Show MAYOR TEllS ABOUT NEEDS OF BOND ISSUE For First Time Salt Lakes Chief Magistrate Presents Financial Condition ENGINEER GIVES PLAN OF NEW IMPROVEMENTS SPECIAL AUDITORS SUBMIT FIG FIGURES FIGURES FIGURES URES ON EXPENDITURE OF LOAN OAN Mayor John S Bransford In an dab orate statement last evening at a iI meeting in Jn his office endeavored to I show the tho necessity of a a bond issue If It the city is to continue the tIme ments contemplated The meeting mee ng was wag attended by b several business men inca councIlmen representatives representatives tives of the special Auditors and tl tI th press Among those In attendant C r were M H George T Odd fidel J H Johnson Mayor lI Bransford Coun Councilman Councilman cilman climan AV W V Mont Ferry F rry President A J Davis of oC the tIme council A M I Trader of oC the firm of Y sterman Trader special specia cia cial accountants and H G Ambrose Ambrost of the same firm Aside front from the address delivered b by bi Mayor Bransford City Engineer L t f Kelsey took up in detail the cost of oC UK thic improvements which the proposed bond bondI I issue would be called upon to meet Ho HI HeI I described at length the various im In improvements contemplated Including the time completion of or the intercepting sewer ewer and providing an au outlet for tor It the construction of oC water mains on the thc north bench the substitution of larg mains for many of the three and four Inch mains the purchase of ad additional water rights in Big Bis and LItH Cottonwood creeks the establish esta m nt I of new reservoir tanks In City Creek canyon and the tIme completion of the nor nev ne water supply mains All this work vork hr ht said would cost City Needs Improvements After the th statement of the ma rna Mir Mirand it and engineer the lime meeting closed close Ar Arthe A Athe Athe I the conclusion M r H Walker alker said It Is evident to me that the tH jt i needs these improvements badly c inu inuI nu fill nuI fillI I am heartily In favor of a bond isu il u uA A city cil of the size of Salt Lake take mus either issue bonds to do its It work or not do o It at alii all AVe We are fire grow grm growing ing rapidly and nd we shoUld provide f f 1 the Increase in population in a R suit suitable able manner Thai Tl Ho lie th out of the th current revenue re la ii very vel t 1 P parent and we W must do one on of tu things issue bonds increase tho th t tt fi file le levy ley vy or cease doing public work I ill illIn in favor Cavor of or a bond issue isU Mr Odell did not make any my rema L Lon on the subject although he i l that ho ht was of the same opinion zi I Mr rr Walker In addition to giving a statement or of orthe o othe the financial condition a it state stal statement ment which has never before been bom available the mayor also gave in d di dc tall tail the expenditure of the bond Issue of 1905 for Cor water and i purposes This TIis table together with the thc mayors statement follows Proposed Bond Issue In regard to the proposed bond iss issI I len ferl that an explanation of or the Ct 3 s financial condition and its current rr re requirements is due to the thc taxpayers ta payers in re ye regard gard to the recommendation to make Im tm Improvements Improvements I from the proceeds of oC bond i m sues instead of from current nc I funds I Each Eath year the city cit is compelled to toj j jI j I cur CUI a current indebtedness correspond g to the excess of the current u n nover over license and departmental Sr Suh Sih h current indebtedness is 1 in 10 ant anticipation of the revenue from taxes and in sn July of oC each year a tax levy ley i imode mode sufficient to provide for such suc 1 ur t trent rent The rhe requirements for the year 19 11 i J 1 the anticipated revenues have been Ct mated mId amid carefully considered m n d by the committee on estimates and app apu ap and it is found that a tax I 1 at it the thc same rate as a last year will be bC ia ji suf sufficient f to meet the requirements unit si there ther Is an all extraordinary increase In tl U assessed valuation Accordingly the n ri 11 was nade made to submit to tal ii i leople the proposition to incur a l houk oi 1 I indebtedness of six hundred thousand Jo joY lars are for water and sewer purposes K If I a i bund issue is not approved by b the pro peo p o improvements must cease and an Ir it crease in th tax levy is inevitable The Itle necessity for a bond bon Issue or aT al increase In the tax levy lev ev is shown h b if f c ferring to the auditors balance sheet nt r rte rte te venue revenue nue funds and the Ule report of o 0 ll lie Ih e committee on estimates and ment meet recently recent submitted to the council coun lI Auditors Balance Sheet The auditors auditor au balance sheet of oC roti i Dec 31 n 1907 shows a revenue tur ur plus of being the excess of oC it t sets over liabilities at that date Assets Liabilities o Surplus 49 17 t 1 Considering that the balance sheet In lr eludes a deferred asset of uncollected taxes prior to the year Ear 1807 almost equal to the surplus and that this ibIs amount at a though tough good Is unavailable it will Ie e Continued on Page 2 MAYOR MA TELLS ABOUT NEEDS OF BOND ISSUE Continued From Page 1 seen sen that the amount available from last I year Is i just about sufficient to provide for fortie tie the liabilities carried over Oer from last year This being the case the tle city starts st with the year eur 1008 practically without any funds for current expenses or liv ln lI and Is dependent entirely on license and departmental revenues until taxes are receivable To get a better understanding In re regard r regard gard to the time amount to be raised by bJ taxes he the h waterworks fund should be eliminated from the report of the committee on es e and apportionment as this fund has haa no connection with the tax levy leJ So I far faras ar as the waterworks fund Is concerned the revenues s at the present rates will I provide a fund sufficient to pay pa for main maintenance maintenance maintenance ordinary improvements and In Interest interest terest on bonds and leave leae a balance to the time credit of the fund at the close of the year ar about equal to the amount for I which water rates are assessed In Jn ad advance advance I vance i I What Figures Show To get gt t a better eUer idea of the cur current current current rent requirements the tie revenue funds ex I eluding the waterworks fund should be considered on a current revenue and ex expense expense pense Jense basis That is the relation of cur current current current rent requirements to current revenues available should be approximately ascer i tamed For the purpose of or making such I calculation the amounts shown in U tI i committees report as available balances of cash and uncollected 1907 taxes and ana water rates should be tie eliminated eliminated natell This latter Item Hem as previously stated Is about offset by last years debts The rhe report of the committee on estimates and apportionment shows total estimated revenues I for the year jear ear 1908 of Iu Deduct available bal bat balances balanc ances anc of cash and 1997 1007 taxes and water I rates 43 I Estimated amount to tobe I Ibe be he raised by b water I rates ra tes f The rime difference represents the time es estimated estimated revenues that must be i provided for by b license and de do departmental departmental receipts and taxes The report shows slows the estimated I licenses and departmental re receipts receipts receipts as j Leaving a balance to be raised I Iby by b taxes of J i iThe The average monthly month current requirement excluding water waterworks waterworks waterworks works fund Is J i iThe The average monthly license and departmental revenue available to meet this re requirement requirement requirement Is The Tue represents the average monthly require requirements requirements requirements ments in excess of license and departmental revenues J Must Incur Debt It Is obvious that the city will be com corn compelled compelled to Incur a current Indebtedness averaging per month which Is the difference between the average monthly requirements and the UIO average monthly revenues available It Is understood of course that should the people approve the bond Issue the revenue funds will be bG relieved to the extent of the Improve Improvements ments meats that may ma be made from the pro proceeds proceeds proceeds of the bond Issue and the usual tax levy will be sufficient for current ex In the above statement of the city fi Ii nacial condition at Dec Dee 31 1907 and of f its estimated requirements for the year ear 1908 I have aimed to t present the facts In as concise a form as possible 1 There Is attached hereto a certified statement of Westerman Trader Co public accountants showing the time expendi expend expenditures expenditures tures from the water bond fund and sew sewer sewer er Cr bond fund The auditors detailed statements and the report and detailed statements of the committee on estimates and apportion apportionment ment meat are now In the hands of the print printer er and will wm be ready eady for fot distribution shortly How Issue Was Expended This Is the statement showing the i purposes for which the proceeds of the bond issue authorized June 26 6 1905 were w s r re expended x xe dd cr f The total authorized U u ot of water ater bonds and sewer bond bonda a par value of 1000 each were sold to tt the time Mutual Life Lie Insurance company compan at a premium of The total proceeds of have been accounted for as follows EXPENDITURES WATER BOND FUND Big Cottonwood conduit con J Big Cottonwood water water New water supply main O East Jordan Canal company capital stock f OO OO Jordan Salt Lake canal con conduit conduit conduit duit 7 Bond and legal expenses Utah lake improvements ts Miscellaneous expenditures Water Vater main extension No Developing underground flow Emigration canyon Liberty park wells Little Cottonwood diversion East Jordan canal Waterworks distributing system tern tem Spring creek cre k 97 OO Pumping plant Seepage diversion Jordan Salt Lake canal im improvements improvements Parleys canyon c pumping plant Weir Well measurements Power plant at Utah lake Little Cottonwood water Parleys canyon reservoir 1650 Watershed Improvement 1370 liO Culvert Twelfth South street 1360 Concrete weir web Parleys canyon can on J BOND FUND FUrD Main Iain Intercepting sew sewer sewer sewer er Gravity outlet sewer sew r 3 Discharge main from pumpIng station Total expenditures water bond fund and sewer bond fund We Ve have examined the books and ac accounts accounts accounts counts of Salt Lake Lak City corporation and we hereby certify that the above state statement statement ment meat agrees with the auditors accounts and in our opinion the proceeds of the bonds issued have been fully accounted fo for This statement Is signed by b Wester mann Trader Co public accountants aCco |