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<br />years of 1956-57 and 1957-58 was primarily attributable to the increase, for <br /> <br />school bond purposes, in the tax rate on real property and public service corpo- <br /> <br />rations from $2.00 to $2.25 in that period. <br /> <br />On initial indication of the trend of the 1959 -60 budget and the problem it presented <br /> <br />is that while this proposed budget is 4.7% above the current year, 1958-59, the <br /> <br />current year was its elf 7.9% above its preceding year and all preceding budgets <br /> <br />for some years back have similarly increased over their preceding year by per- <br /> <br />centages somewhat higher than the 4. 7% present ratio. It can be stated with little <br /> <br />likelihood of dispute, that the needs of the city and the cost of government has not <br /> <br />percentage-wise reduced in a like manner. <br /> <br />The opening balance for the city as of July 1, 1959, is estimated to be $184,377,40 <br /> <br />of general funds and $2,800.00 of school fund carry-over. This is less than the <br /> <br />$213,454.76 of general and $4,000 of school carry-over of July 1, 1958, and this <br /> <br />reduction in available commencement monies had been predicted due to the close- <br /> <br />ness with which, as Council will recall, the 1958-59 budget was calculated and <br /> <br />adopted. In fact, the maintenance of our opening balance in that amount is rather <br /> <br />gratifying, though it does indicate approximately $30,000 less to start with this <br /> <br />year than last. <br /> <br />One favorable situation is the availability of $42,054.00 accruing from the invest- <br /> <br />ment of unused school bond funds. This money will offset school bond interest <br /> <br />costs in the coming year and came about as a result of the original decision to <br /> <br />sell all of the $2,200,000; 1957 issue, at one time rather than selling bonds only <br /> <br />- 4 - <br />