Salt Lake Telegram | 1930-12-11 | Page 2 | Taxpayers Lose Big Sums by Burrowing

L TAXPAYERS I It t f SUMS 4 BY f BORROWING I 1 reit est Losses for Ten Years Compiled by byI I Auditor tW loss 1083 of ot has hasI I I seined by Salt Lake Lako City kyers trl B fluting during tho the past decade of or failure to operate the government bO on n a cash cashis is 3 fact rael was revealed reea when exA ex- ex A Jon of records In City AUd- AUd cl F. F Nicholls' Nicholls office wed a total of or in In- In tit eit on tax anticipation notes and andA A Il overdrafts overdrafts' had been heen paid out th the CIt city elty during the past ten the same period the city only on onit onto to it balances of or Its Us cash funds on rit in fn local banks fEREST TEREST RUNS HIGH I eh cb year tar subsequent to 1920 the therb rb paid from to In la Interest on tax anticipation anticipations s Issued as collateral on loans loana ting Ing as IB high ns as to Lace tho city between the tho first ieh ch eh year c r and the tho last of ot the IB 18 year when funds from froni gen gen- l wro available ering 1919 1319 and 1920 tho the 11 il Ivan S l operated In aillar manner except that loans o not not actually made and anel tax g floated Instead city funds to approximately 1000 1100 1 raised through n n. bond is Is- Is In 2919 1819 were used as collateral secure ture the payment of all city rants tints presented to tho banks I agreement also als carried the blon that th the tho city should pay re rest on on all an overdrafts when the them m warrants warrants' amounted to toi i ithan than the thc total se security COSTLY ider this plan the city paid as Interest on over- over is ts 3 In 1920 and collected during tame Mme year ear 5 in interest ally bank balances In 1919 the tit on overdrafts O totaled CW 60 and the Interest accruing bo o city amounted to riling to tim tho aU auditors auditor's reports nth tho mone money that appears i Continued d on page pago 8 S. r I i L L L. TAXPAYERS S S. LOSE BIG BIG SUMS 4 BY BORROWING Continued from r m pa page pago o 1 1 1 from tho the records to bo ho a 0 net loss Joss J do- do to taxpayers during tho the past cado under under this title procedure many public improvements could have been ete effected said s ld Mr ir NIcholls In If commenting on n tho situation WHAT CITY COULD H-D H HAVE For jor Instance tho the city could have had an additional twenty five b blocks of ot foot 36 cement pavement for COr approximately o of the money It could have had an nn ad- ad additional ad ad- forty blocks of ot sanitary sewer for about nine additional ad RU- su- su nal nai ho holes s at at the tho Bonneville golf course and a n half bat dozen down water aeration plants Installed at logical los points In tho the culinary water Still sun there would be bo aboul abo 1480 00 in tho the unexpended 1 balance fundOr fundOr fund und Or the elt city could now build a storm sewer running I diagonally across tho the city from northeast to thus availing Itself ofa of ofa a D. needed public improvement providing providing pro pro- i viding employment for tor the Jobless and still saving about for forthe tho the reserve fund YEAR EAR BY YEAR COST Tho auditors auditor's re records show the following with respect to the tho mater matter mat mat- ter er discussed by Mr NIcholls l In 1929 the city collected on its bank balances balances- and paid pard out in Interest on certificates or of f indebtedness In 1928 colle collected ted on bank balances and paid OUt out ut Indebtedness interest In n 1927 1921 collected on bank balances bal bal- ances and paid out 5 77 indebtedness edness interest In 1926 collected l on bank balances and p paid ld out ut Indebtedness Interest In n 1925 collected 1772 o OJ on bank bani balances and paid out Indebtedness In- In interest in 1924 1 col col- on bank bonk balances and paid out indebtedness In- In Interest interest terest erest in 1923 collected 23 on onI bank ank bank balances and paid out I interest t In 1922 collected col- col on ban bann balances and paid out indebtedness in interest terest In 1921 collected 1244 on bank balances and paid vaid out Indebtedness interest In 1920 collected col ol- ol 5 89 in tn bank balances and paid out an on bank overdrafts and in 1919 collected on bank balances and paid out 2896 on bank overdrafts