Show BR TURNS ON t S Formal Conference at Mayors Mayor's Office Was Very Far From Lively HOW THE CITY STANDS Main Fact Revealed at Meeting Meeting Meeting Meet Meet- ing is That Party Needs the Money I Ma Mayor or Bransford has ha turned on the Hehl Ush Ho had hod a 3 reception In his sanctum last night with invited Jat wih guests guest For refreshments here was n. n 1 man manly statement by the mayor with wIh City Engineer Engineer Engineer En En- Kelsey's estimates as a n chaser chaer A line fine line lne of special auditors was as displayed displayed dis dis- played at the end of the table W. W V. V Mont Ferry chairman of ot tho the finance committee presented a monologue on city In Indebtedness cl and expenditures And then the ma mayors mayor's ors guests flIed filed fed out Mr Bransford called tho the meeting to tomake tomake tomake make clear cear to tho the public Just what is the city's financial condition He lIe le admits it i is s bad enough and is willing to be told how to help it H. At the same ame time he believes the city should issue worth of or bonds Hero Is Mayor Ia or Bransford's s 's statement statement statement state state- ment Proposed ell el none Bond Ho nil In regard to the proposed bond issue I feel fecI that tha an explanation of ot the tho city's financial condition and Its Is current re reQuirements requirements requirements re- re Is s duc due to the taxpayers ers In regard to tho the recommendation to malce maice maee Improvements from tl t s proceeds of or bond issues Instead of from current ex expense ex- ex pease pense funds fund Each year e r the tho city is compelled to Incur a current curent Indebtedness corresponding corresponding corresponding corre corre- to tho excess of or the current requirements over license and departmental departmental departmental depart depart- mental revenues revenue Such current curent Indebtedness indebtedness edne edness s Is Ii Incurred In anticipation of or orthe the revenue from taxes and in July of each year n. n n tax lev levy Is mad made made- suf- suf to provide for such current debt The requirements for Cor the the year 1908 1903 and the anticipated revenues have been estimated and carefully considered In detail b by the committee on estimates and apportionment and nd it Is found that thata a tax tax levy at the same rate rato as last year yar will be Insufficient to meet tho the re reQuirement requirements so- so unless there Is an on extraordinary extraordinary extra extra- ordinary Increase In the assessed val vau valuation us t ton I on ntH Must Iu t Cease Accordingly According gly the recommendation was made to submit to tho the people the proposition proposition pro pro- position to Incur a n. b bonded Indebtedness of for tor water and sewer pur pus poses If I a bond hond Issue Is not approved b iy by th the people Improvements must cease and an nn Increase In the ta t tax lc levy Is Inevitable Tho TIm necessity for a a bond issue or an nn Increase In the ta tax lev levy Is shown by referring to tho the auditors auditor's balance sheet hect of tho revenue funds and the report of or the committee on estimates and ap apportionment up- up recently submitted to the council Auditors Auditor's Immure Sliest Sheet The auditors auditor's balance sheet of revenue funda funds December 31 1907 shows allows a n. lev revenue nue surplus of oC 51 boing the excess of assets over o er liabilities at I I that date Assets 7 4 Liabilities 8 Surplus 3 t Considering that the balance sh sheet et Includes a n der deferred asset of uncollected ed taxes prior to the year ear 1907 almost I equal to the surplus and that this amount although good Is unavailable I It I will vill be seen geen th that the thc amount available available avail avail- able from last year Is Just about sufficient sufficient suf suf- clent to provide for the liabilities carried over from last year er This being boInS' boInS boIng bo- bo Ing InS th the case the city eUy starts with the year 1908 practically without any funds available for current expenses or Improvements Improvements improvements Im Im- im- im and is dependent entirely on Oil license and departmental revenues until taxes are receivable To get Get a Letter better understanding In re regard regard re- re gard to the thc amount to bo be raised by taxes the waterworks fund und sh should uld be eliminated ted from th the report of or tho the committee com corn on estimates and apportionment as this fund connection with the ta tax tar levy So far tar as ns the waterworks lurid fund Is concerned the revenues at the tho present rates will provide a n fund sufficient auf suf UC- UC cent to pa paz pay for maintenance ordinary ordinary ordin ordin- ary Improvements and Interest on bends and leave a balance balence to the credit credi of or the fund ct at the close of the tho year about equal to the amount for Cor which water rates are arc assessed In advance Current Curent Cost COlt and Income To get a n. better Idea Iden of tho the cl city's s current current current cur cur- rent requirements tho the revenue funds excluding the waterworks fund Cun should be considered on a n current curent revenue re and expense basis That is Is the tho relation of current requirements to current revenues available should bo be approxImately approximately ascertained For the purpose of making such calculation tha amounts shown In the committees committee's report as available balances of ot cash and md uncollected 1907 taxes and water rates 4 should be eliminated This latter later Item as previously prevIous stated i Is about offset by by last 1st years year's debts debt Company public accountants accountant showing the tho expenditures expenditure 3 front fron the U water bond fund rund and bond sewer fund The auditors auditor's detail statements its arid and th th r report port and Ind detail deai statements tat m ts of the committee on estimates and apportionment apportion apportion- mont moat aro are now In the hands handa a of the pru printer tel and will m be bo ready rendy for distribution tion ton shortly c Spends tho Cas Ca Ii h. Mr fr r. r Kelsey's elsey's estimate on how to spen spend the six six hundred th thousand usand is a a. n pretty picture It includes es many Improvements improvements Im Im- im- im and oddly and oddly enough enough jut just totals up six six hundred thousand That pretty near makes the bonds assured Here Is the way Mr Ir Kelsey has ha spent the monc money Completing Intercepting sewer pumping station and outlet pipe 5 Constructing main sewer for tor north bench Completing now new neV water supply mains and extending the East Jordan canal Constructing aqueduct on North Temple street from Fourth West street t to the Jordan river 6 Constructing distributing reservoIr reservoir reser- reser voIr In City Creek canyon Replacing the present three and Inch four-Inch water mains with wih larger pipes Extending the tho present terra water ter ra main In system In various parts of or the city Improving the Jordan and Salt alt Sl Lake City canal from Big Dig Cottonwood creek creel to tb Twelfth South street Constructing now tanks in City Creek canyon Constructing reservoirs at nt the lakes In Big Dg Cottonwood canon canyon canyon can can- yon on Acquiring water ater sights rights In Big Bigand Bigand Bb and Little Litte Cottonwood creeks Constructing conduit In City creek from State street to Canyon road rOld T Total Toll y tho Million Went And then with wih an apologetic air as asIf asif n If some one had asked him what he lie did with wih the million dollar fund of 1905 1906 Mr Bransford presents tho the following following fol fol- fol- fol lowing paper by Trader and Company Compan The total authorized issue of or water ater bonds and sewer bonds ot of ota ofa I a par value of each were each were sold to tho Mutual Life Lie Insurance com company company company pany at ot a a. 0 premium of or The total proceeds of hav ha 4 been accounted for tor as as follows 1 EXPENDITURES WATER EXPENDITURES WATER BO BOND D FUND 1 I Dig Big Cottonwood conduit v. v I Big Cottonwood water New lC water ater supply main 1 East Jord Jordan m Canal company capital stock t Jordan and Salt Lake nal c canal conduit J Bond and legal expenses f 1 tt Utah lake Improvements I v Miscellaneous expenditures o Water main extension No 1 Developing underground flow fow Emigration i ican can canyon o n 29 as 83 fl Liberty park wells wels Little Litte Cottonwood diversion 9 East Jordon canal Waterworks distributing system t i Spring creek Pumping PumpInG plant 1 Seepage diversion Jordan 2 Salt Lake canal improvements Parle Parleys Parley's s canyon pumping plant Weir measurements j Power plant at Utah lake lako I. I Little Lite Cottonwood water 4 1 t Parleys Parley's canyon reservoir 1650 t 1 Water Watershed shed Improvement Improvement 1370 5 i Culvert Twelfth South street tree t 60 13 i r r Ir k Con Concrete rete weir ca Jg yi 1360 9 03 r os O. O EXPENDITURES T UD W 9 r. r Main Iain Intercepting sewer sewer I Gravity outlet sew sewer r 0 r 01 i Discharge main from pumping station 4 I Total expenditures water bond fund and sewer l bond fund We Ve have ave examined the the books and accounts of Salt Sl Lake Lae City CIt corporation the tho above with the auditors auditor's and we hereby certify that statement agrees lh tho the of ot bonds issued d have been accounts and In our opinion proceeds s the ur accounted for tor WESTEn TRADER CO C. C Public Accountants S SaH SaU H Lake Lale Cit CI City April 29 lOS 1008 Who ho will wi account for tor Trader er and company is not stated Nothing definite seems to havo have come of the mayors mayor's last night meeting No Noone Noone one asked the special auditors any questions and they preserved an eighteen thousand dollar doUar sn silence nce So that the te bond question queston Is Just jus where It was before before The rc resort report ort Sf or the committee on est and apportionment shows total estimated revenues for tor the tho year 1908 of ot Deduct available balances of ot cash and 1907 taxes and water vater rates 13 Estimated amount to be raised ried by water rates SG I Tho The difference represents the estimated estimate venues revenues that must must be provided for b by license and departmental receipts and taxes 4 The Tho shows the estimated licenses and departmental receIpts re- re report as Leaving LeavInS' a n balance balance to be raised by taxes of 60 0 The mon monthly current requirement ireni eat excluding waterworks fund is Is S1 06 The average monthly license and anti departmental revenue available Tho to meet this requirement is Is Tho The difference represents the average monthly requirements In excess of ot license and departmental revenues I Deficit CO a n Month It I Is 18 obvious that the city will vill wi be bo compelled to Incur a 0 curr current nt Indebtedness Indebted Indebted- ness averaging 00 per month monti which is the tue difference between the tha average monthly requirements and the tho average monthly revenues available It ItIs Itis I Is understood of ot course curse that should tho thi tho people the bond Issue the tho revenue fun funds s will vl be relieved ed to ho tho ho extent of or the improvements that mn may maybe maybe be made from the proceeds of or the tho bond issue and the usual tax levy lev will wi bo be sufficient for current expenses I In the above statement of or the city's financial condition at December 31 31 1907 1007 and of or Its Is estimated requirements tents for Cor the year 1903 1908 IOS I have aimed to present pre pro sent ent the facts In as c cc a n form torm as ns possible Th There rG Is attached hereto a certified d statement of i |