Show FIGURES fl UR S ON FINANCES fiNANCES- Of CITY Mayor Bransford Tells Why Bond Issue Is Needed Heeded Here Thero There was a s dC dealing lin in plain truths last ni ht in the mayors mayor's office when Mayor Mayor John John ohn S. S Bransford mado made a statement state ment rl retarding regarding ardin the financial condition of Salt Lake City and warmly recommended mended tho the proposition of bondin bonding the city for 00 0 to defray the expenses ex ex- expenses of public improvements which arc are now either cither underway of construction construction construction tion or arc absolutely necessary An invitation to several prominent busin business businessmen men and newspaper men was sent out by the mayor that the report might be bo given en cu to the people After giving ivin the purpose pur put pose poso of the meeting the mayor said It In In regard to the proposed bond is issue issue is- is sue I feel that an sn explanation of ot the city's financial condition and its current current cur cur- rent requirements is duo due the taxpayers of tho the city in fn regard to the recommendation recommendation recommend recommend- to make improvements upon the proceeds of the tho bond issue rather than on tho the current taxes Each year the city is compelled to incur a current indebtedness corresponding correspond correspond- in ing to the excess s of tho the requirements over license and departmental rev Such indebtedness is incurred in anticipation of the revenue from taxes and in in July of each year jear a ley lc levy is made mado sufficient to provide for this debt Tho The requirements for the year 1908 and the anticipated tax revenues have havo been carefully estimated e and considered considered consid consid- ered in detail It has been found that the necessary improvements are so much lar larger er than tho anticipated d tax revenue that it will be impossible to complete tho the work unless there is an extraordinary nary increase increase in tho the assessed ed valuation Accordingly ly Iy a r recommendation commend is made do doto to submit to tho the people the proposition of bonding the tho city for for necessary water and sewer purposes If the bond bon issue is not made then all improvements improvements im im- im must cease and an increase of the tax lev levy y will be inevitable Story of or Figures Thereafter tho the mayor mayor dealt in bewildering bewildering dering incomprehensible figures which after much jug iu lin ling took on a form showing just where the tho city cuts stands The auditor auditors auditor's s balance sheet of revenue revenue funds December 31 31 1907 shows a revenue surplus surplus sur sur- plus of bein being tho excess of assets over liabilities e. e The report of ot the tho committee on Estimates and andA andA A Apportionment p shows total es estimated ell ell- revenues revenues revenues reven- reven ues for tor the year 1 1908 08 of ot 9 Deduct available balances of ot cash and 1907 1901 taxes and water rate U Estimated amount to be r raised by bywater bywater bywater water rates rotes v The difference I t represents represents' 4 the Ji Jf estimated F. T rev rev- that must be provided for forby b by license and J departmental re receIpts receipts re- re and taxes Th The report shows s 0 the estimated licenses li licenses li- li censes s and departmental de departmental de- de re receipts receipts re- re as i Leaving a a. balance to be raised b by Is c taxes of ot ry 1 j Average monthly j current require require- meal excluding w a n t tor o e r w y i. i fund is 18 a Average fraga monthly r license and departmental de- de rev rev- available to I meet this re- re nt is fe I. I The difference rop- rop l represents the average monthly month month- ly h requirements In excess of ot H H- cense and de- de revenues revenues rev rev- Must Mart Go in Debt It is le obvious that the tha city will win be he compelled compelled compelled com com- to Incur Incur Incur- Incura a current Indebtedness averaging per pet month which is the difference between the average monthly revenues rt available a It Is le under- under Of course it is understood that should the tho bond issue be approved cd then the tho current currant revenues would be relio- relio relieved ed so 50 far as the tho necessary requirements are concerned and the usual tax tac ax levy would then bo be sufficient for the current ex ex- Mayor Maor Bransford then than presented a a. statement certified to by the special au nu- auditors Westerman Trader Co Jt It shows show just what was WIlS done dono with the million mil lion dollar bond issue iesue of 1905 Tho The total total to to- tal disposal of tho the bond bood fund was as follows Expenditures Water Expenditures Water Bond Fund BI Big Cottonwood conduit t Big DIg Cottonwood water 1683 O New wa water r supply main 70 0 East Jordan Canal Canil company campan capital stock Jordan R S Salt J Lake Iak akl canal conduit Bond and l legal pl ex expenses w Utah Lake Lak Improvements Total Miscellaneous Expenditures Water main extension No Developing underground flow no Emigration canyon Liberty park wells well Little Cottonwood diversion East Bast Jordan canal Waterworks distributing system eys- eys te tem in Spring Spring creek creek Pumping plant Seepage diversion Jordan Salt Lake Lak canal Improvements improvements Im Im- im- im Parleys Parley's canyon pumping plant Weir measurements 8 2 Power plant at Utah lake Little Cottonwood water Parl Parleys Parley's canyon reservoir 16 1660 1650 1 Water ater shed Improvements menh 1370 Culvert Twelfth South street l UiO 1260 Concrete Weir Parleys Parley canyon canyon can can- yon Total 5 1 Expenditures wat water r bond fund Total Expenditures Sewer Expenditures Sewer Bond Fund Main Intercepting sewer Gr Gravity vity outlet Sewer Dl Discharge main from pumping station Total Expenditure Expenditures water bond fund Total expenditures water bond hood fund and sewer server bond fund Councilman Ferry Talks Councilman Ferry addressed the meet meet- ing ink after the tho fig figures urea had been disposed ed of oL Mr 1 Ferry err has made ado an m exhaustive c stud study of th the t financial conditions of the city hein being at tho the head heat of ot the financial committee Ho Ito denied the frequent assertions as as- asI I of oC several so of the newspapers to I Ithe the effect that certain information eon eon- i I cit treasury's treasury's treas- treas tho nature of the city ury's urr's condition was not forthcoming I and declared that anY ant information wished for was available and invited iD I ever every one present to ask questions Mr Ir Perry Kerry was followed b by City Engineer En Ln Kelsey who madea made a complete rc report re re- report I port of the absolutely necessary require require- requirements requirements ments for the year IOOS One Ono of the tho tho most important of these W was IJ the reconstruction of the old worn worn- out tanks at the thc hi hitch high h line of city creek reservoir Mr bir Kelsey declared that should ono of these tanks go o out which is highly probable at sn any time owing I to their decayed condition condition- tho the resi residents ent Ion Ion I j jon on the north bench would not have c a drop of water for days I The following is a list of requirements requirements require require- ments I Completing Intercepting sewer serer e r. r pumping station and outlet pipe I Constructing main sewer for tor north bench Completing ne new water supply II mains Enlarging and et extending tendIng the East Jordan canal I Constructing aqueduct on North Templo street from tram Fourth I West nest est street to the Jordan river 6 I Constructing distributing re reservoir reservoir reser reser- cr- cr voir In City Creek canyon Replacing tho the present three thre and inch four water mains with larger pipes I Extending the tho present water I main system In various arlou parts of ot the city Improving the Jordan and Salt Lake City canal from Big Cottonwood creek to Twelfth South street Constructing now new tanks tanks In City r Creek canyon Constructing reservoirs at at the lakes in Big Cottonwood canon canyon canyon can can- yon on Acquiring water rights In BIgand Big Bigand Bigand and Little Cotton Cottonwood creeks Constructing conduit In CIt City creek from State Stat street to Canyon Canon road O Total Business Men Favorable Several Sc men present expressed their opinions that tho city had reached a position position po whore where it was absolutely necessary that a bond issue bo ho made tho the tax levy lovy increased or the tho improvements stopped The Tho latter procedure was WIlB declared do- do dared by all to be the tho most impossible o of the three for a growing rowin city like Salt Lake They favored ored a I. I bond bona issue issue Under the constitution the city has bas hasa basa a right to issue bonds for 4 per cent of the tho assessed d valuation of property in inthe inthe in inthe the cit city This limit had been reached man many years tars ago and will remain that wa way until tho the cit city ha has reached d a valuation vain valuation of Tho The present valuation vale is by in round figures The city however has a right to is issue is is- sue BUG the bonds for sewer Bewer and water purposes which are provided for forwith forwith with onith a R. s special ecial provision of the tho This is what is now proposed to the and what is judging from tho the figures presented absolutely necessary necessary sary sarr if Salt Lake City is to step alon along I in the tho ranks of a R. first class city |