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Show Bingham's Finances In Excellent Condition March 2, 1925. A detailed audit of the books and accounts of the Town of Bingham Canyon for the .five year period ended December 31, 1924, has just been completed by Lincoln G. Kelly and Company, Certified Public Accountants, and the Auditors report is now on file in the Clerk's Office. The Balance Sheet submitted as Exhibit "A" of the report shows the Town's total investments invest-ments in permanent improvements, improve-ments, buildings and fixed assets to be $127,728.20. The Bonded Debt of the Town at December 31, 1924, is shown to be $58,000. 00. A large proportion of the outstanding bonds, however, are redeemable in annual installments install-ments of $2,000.00 per year. In lieu of providing a Sinking Fund for the redemption of bonds, pay ments on the bonded debt have been made from current revenue reven-ue and during the period covered cover-ed by the audit bonds totaling $11,000.00 were redeemed and canceled. The expenses of the Town have been kept well within the revenue. The excess of revenue over expenses for the five year period, as shown by Exhibit " B" of the Auditor's report, totals $41,689.47. This amount was invested in Fixed Assets and other permanent improvements during the year, together with other items, the total expenditures expendi-tures for Capital additions being $51,632.63. lhe following is a summary of the revenue and expense for the five year period. Revenue Taxes and Licenses $147,476.94 Fines and Forfeitures 13,443.50 W'HtAr Taxps ' 37.536.72 Other misc. Revenue 11,438.87 Total Revenue $209,896.03 Expenses Administrative Sal 16,810.00 Water Department 21,794.66 Polide Department 32,466.07 Health Department 19,743.79 I Street Department 42,210.63 Fire Departments 5,688.03 Town Hall Expense 9,577.86 Interest - 17,251.09 Election Expense 386.76 Miscellaneous 2,277.67 j Total Expense $168,206.56 Excess of Revenue over Expense for Period $41,689.17 The Auditors conclude their report by pointing out that all revenue received during the period per-iod under review has been properly prop-erly accounted for and all disbursements dis-bursements appear regular and have been properly authorized by the Town Board. |
