The Bridgeport times and evening farmer., 1922-01-23


 City Auditor At the risk of being considered egotistical, will cite one ! or two out of many.
 ] When I became City Auditor. dis covered that the City had received no interest on it's moneys deposited in local banks from the date of the in corporation of the City in 1886, but that a pernicious custom had been in vogue, during the entire period of all l lowing the City Treasurer and the i banks the use of City moneys without irecompense. I drafted an ordinance l which with some slight alterations l since made, is the one in effect today, and after some delay due to opposi- ! ton of interested parties succeeded with the assistahce of the then City ! Attorney in having it adopted in 1891. l Since that date, the City has received interest on City deposits amounting to more than S500,000, whereas the City had received no interest for period ! of hfty-fve (55) years antedating 1 1891. Nor had the town of Bridge port received any interest on town ! moneys for Q period of more than i seventy (70) years before that date And the amount of interest received 1 would have been far greater, were 1t not for the fact that the interest rate was fixed at the low rate of one and i creased to two CD per cent, on daily balances.
 i l also found on my accession to of 1 fee that both the City and town had
 
 1 ly running for periods of from twenty l to thirty years. I studied the mat ter and came to the conclusion that serial bonds were far preferable. and I have succeeded in establishing that system. It is acknowledged by com petent fnanciers generally that serial bonds. payable in annual instalnents, are the best means of financing City obligations. There is now but one is sue of straight City bonds outstand- ing and this will fall due in 1924 At that date the City Sinking Fund will cease to operate, as soon as the bonds are paid from it's avails. Bridgeport was one of the first cities to establish the system of serial bond issues And many more such instances of impor- tant matters could be cited by me, as showing how an official may, by go- ing beyond his routine duty, confer lasting benefit the City. How triv- tal and insignificant appear the proper dotting of is and crossing of Us, when measured by such a standard as this, and when compared with matters of real importance such as those specl- fled.
 Unemployment Problem. I have allowed a contingent appro- priation of S10O,000.00 to be used, or so much of it as may be necessary. under the supervision of the Board of Charities and the Director Of Public Works, for giving work to the deserv- ing unemployed.
 And I recommend, this is a. spe- 
 money be provided by the issue and sale of notes for that amount as this was the course previously pursued for the same purpose.
 confidently trust that the necessity for such special relief will pass away, on or about the commencement of our next City fiscal year. As your final meeting will not be held until the last day of February next, you will then be better able to judge, as to the ne- cessity for this appropriation. If you find it unnecessary you can disallow it and also strike out the provision ing it.
 Tax Rate.
 find it necessary, if we are to pro- vide for the current expenses of the City in full, as we ought to do. and as I favor, without recourse to bond ing for the purpose to recommend tax rates as follows:
 In First District 16.1 mills on each dollar.
 In Second District 12.5 mills on each dollar.
 Making 2s6 mills on each dollar of grand list for all property in Second l District and 16.1 mills on property in | First District only.
 While this in only three-tenths of l mill less than the 2S.9 mills regular | tax levied in February 1921, it must | be borne in mind that the latter tax | did not provide adequately for the | City's requirements of the year, and l it became necessary to levy an ad- | ditional special tax of six mills. This l made the tax of last year fin reality, l 34.9 mills on each dollar of 1920 list, | or 6.3 mills more than the tax on list | of 1921 now recommended, and which | latter tax ought to provide fully for | the Citys wants provided no unex- pected contingencies arise and that l proper steps are taken, through the 1 legal department of the City to col | lect the taxes from delinquents.
 Qh nI11d ha ho | the Grand List of 1921. will be less than the list of 1920.
 I estimate the new Grand List, as. follows: In First District, S243, ,00o,0 ,000.00 In Second District, s241,oo0,o00.00
 Respectfully submitted,
 BERNARD HEATING,
 City Auditor.
 January 19, 1922.
 Following are the appropriations by me, in the First Dis trict:- and Elmer gency, $1S,525.00 and Tax ation, Board of sOo.oo Bonds, Almshouse, 100000 Bonds, Isolation Hos Bonds. Betterment 100000 Bonds, improvement
 Bonds, New High School S,oO0.Oo Bonds. New High School Equipment 100000 Bonds, Public Clinic 5,000.0C ( Bonds, Public Clinic
 No. 2, 100000 , Bonds, Reissue 3,o0o.0O SondS, Schools, Series ( A. 100000 ( Bonds, School Series D. 100000 Bonds, School Series c. 100000 Bonds, Schools, Series B. 100000 { Building Commissioners, ( Board of 144O0.oo ' Charities Dept, Care of ( Hillside Home Poor e6,335.0O Charities Dept, Care of IT Outside Poor 14315Oo co l T