New Britain herald., 1925-07-06
City of New Britain Not Given Credit By State Tax Commis- sioner, Officials Dis- cover.
lnsinuation That Methods Here Are Inaccurate Re. sented by Treasurer and Finance Board Chair. man.

City Treasurer Curtis L. Sheldon and Chairman Edward F. Hall of the board of finance and taxation today made denial of the implication In the report of State Tax Commits sioner William H. Biodgett that New Britain has diverted from its proper purposes S4,75S.42 deposited with the treasurer in 1S47 as a town de- posit fund, the revenue of which was to be used for educational pur- poses, and the two officials pointed out that not only has the city main tained the account intact. but 1t has more than doubled the principal.
 Commissioner Blodgett has just completed a quadrennial report showing the condition of cities and towns with regard to debts and funds. He lists 114 towns in which he reports there are traces of the old town deposit fund, and says fur ther:
 "The disappearance of money be- longing to this fund is illustrative of the inaccuracy of the methods em- ployed by present and previous treasurers of the municipalities of the state. The prospect of a closer contact between the municipalities of the state and this department (state tax commissioners office) should result helpfully and 10 the advantage of the towns which may be directly denefited thereby and to the tax commissioner who in the. future will be enabled to better un- derstand the difficulties encountered by treasurers in furnishing accurate reports. emphasize the importance of the installation of simplified and systematic methods of accounting in municipalities"
 New Britain is not included in the group of towns which, the commits. sioner reports, have notified him Of a town deposit fund intact.
 In another part of the discussion of town deposit disappearance, Com. missioner Blodgett says: Tt will be noticed that in some towns no men, tlon is made of the town deposit fund. In such cases no record of the fund appears. In 1S47 the state dis tributed to the towns $764,9S5.96. The towns were required to keep this fund intact and were authorized to use the interest derived therefrom for educational purposes only.
 "An investigation of the condition of this fund in 1896 by the state board of education disclosed the fact that the aggregate fund had de- creased from $764,9S5.96 to S754,- 972.S4. A second investigation re- gently made by the same board shows that this find has decreased to s69S,4S5.42. The difference in the fund as originally distributed and the amount remaining has not been accounted for. Reports flied with this department show the amount held in town deposit and other funds to be only $625,094.21.
 The first printed municipal record of New Britain. issued in 1860, show ed the condition of the fund 10 be: IS shares Aetna bank stock. Sl,S0o; 20 shares Mercantile Bank stock, S2,90C; cash on deposit, s5S.4:. To- tai. s4.75S42.
 Today the treasurer's books show 27 shares of Hartford-Aetna Nation al bank stock at sg,7O0, and a town order of $2,95S.42, total of s. 65S42. The bank stock is listed st its par value, s10o. but the total Is about S6,ooo less than the market value.
 The town deposit fund is mention ed In the New Britain municipal record, a copy Of which was for Varded by the state tax commis- sloner several months ago, For number of years the budget has showed an item Of estimated income 10 be the interest ou the town de posit fund. charged against the edu. cational costs, This year the esti mated income has an item of $500 for that purpose.
 This morning City Treasurer Shel- don communicated with the tax com miSsloner's office and advised that bureau Of the condition of New Britain's fund, requesting that rsc crds Of that office be made to con form