The Birmingham age-herald., 1924-01-06
0F WORTH .S 7,.8Q 7,544
Municipal Finance Depart ment Has Surplus Of $37,- 369 At Close Of Year. Large Amount In Equipment REMARKABLE SHOWING IS CONTROLLERS SCOMMENT, Assets Total $19,O77,828. Liabilities Are S14,349,117. Cash On Hand $1,741,768. Report Made Saturday

Net worth of the city of Birming- ham is $4,72s,710.27. The city is ing well within it's income and has a surplus of s37,S69.59 at the close ot the last fiscal year, although s306.- 726.13 was spent during the 12-month period for equipment and retirement of bonds.
 These are high lights of the annual financial report completed Saturday by Haskins and Sells and c. Palmer Parker. certified public accountants, and submitted to Comptroller c. E. Armstrong and members of the city comission.
 The soundest financial condition in the city's history is shown by the report" Confusion President D. E. McLendon said.
 The surplus existing when the fiscal year ended October 1 was ap- piled to reduction of the $91,26i.2S deficit which faced the treasury at the end of the previous fiscal year.
 Comptroller Armstrong sent the report to the printers Saturday ana copies will be ready for general dis tribution before the end of the month.
 Total revenue for the fiscal year covered by the report was $2,442,~ 43s97 Expenditures totaled s4,422'" 070.3S.
 "This showing is remarkable" Comptroller Armstrong commented, fin view of the fact that the city spent during the year for equipment and other properties s162,515.21, paid s56.472.10 on the Twenty-first 1treet viaduct and set aside s187,74S.S2 aa a sinking fund for retiring bonds aa they mature
 Largest Items.
 The largest items of revenue were property taxes of $2. ,98I.72. busi- ness licenses of sS30.3S4.4a and fines and forfeitures of $237,69S.22.
 Interest received on general fuuG investments during the year amount cd to $19.1S4.7S. The city was en- abled to borrow money at five per cent and the general fund invest- ments yielded six per cent, thus eff. fecting a saving of one per cent for the city.
 Principal items of expense during the year were as follows: Board of education. $1,60o.710 for maintenance of the public schools; library, s67.- O6592; police department, $306.241.54: fire department, $45S,593.94: health department, $77.42941; parks and recreation. $67.7S7.SS; street lighting, $53,247.57; street repairs (not includ. ing new paved streets), $174,6S5.1<3 interest on general city bonds. $643,. 0S917.
 The total of all cash on hand ae the close of the fiscal year was ST..
 The ,e'i sum of ssso.sss.s4 was invest. ed in sinkingfund investments and street-improvement estimates.
 According to the report, the value of all real and personal properties owned by the city. including schools. city buildings. parks and equipment, is s7,S07.544.06.
 The book value of permanent pave. ments, sewers, viaducts and the like is placed ates6,5s5.S43.s9.
 Accounts receivable total $226,000, of which approximately $215,o00 is road tax claimed to be due by Jef. ferson county, for which suit now ia pending.
 Bonded Indebtedness.
 Bonded indebtedness of the city stands at, $12,277 ,000-far below the bonding capacity.
 Assets of the city rntal $19,077,- S2S.19 as compared witt! liabilities of S1i,S4s,177.22. Fromsthese fis -; As the auditors arrived at the net worth, shown to be s4,72S,710.27.
 "Of course" said Comptroller Arm. strong, this is merely a book fig. ure. The city is worth vastly more than that"
 The auditors complimented the comptroller's department for its handling of the city's affairs. Few changes in methods were suggested, the most important among these be- ing:
 1. More care should be taken in handling the docket in recorders court No. 1. It fails to show final disposition of many cases.
 ?. In some instances property has been sold without following the usual custom of advertising it and placing it on sale at auction. This should always be done.
 Members of the commission, on learning of the excellent financial status shown by the, report, declared they did not believe another city ~ tho south could boast a better record for the year. Comptroller Armstrong promised that the next annual report would be equally as satisfactory EXTENSION WORKERS