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<br />~ <br />~ <br /> <br />SEPTEMBER 3, 1952 <br /> <br />WEDNESDAY <br /> <br />/- <br /> <br />following written comments on the business of the year covered by said Audit <br /> <br />Report: <br /> <br />To: The Mayor and City Council <br /> <br />Subject: 1951-52 Audit and Budget Reports <br /> <br />1. Attached hereto are the Certified Public Accountantls <br />Annual Audit Report for the fisoal year just com- <br />pleted and the Finance Director's Budget Stateoont <br />for the same period of time. <br /> <br />2. A study of mese reports indicates to 00 that the year <br />1951-52 was a successfUl one and that the City IS <br />financial affairs are beiq; handled in a prudent <br />manner. <br /> <br />~~ <br />l~ <br />i <br /> <br />3. I was pleased to note that our net bonded debt, due <br />to systematic paj"lTlents, now stands at less than half <br />the amount allowed by State law. This year our <br />bonded debt was reduced by $143,000, bringing our net <br />debt to 8% of assessed valuation. State law allows <br />a net debt of l87~. <br /> <br />4. Our budget expenditures and revenues were within a <br />frc.ction of 1% of being in balance. Including <br />llBattle Fund" school income and expenditures, our <br />two and a half million dollar budget reflected total <br />inc ome covering all but $16,000 of our total ex- <br />penditures, or without the f1Battle FundI! income and <br />expend::.tures, total income was within $20,000 of <br />total exP'l mitures. <br /> <br />5. Directly relating to this is the fact that aprox- <br />imately $55,000 of expenditures were paid for duri.rg <br />the year that were not anticipated or included in <br />the 1951-52 budget when it was drawn. Approximately <br />~n5,000 of unbudgeted emergency expenditures were <br />made at the hyrlro-electric plant. Approximately <br />$40,000 was spent for the hot asphalt paving plant, <br />its :erection and purchase of related equipment which <br />was not included in the budget when it was drawn be- <br />cause it was not knovm then that an asphalt plant <br />would be available for purchase. The money for this <br />purchase was borrowed from the Route 220 by-pass or <br />thoroughfare fund and in closing the books at the end <br />of the year all of this money was paid back. <br /> <br />6. In view of the faithful and pt'udent manner in which <br />we are meeting our debt requirements and because of <br />