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Show REPORT MADE ON FINANCE Mayor H. G. Hayball Shows Present Condition of City Treasury and Recommends Tax Levy For Year At tho regular Tuesday nlgnt meeting of the city commissioners this week, Mayor H. G. Hayball mado tho following report on the finances fi-nances of Logan City which was received re-ceived and orders tiled: July 21, 1913 Honorable Board of City Commissioners, Commis-sioners, Logan City, Utah. Gentlemen: I herewith submit for your consideration consid-eration tho following report of tno finances of Logan City: Tho total assessment of tho city of Logan for tho year 1913 Is $2,54G,GU7. A 15 mill levy will net Logan C'ty, after deducting cost fit collection etc. approximately $33,000. Our Indebtedness Indebted-ness to dato Is: Bonds Electric Light Plant $05,000.00 Electric Light Plant Completion 12,000.00 Logan City Refunding Bonds 45,000.00 Hofunding Water Works Bonds 40,000.00 Bonding capacity, present Assessment (8 percent) $203,725.00 Our net bonding capacity thoreforo appears to bo .$41,725.00 but as certain other Indebtedness f tho city must he taken Into consideration consid-eration In determining tho bond llm't, $30,000 Is n conservative flguro as to tho net bonding capacity of Logan city. Other Indebtedness Notes favor of Cacho Valley Banking Company J23.30C.32 Koto favor of American-La- Franco Company 4,000.00 Nolo favor of Stato of $1C2,000.00 I Overdraft at bank to July 17, 1913 5,452. 4S $34,758. SO Approximate Expenditures to January 1, 1914 Salaries ? 7,200.00 Bond Interest 2.312 50 (Continued on page four) REPORT MADE ON FINANCES (Continued from page oho)' Installation of Water Works meter 800.00 General Maintenance (12,500 per month) 15,000.00 120,312.50 Estimated Receipts Electric Pinnt Hecplpts over Disbursements $5,000.00 I Poll Tax 1,500.00 Miscellaneous Licenses .... 500.00 Police Court, Fines, etc 500.00 Other Sources 500.00 S8.000.00 The foregoing, although estimated Is ns near correct ns is possible to figure, shows that Logan City will at the present rate of expenditure exceed ex-ceed the debt limit npproxtmn""-$17,000. npproxtmn""-$17,000. I would recommend thnt the samo levy as thnt for laBt year bo made, nnmely 15 mills, apportioned as follows: fol-lows: 5 mills to defray contingent cNpenses 5 mills to open, repair and Improve streets and sidewalks. 2Vj mills to construct water works. 3-10 millg for sinking fund. 2 10 mills for improvement of electric light plant. 2 mills for sower district No. 1. In regard to Commissioner Llnd-qulst's Llnd-qulst's report relativo to improving tho water conditions of Logan City will say that 1 bcllovo tho better way beforo levying the 7 mill tax for tho year 1913 to provide menus to extend tho Intake to tho DoWItt Springs, would be to submit tho matter to tho tax payers In an election to bo hold In February 1914 nnd ascortaCn whether whe-ther or not they would vote n bond Issue for tho purposo of making tho proposed improvement. If the bond Issuo Is favorablo to tho tax payers a 7 mill levy could thta bo mado for i tho year 1911, this togethe- with a $30,000 bond lsfiio would net tSo city npnrox matoiy $10.000,, loa-vlng $i!0,-1 $i!0,-1 000 necessary to coTv'e'n i' n ' .structlen to the DoWitt Sirlngs. t'v " '---'-" - " ' f - r -to'lti. n." i il",, ,, !c v i , ( for this year sulllcleu. to , isJ t necessary funds.' If the auovo mentioned men-tioned l'lan Is ndopted H w 11 still ba necessary, according to the report cr Commissioner Llndqulst nnd Ci y Engineer En-gineer Humphreys, to tn.se J30.000 to put Logan C.ty's wf-te- system in proper condition. The carrying ou of tho nbovo mentioned policy wli neceesltuto the curtailing v,t a., improvements im-provements except tJose to, ue puU for by specni tsu levy. Further, v.l.n this condition prevailing, j: anytnin of ti serious nntiro should hapjien t the City Electric Plant, ai extra tax levy would bo necesnry to cover, the cost of such repairs. Wh.lo 1 fully realize ttho necessity of improving tho City's wnter supply 1 believe that In the expenditure o: la-go sums ot public monoy. such ns this lmpiovement would necessitate about $100,000 tho tnx payers shou.a bo taken In ths matter, therefore 1 i believe that flnn.1 notion B,iuuld b deferred until such time ns wo ca:i hear from the tnx payers ns to whe thcr ot not they deem this a wis policy In piacing Oils heavy burdci. upon them nt th b t mo. Respectful',? submitted . HENRY G. HAYUALL, |
