Show 0 rd officials commended for substantial reduction of debt amos wood who completed an audit the last of the week for richfield city for 1936 makes the following comments in summarizing the audit it is pleasing to note that it is the policy of the city council to adhere to the budget law careful estimates of anticipated revenues and expenditures should be made so that none of the departments show overdrafts the records in the offices of the city treasurer and city recorder are in very good condition the officials in these offices should be highly commended for the efficient manner in which the business has been handled the city officials action in reducing the indebtedness of the city during the year is highly commendable capital assets of the city are listed at and current assets at which includes cash on hand december 31 1936 and accounts receivable for special city tax assessments capital liabilities include street paving bonds wat bonds 1000 refunding bonds general obligation bonds bringing the total bonded indebtedness to is listed as notes payable in the liabilities except for technical matters of accounting this in reality represents an asset to the city and appears as such in the assets listed it is in the form of bonds owned by the city and drawing interest it is being put into a sinking fund to take care of the street paving bonds of 36 which fall due in 1939 the r regular gu cash sinking fund listed in the cites assets amounts to receipts and disbursements through the various funds were as accounted for in the financial statement published in last weeks issue of the reaper by the city recorder the auditor commends the city for collection of water accounts stating that the total of water accounts has been greatly redu reduced ced during the past year and that with continued efforts it is hoped that all past due accounts will be collected appropriations budgeted totaled was spent only one fund streets was overdrawn all others were under expended |