lie. The report is the most exhaust
i've yet made by state auditor of
Colorado. and is compilation of
facts and figures requiring the pub
lication of a large book containing
nearly 400 pages. Recommendation
are made to the 18th general as
sembly for the betterment of tinan-
cial conditions as regards state in
stitutions, departments, boards, bu-
reaus and counties and gives detailed
reports covering Investigations of
state institutions, boards, etc The
assessed valuations of the different
counties are shown comprehensive
ly and complete summary of the
new proprOsed system of accounting
and reporting is given. Drafts and
forms to be used by the different
county officials in making their re-
ports to the state officials are shown
in the publication.
Auditor Leddy strongly urges up
on the next legislature needed legis-
lation, which he says will greatly
improve the present unsatisfactory
conditions as they refer to state af
s-particularly TO finances. He
says that some legislation should be
enacted to compel county treasurers
to collect interest on the county mon
eys in their hands. The total amount
of public moneys in the hands of all
treasurers on the first of the present
year was S2,721 ,3990S. The aver
age daily balance for the year would
largely exceed this amount, due to
the fact that county finances in the
month of December and January are
at lower ebb than at any other
time of the year. OF this amount
there is s937,797.O5. the monies of
IA counties on which the county
treasurers draw interest from the
banks and place the same to the
credit of the county The funds of
the remaining as counties, aggregat-
ing on January !, of this year, ST.
7S3, ,602.03. according to statements
of county treasurers, draw no inter
est.
Interest on this sum at 215 per
cent amounts to s44,590.55. inas-'
much as l 4 counties draw interest,
and considering the fact that the
state draws 3 per cent on its money
deposited in many cases with the
same banks which allow the coun-
ties no interest. it is very evident
that some legislation is needed to.
remedy this condition.
The report further referring to this
matter says: Several county treas
urers state that no interest is col
lected on county funds, from banks,
but the banks furnish the treasurer's
bond. The cost from bonding com
panies of bonds for all of the 62
county treasurers, at current rates,
would amount to s10,565, which if
advisable, could be paid from the
county funds, If authorized by legis-
lative enactment. In this event, If
county treasurers were forced to
collect Interest on deposits-which
can be easily complied with. as nu-
merous sound banks in the state
would be very glad to get the de-
posits on a fair rate of interest
there should still remain as saving
to the counties from s35, 900 to $50
600 a year. A further argument in
favor of such a plan is the advant
age of having regular bonding COM
panies carry these bonds in place of
individuals or banks, from whom, in
case of defalcation. it sometimes is
impossible to make collections.
Referring to the matter of counties
having their auditing done by In
dividuals. Auditor Leddy urges the.
coming legislature to enact law
preventing county commissioners
from paying county monies to pri-
vate individuals or firms for such
auditing The auditor ventures the
assertion that the different counties
expend fully $4,000 annually for
this character, of work. One objec-
ton urged to the old system is the
lack of uniformity. One firms re-
port will be made in certain man