Salt Lake Telegram | 1936-02-28 | Page 13 | Simplified Fiscal Report of City's Condition Issued

Founding of Univ University Hailed w yr ii 7 fI a k w U I 47 Lii LI J F-E F I ii ii 4 t f ti t Ik 4 i f k kJ J l. l S 'S i iI I kI I 1 4 F 7 4 i A 4 4 1 a aI at I t 8 vu vv v Principals in Founders' Founders day c ceremonies re lonies at the University of Utah I Left c t Professor Levi Edgar Young Dr Geo George ge Thomas Ruth Hardy and Justice Justic D. D DV W. W Moffat Simplified Fiscal Report Of City's Condition Issued Reduction in Cash Deficit to Is Noted in Monthly Statement nt For the first time lime in history according to veteran attaches of the city finance and auditing departments a clarified monthly picture picture pic plc- ture of Salt Lake Lak City's financial status was undertaken Friday The first statement showed the municipal cash deficit was 58 on January 31 A year yer ago on the corresponding date the deficit was The new type of statement was worked out by special auditors under under under un un- un- un der supervision of Finance Commissioner Commissioner Com Corn missioner William Murdoch and City Auditor Samuel F. F Nicholls The deficit Mr Nicholls explained cx- cx has been accumulated since 1921 By gradual degrees of spending more than the Income year after year the figure has been created Floating Debt Reduced In 1932 it was much larger At that time former Cormer Finance Commissioner Commissioner Commissioner Commis Commis- Louis Marcus assembled of the floating debt and bonded it as a general municipal obligation maturing serially over a period of years Part of the has accumulated since then although the figure has been cut down for the most part as is shown by comparison of oC the financial re report report report re- re port for January 1935 with the latest latest latest lat lat- lat lat- est report The statement received Friday by city commissioners also shows that the 1931 special water and storm sewer trust funds for a total of 2 voted by the people has been entirely expended Both funds have been wiped out on city books and the water accounts capitalized a total of while the sewer capital accounts were Increased by 89 Spending Reduced January expenditures of all aU city departments totaled a net Increase of about from expendItures expenditures expenditures of the same departments in January Januar 1935 Receipts for the period totaled an increase of oC more than compared to corresponding figures for January 1935