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Show THE CITY FINANCIAL REPORT. In another column of thla paper is published the annual ctate-. ctate-. ment of the City Auditor of Ogden, giving a complete financial statement state-ment of the city for the year ending December 31st, 1909. Every taxpayer should read the report. Tho bonded indebtedness of the city is given as $9CG,000. These bonds all bear interest from 4 per cent to 6 per cent. The auditor fails to give a list of the property owned by Ogden City but we believe, be-lieve, if a statement of the assets were made, it would be shown that the land the city owns, with its public buildings and waterworks water-works system, mako the city's assets greater than the bonded indebtedness. in-debtedness. From the report, we find that there were warrants outstanding on December 31st amounting to $126,221.70, and cash in the general fund of .the treasury on tho same date of $33,820.59, or a net overdraft, over-draft, or floating debt, of $92,395,17. Something like $10,000 to $12,000 in unpaid bills arc also left over, which the auditor's report, of course, will not show until the next statement is made; so that the nejt floating debt of the city is over $100,000. The city's finances are not in bad shape when we take into consideration con-sideration the city's assets; or, in other words, the city could sell its property and pay off its bonded indebtedness. The only serious proposition presented in the auditor's report i3 ihat there is $100,000 of floating debt for the payment of which no provision has been made. Under the law, no city government is permitted to create a debt larger than the income for any one year. Here we find a new administration takes hold of the city's affairs and is confronted with a debt which, if paid by the present city administration, ad-ministration, will leave the city administration in debt at the close of the year, which' the law forbids. And this floating debt draws 6 per cent interest. That the receipts of the city for the last two years were not enough to pay the running expenses, is plainly disclosed by the auditor's report, and, unless the taxes shall be increased, it will be , impossible to pay off any part of the debt left by the last city government. gov-ernment. If arrangements could be made with the present holders of the warrants outstanding", to permit the warrants to be paid, say in three annual installments, then the city could levy a 2 1-2 mill additional addi-tional tax per year and pay off thh debt. Tho serious question which confronts the city is the carrying over of this debt by the present city government, as the constitution of this state Eiys that, the city must not leave a larger debt at tho close of each year than it leaves money with which to meet tho lame. For that reason, the present city administration does not want to pay this $100,000, and then be unable to pay its own ex. penditures for the same amount. The auditor's report, published on another page, should be studied by every taxpayer. The city, however, must stop running in debt. |