The Waterbury Democrat., 1943-12-10

range financial program which will | adequately provide for an tmprov- ed financial position as well as for capital Improvements"
 Stating that it was not impos- sible to determine from year to year what capital improvements may be required or to plan ade- quate financing oyer an extended period the tate con.loller. revealed his self devised program to serve as a financial policy.
 Declaring that such a program at the time could only be a general one until actual needs were de- termined, MT. Corlon submitted at the time the following points pro- gram; D because of the size of the city'S debt 8 full scheduled debt and reduction program should be made each year. except for such proIis isions as may be made for new Capital improvements" 9 capital improvements should be financed n sllcn a manner as to avoid any increase iI1 the tax rate above what would he required if improvements were not made. It must be remem- bered that an unreasonably high tax rate defeats its own pur- pose the same as 1t tends to, over period of years, to reduce both the Grand List and income avail able locally, for payment of taxes
 9 There should and must be a net reduction in the total debt made every year and an established schedule of debt reduction, even with the contemplated new financ- ing. should provide for a substan- tial and definitely calculated re- duction in total net debt over a period of years.
 Drastic Reduction
 New financing should be permit ted to increase required debt Serv- ice above its present levels; the general financing program should be arranged to permit an eventual drastic reduction in amount of money required for annual debt service with consequent important effect on the tax rate.
 Suggesting the creation of a separate capit.l budget" 70 which all proceeds of refundinc bonds should be assigned, the late MT. Conlon, pointed out that it would be important that funds made avail able, by issuance of refunding bonds be definitely allocated for use only for capital improvements, and "cer- tainly not for current operating costs"
 The financial program as pro- posed by the late controller pro- vided for net redi,- jon in the city's total debt dch year and a total reduction d:rir.g t..e .;eriod of 1941 to 1852 of more than 2 million dollars.
 Yesterdays meeting was merely preliminary discussion at which suggestions were heard from the various members present. It was pointed out by committee members that the city has already made 8 start toward establishing 8 postwar reserve by the recent purchase of $100, ,0o0 of U. s. Treasury notes and the estimated balance of $20O,- GOO expected by the end of 1943.
 Postwar projects discussed at yesterdays meeting were mainly in accordance with those mentioned in the originally proposed program. Of interest was the discussion center ing around the installation of a sewage disposal plant for the city and its subsequent tax effect on in- dividual taxpayers. The basis of the discussion was that taxpayers with out sewer facilities would have to pay sewer taxes under the plan to add 8 pertinent tax to each yearly bill. One suggestion preferred was that individuals should be taxed in relation to this directly in pro- portion to the amount of water they l consume.
 Those present at the meeting which was presided over by Mayor John s. Monagan were: City En- ginee: Charles A. Root, Street and Water Supt. Herbert Scott-Smith, Park Sup.. James Curtin, Controller Neil Malonsy and Budget Director Thorvald Olsen. All are members of the postwar planning sub-com- mittee of the War Council. but they do not comprise the entire sub-com- mittee.