The Waterbury Democrat., 1945-10-23
(NEA Telephotol

Adherence to Q strict redemption program, few bond sales, and ses curing Q favorable interest rate on the same have vastly improved our position in the financial world, strengthened our general credit rate ing, and enabled us to raise our borrowing ability to more than 4l,. B00000. The State Tax Depart. ment goes even further and is on record as placing this figure ct eO,. 100000 as presented In It's report to the Legislature this spring in providing various committees with pertinent data on WaterbuFyS fl- naneial structure, While strictly impersonal this report was c most favorable ono and did much to convince legislaters that our Enunls clpal house was in order, WAters bury's bonded debt will drop to 9i3, ,7ei, 800 ct the end of this year, Q figure, which according to Dun & Bradstreet is comparable to the indebtednesg of cities of like size,
 T believe cur showing here in Connecticut is Q better one for at the end of ie43 WatorbuFyS debt was 9i4,e0e 900, while that Of Bridge port was Si2 20o3, 900. Here's the ifl- terestIng point of this--Waterbury's 2 figure includes e0,B02 900 worth ot water bonds, reducing the general obligation to 9e,O47, 900, Bridgeport does not own It's water system. Hartford ct the same date showed an overall debt picture of eie, ,T4v,- 00O while New HavenB total was 60, 2o000, In this latter instance, too, the city buys It's water from Q private company and hence haS nc water indebtedness, Our general debt is thus lower than any Of these mentioned.
 "eo much for such comparisons DelY!ng further Into our debt pic. ture the taxpayer should DO glao to know that since io40 the dTop has been % per cent-el7 420 ,bO0 down to the ei3,000,00o figure ] mentioned c few minutes ago. :.
 stressing further policies which have tended to make sounder i1luni. clpai finances, MT. Maiofley pointed
 That the Issuance of this particu- far series of water bonds was ac" compiished in the face of consideF- able legislative opposition, ana sucs succs cessive sale Of ei,000, 900, es00, ,OoC and ei06,000 worth of these bonde. commanded the very low rates ot i,D-i.0 and i.3 per cent, and that revision of water rates has pros duced Q saving to the~taxpayer.
 Earnings Reported
 That Waterbury, since le4y, haa contributed to various war bond cafn- paigns,e 1900, 900 from various funds, end by investment and Fetnyegts ment, earnings on the same have been more than ee,O0O.
 Handling the accounts of JB de" partments, involving 1000 appro- priation items and resulting in busls ness relations with numerous yeTi- doFs hag reached the point where by close attention to detail the city gains approximately eSo'0O 6 year lIl discounts,
 Controller Maloney sald that asl independent auditor has made c favorable report on the city's finan- cial condition.
 Public accounting in Conilecti- cut today is on such 6 high plane that no city or town can buy fot a fee Q lob of audit whitewasning, VI he said. "What comsnendatioS1 you get, you earn; what censure al given s deserved. We have tried to conform to good accounting pro- cedure in ali our relations with both departments and creditors, and are still trying to improve them"