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Show City Auditor Lou Holley Reports S. L. Ends 1960 With Surplus He said that in view of the fact that "this surplus is but $2000 more than our deficit one year ago, the commission has saved approximately $500,000 during the year 1960. Mr. Holley later explained the commission picked up a 1959 ' deficit of approximately $257,-000, $257,-000, fell short $300,000 of an anticipated an-ticipated sales tax revenue of three million dollars and lost $100,000 on prior year tax collections. col-lections. He said the commission's approval ap-proval last year of a half mill reduction, bringing the city's mill levy down to 18 mills, resulted re-sulted in another loss of about $125,000 in revenue. Mr. Holley explained that the net surplus of $259,353.88 includes in-cludes the savings from all revenue reve-nue received by the city in 1960 including the $2J700,000.00 from the half cent sales tax. The city's 1960 budget, including the sales tax, was $14,832,743. The savings were made possible pos-sible by economies in the departments de-partments and by deferring some of the capital items until this year, Mr. Holley pointed out. LOUIS E .HOLLEY City Auditor Louis E. Holley this week reported Salt Lake City wound up 1960 with a net surplus of $259,353.88. "In closing our 1960 books it gives me great pleasure to report re-port there was an unexpended amount in the departmental budgets bud-gets of $803,864.59," Mr. Holley told the city commission. |