The Waterbury Democrat., 1933-01-10
during the year amounted to ap proximatcly s600, 000.00.
 pOyrOllR

proximatciy $500, 000.00.
 PNyrolls
 "Ail employees of the city are now paid by chock. Departmental payrolls are submitted to this of iice where they are checked and verified. Upon completion of those details the entire payroll for tho period is balanced and the checks are thon drawn, signed and dis. tributed by tho personnel of this oft,eo to the various departments, The cancelled checks when TO. turned from the banks arc again checked against the original war. rant so that at oil times wo are in u position to know the exact num- Der of payroll checks outstanding At diff0ront periods during the year, checks arc delivered to the employees In person at their respec- two places of employment, This serves as an additional safeguard and keeps this office informed as to tho actual number of employees drawing funds from the city and the work they arc actively engaged Ina This operation naturally en- tails additional work in this do. partment but wo believe 1t is q safer and better method of han- ding and disbursing payments to employees.
 Financing
 "Tho major problom which has confronted this oifiee for tho past year has been that of arranging for tho financing of the city. It has been neeessary to spond consider. able timo with representatives or various banks and brokerage houses in going over the details Of tho eity's operations and functions nnd In anwering questionnaires submitted by banks and brokerage houses interested in the city's h- naneiai condition. During the course of tho year, over three hundred auestionnaires have been submitted and answered In detail, In m enort to have Waterbury's credit posl' tien improved or sustanied during this period whom the market for municipal securities has been such a seleetive one. While our credit position has improved as evidenced by the reduced interest rate on temporary loans, much is to be desired In tho way of further Htrengthening our financial post. ton, Plans to this end hayo been submitted to you and discussed with you on numerous occasions which whom put into effect by you or your sueeessVrH, will greatly strengthen our financial structure and further improve our credit.
 Debt Service Payments
 "There has been . steady m. crease In tho annual appropriations for the payment of interest on out. standing bonds and tho redemption of bonds at maturity. This figure has increased from sS06,24i.9B In 1929 to $i,g06, ,025,00 in i032 and will continue at approximately that figure until tho year i040 whom a decided drop will take place in tho amount required to meet this fixed expense. As part of our program for reducing taxes l recommended that wo retinanee some Of our fnas turing obligations on bonds at the rate of Five Hundred Thousand Dollars c year. This reeemmonda- ton was approved by the board Of finance and tho board of aldermen when tho budget for the coming year was adopted and I recommend at this timo that q proper bill bo drafted and presented to the gen. erai assembly which will provide authority for the sale of Five Hun. dred Thousand Dollars in re.flnane. ing bonds during the year ie33 and tho year 1884. Dy this arrangement immediate relief will be granted to property owners during this present period when relief is most urgent. The following figures show tho decrease which has been made in the bonded debt and tho tenn. porary debt, also the amount which has boen restored to bond funds and special funds since January ist, 1030.