The Mason City Globe-Gazette from Mason City, Iowa on December 19, 1933 · Page 12
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December 19, 1933

The Mason City Globe-Gazette from Mason City, Iowa · Page 12

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Mason City, Iowa
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Tuesday, December 19, 1933
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TWELVE (MASON CITY GLOBE-GAZETTE DECEMBER 19 1933 SIX YEARS OF GITY MANAGER GOVERNMENT REVIEWED ACCOUNTANT GIVES SURVEY OF FINANCES Mason City, Iowa December 8, 1933 Honorable Members of the City Council, City of Mason City, Iowa Dear Sirs: In accordance with your direction, we have examined financial records, City Auditor's annual reports, and the Iowa State Municipal Examiner's annual reports of examinations of the City of Mason City, Iowa, for the ax-year period ended March 31, 1933. The result of our examination and the summaries prepared are presented in this report. The period under review commences with April 1, 1927, the effective date of the City Manager form of government, and covers the first six years of said government. The summaries contained In this report .disclose the totals covering- the six-year period from April 1, 1927, to March 31, 1933. The following Exhibit "A" is a consolidated statement of Receipts and Disbursements for the six-year period ending March 31, 1933. The Cash Balances, Receipts, and Disbursements are grouped into the following major classifications: City General Funds, City Bond Ftmds, Water Works Funds. EXHIBIT "A" CONSOLIDATED STATEMENT OF RECEIPTS AND DISBURSEMENTS FOB SIX VEARS ENDING MARCH 81, 1933 BALANCES--APRIL 1, 19*7 ; City Bond Fu=is Deduct: Overdraft in CStv Gen. Funds TOTAL LEVY FOR SDC YEARS 68.1 Mills AVERAGE ANNUAL LEVY 11.3 Mills The foregoing summary of Levies indicates a continuous variation n the number of mills levied. During the year 192B, the General Bond ''und was established. The Bond Levies will receive further consider- tion in the portion of this report devoted to Municipal Indebtedness. ·ATER WORKS FUND RECEIPTS Reference is made to Exhibit "A" which indicates that the Water "orks Fund Receipts amounted to §1,035,753.59. They are summarized follows: Receipts from Taxes $ 212,423.74 Water Sales and Other Income 673,329.85 Refunding Bond Issues 150,000.00 ADD: Wsitr Waris Funds 99.82i.38 9,959.87 89,854.51 61,573.63 TOTAL JCST BALANCES RECEIPTS City GeMi-.il Fteis $1,800,465.90 City BOD! Fffiste 341,142.63 Water VTo-Ss Finxis 1,035,753.59 Temporary Transfer Receipts 174,774.22 TOTAL RECEIPTS $ 151,438.14 $3,352,136.34 DISBURSEMENTS City General Funds 51,728,522.33 City Bond Funds 437,074.05 Water Works Funds 1,083,252.48 Temporary Transfer Disbursements .. 174,774.22 TOTAL DISBURSEMENTS $3,503,574.48 $3,424,223.08 61,983.70 3,292.96 14,074.74 $ 79,351.40 CLOSING BALANCES--MARCH 31, 1933 Ci.ty General Funds $ City Bond Funds Water Works Funds .TOTAL OF CLOSING BALANCES... TEMPORARY TRANSFERS The foregoing Exhibit "A" discloses Temporary Transfer transactions. Transfers were made between various funds of the City. They were primarily in the nature of temporary loans between funds which were repaid at a later time. You will note that the Temporary Transfer Receipts aggregated $174,774.22. The Temporary Transfer Disbursements were In the same amount as the Receipts. Accordingly, said transfers were in balance at the close of the period ending March 31, 1933. In addition to the above there was the following transfer tranaac- . tion which was not completed and was not approved by the State · -^Municipal Examiners. On February 16, 1932, a warrant in the sum of $5,262.50 was issued by the Bridge Fund to redeem Water Bonds and accrued interest. During' the last fiscal year a Water Works warrant in the sum of $3,157.50 was issued to reimburse the Bridge Fund. The balance due the Bridge Fund from the Water Works Fund is $2,105.00. There was no transfer in fact between funds when the original disbursement of $5,262.60 was made and accordingly it was not summarized in the foregoing total of Temporary Transfer Receipts and Disbursements. At the present time the accounts of the Water Department are not kept in a general ledger. It Is recommended that a general ledger for the Water Department he installed which would contain a permanent record oC Assets, Liabilities, and Operating Accounts, as well as transfer transactions such as the foregoing. CITY GENERAL FUND RECEIPTS The foregoing Exhibit "A" discloses that the Receipts of the City General Funds aggregated $1,800,465.90 for the six-year period. A condensed summary of said Receipts is herewith submitted. EXHTTIB "B" SUMMARY OP CITY GENERAL FUND RECEIPTS FOR SIX YEARS ENDING MARCH 31, 193S OTHER FUND TOTAL TAXES RECEIPTS PUBLIC SERVICE Consolidated, including Corporation, Grading, Improve-. ment Sewer Funds $ 934,220.72 $ 670,480.05 $263,740.6' Light 138,694.77 131.24S.59 7,449.18 Fire Maintenance 222,439.92 221,135.73 1,304.19 Fire Equipment 17,681.82 17,681.82 Bridge .7 17,982.35 14,824.85 3,157.5' Park Maintenance 55,904.99 64,602.25 1,402.74 Comfort Station 15,183.92 15,002.77 181.1 Garbage 77,258.30 59,010.12 18,248.1 Municipal Bond 37,406.77 37,406.77 Library 158,262.03 181,035.05 7,226.9 TOTAL RECEIPTS OF PUBLIC SERVICE FUNDS $1,675,035.59 $1,372,325.00 $3,02,710.5 OTHER FUNDS Trust Fund $ 59,357.11 $59,357.1 Firemen's Pension Fund ... 17,183.31 2,682.44 14,450.8 Policemen's Pension Fund.. 15,982.93 5,160.34 10,822.3 Special Assessments 2,410.71 2,410.7 Storm Sewer No. 5--Bonds 30,516.25 30,546.2 TOTAL OTHER FUND RECEIPTS $ 125,430.31 $ 7,842.78 $117,587.6 CITY GEN. FUNDS- TOTAL RECEIPTS ...$1,800,465.00 $1,880,167.78 $420,298,1 The above Public Service Fund Receipts provided the revenue fo the various general functions of the City Government. The primar source of revenue was the general tax levy which amounted to a tota of $1,372,325.00 during the six-year period. The analysis of the annua tax levy for Public Service in mills disclosed the following: Year o( PUBLIC SERVICE COLLECTION LEVIES 1927 45.S Mills 1928 1929 3930 1931 1932 TOTAL FOR SIX YEARS 276.2 Mills AVERAGE ANNUAL LEVY 46 Mills The first levy of 45.5 mills which was collected during the year 1927 was originally levied by the previous administration in 1026. Th second levy was decreased 1.1 mills. During the following three year the levy was over two mills higher as compafed with the preceding tw years. The final levy represented a reduction of 2.2 mills as compare with the previous year. As shown by the foregoing summary the aver age annual levy for general city government was 46 mills. It appears from the foregoing analysis that the operating cost o city government to the taxpayer in terms of mills levied was not sub stantially decreased during the six-year period under review. The substantial fund balances on hand at March 31, 1983, howeve indicate that the City Government operated within its income and n current indebtedness caused by excessive expenditures was incurred. CITY BOND FUND RECEIPTS According to Exhibit "A" the City Bond Fund Receipts aggregate $341,142.63. Said receipts were all derived from tax levies during th six-year period. The following ia a summary of the annual tax Tevie. of the General City Bond Funds: Year of COLLECTION LEVY 1B27 9.3 Mills 1928 1929 1930 1931 1932 13 10 10 12 13.8 TOTAL FOR SIX YEARS $1,035,753.59 The receipts from Taxes in the amount of $212,423.74 were provided y the following annual tax levies: LEVY IN MILLS Year of WATER WATER COLLECTION WORKS BOND 1927 5 6 1B2S None 5.7 1929 0 3.5 1930 5 3.5 1931 3 3 1932 3 1 TOTAL 11 5.7 8.5 8.5 6 4 TOTAL LEVY FOR SIX YEARS ...21 22.7 43.7 AVER. ANNUAL LEVY .. 3.5 3.8 7.3 It is noted that there was no Jevy made for collection during 1928 or the operating fund of the Water Works. The summary indicates urther that the operating levy was reduced two mills during the las', wo years. There was considerable fluctuation in the levies for Water 3ond purposes. The relationship between the Water Works Levies and otal City Levies will be covered by the comments relative to city debt eduction. The other Water Works receipts will receive consideration in anther portion of this report. DISBURSEMENTS The following Fund Disbursements are shown on Exhibit "A": City General Funds $1,728,522.33 City Bond Funds , 437,674.05 Water Works Funds 1,083,252.48 ing March 31, 1933, was $16.40 per capita. On the basis of annual audited reports for the year ending March 31, 1927, the following 1 comparative tabulation of "Per Capita Cost" is submitted: PER CAPITA COST AVERAGE YEAR TO 1827-1933 3-31-27 Debt Service $ 4.29 $ 4.42 Water Works 73 1.02 Public Service 11.38 12.03 TOTAL $16.40 $17.47 It is noted that comparative tabulation indicates a decrease of $1.07 in the "Per Capita Cost" of city government. The average "Per Capita Cost" based on the six-year period would afford a basis of com- parl'.ion with the "Per Capita Cost" of future years. Furthermore, comparisons -may be jnade with the "Per Capita Cost" of government of other cities. The average cost of city government per person was $16.40. On the basis of an average family of four persons, the annual~average cost per family would amount to $65.60. The total of expenditures for salaries and wages, exclusive D£ the Water Works, for the fix-year period was $986,447.77. On that basis the annua] "Per Capita Cost" of salaries and wages of city employes capita amounts to $7.22 per capita. The amounts paid for City Manager's salary during the six-year period under review is as follows: Nine Months ending March 31, 1928 $4,SOO.OO Year ending March 31, 1929 6,458.34 Year ending March 31, 1930 :.. 6,958.33 Year ending March 31, 1831 4,666.66 Acting Manager Year ending March. 31, 1931 600.00 Year ending March 31, 1932 7,000.00 Year ending March 31, 1933 , 6 468.33 WATER WORKS The operations of the Water Works for the six-year period ending March 31, 1933, are rummarized as follows: Water Sales and Sundry Income $673,32985 DEDUCT Operating Expense (exclusive of interest.. 493,182.28 CASH OPERATING INCOME DEDUCT Capital Expenditure for Improvements ...$120,406.37 Refunds 10,009.49 $180,147.57 130,415.86 OPERATING CASH SURPLUS CASH SUMMARY Cash Surplus April I, 1927 $ 61,573.63 Operating Cash Surplus (as above) 49,731.71 NET DISBURSEMENTS FOR SDC YEARS $3,249,448.86 The above disbursements are grouped into three major classiflca- lons in the summary herewith submitted: EXHIBIT "C" CONSOLIDATED SUMMARY OF DISBURSEMENTS FOR SIX YEARS ENDING MARCH 31, 1933 TOTAL BONDS INTEREST GENERAL :!ty General Funds ..$1,728,522.33 ? 27,504.79 $ 8,705.43 $1,692,312.11 Ity Bond Funds 437,674.05 277,000.00 154,981.16 5,692.89 Vater Works Funds.. 1,083,252.43 334,000.00 125,654.34 ' 623,588.14 T O T A L D I S - BURSEMENTS . .?3,249,448.86 TOTAL BONDS PAID $638,504.79 TOTAL INTEREST PAID $289,340.93 TOTAL GENERAL 'DISBURSEMENTS. .$2,321,603.14 According to the above Exhibit "C" the General Disbursements oE ,e "City General Funds" aggregated $1,692,312.11. Said Disbursements have been tabulated to show the principal clas- Ifications of "Public Service Activities" and the total expenditures of ach subdivision in the following Exhibit "D." Next to the six-year otal is shown the average annual expenditure for each activity of City overnment. Exhibit "D" also shows the average annual "Per Capita tost" of each of the principal departments of "Public Service." EXHIBIT "D" SUMMARY OF GENERAL EXPENDITURES OF CITY FUNDS FOR SIX YEARS ENDING MARCH 31, 1933 ^UBLIC SERVICE Total for Six Years General Administration $ 268,340.47 Police Department 278,025.00 Sower Maintenance 63,651.55 Street Department 235,946.34 Street Lighting 136,862.90 Fire Department 238,488.14 Bridge Funds Park Maintenance. Comfort Station . Garbage Municipal Band 17,127.02 52,467.44 14,397.46 75,151.81 35,920.40 Library 154,861.38 Annual Average $ 44,723.41 46,337.50 10,608.59 39,324.39 22,810.48 39,748.03 2,854.50 8,744.58 2,399.57 12,525.30 5,886.74 25,810.23 Pet Capita Cost 5 1.94 . 2.01 .46 1.71 .99 1.73 .13 .38 .10 .55 .26 1.12 ADD RECEIPTS FROM TAX LEVY General Water Fund Tax $ 99,731.61 Water Bond Tax 112,692.13 49,731.71 $111,305.34 212,423.74 BOND AND INTEREST PAYMENTS Water Bonds Redeemed $184,000.00 Interest 125,654.34 323,729.08 309,854.34 TOTAL DISBURSEMENTS FOR PUBLIC SERVICE $1,571,239.91 OTHER FUNDS Trust and Pension Funds $ 104,914.89 Storm Sewer No. 5 16,157.51 $261,873.32 $11.38 TOTAL OF GENERAL DISBURSEMENTS $1,692,312.11 The above "Per Capital Cost" Is based on an average Mason City population of 23,000. The total cost of all "Public Service Activities" was $11.38 per person on the basis of an average annual expenditure of $261,873.32. Individual departmental coats are also shown such as: Police Department $2.01 per Capita, Fire. Department $1.73 per Capita, nnd the Public Library with an annual per Capita cost of $1.12. DEBT SERVICE Exhibit "C" discloses that the total payments for interest for six years aggregated $289,340.93. The gross total of bonds redeemed amounted to $638,504.79. The total expenditures for Bonds included a total of $150,000.00 of Water Bonds which were refinanced. Accordingly, the following tabulation la made to show the 'interest and net bond redemptions made from funds derived from direct tax levies; BONDS Total of bonds redeemed $638,504.79 Deduct: Water bonds refinanced 150,000.00 Deduct: Bonds redeemed by Water Works 104,000.00 Net Bond redemption by direct tax $384,504.79 INTEREST Total Interest paid $289,340.93 Deduct: Interest paid by Water Works 81,206.84 Net Interest payments from tax levies 208,134.00 Net Bond and Interest payments $592,638.88 The "Per Capita Colt" of bond and interest payments made from funds derived from direct tax levies Is as follows: DEBT SERVICE Per Average Annual Capita Redemption of Bonds $64,084,13 Interest on the City Dept 34,689.01 Cash Balance--March 31, 1933 $ 14,074.34 The foregoing summary discloses that the current operations resulted in an operating Cash Surplus of $49,731.71, which was applied toward the payment of interest and bonds. The total of cash surplus and funds derived from taxation amounted to $323,729.08. The total of bond and interest payments aggregated $309,654.34 leaving a Cash Balance of $14,074.74 on March. 31, 1933. In addition to the cash operating income of $180,147.57 the annual reports of the City Manager for the six-year period ending March 31, 3933 also show "NON-CASH INCOME EARNINGS" of the Water Works as follows: Water furnished other city departments .$ 0,820.48 Rental of city offices 21,033.28 Fire Hydrant Rental 84,000.00 Building: and Inspection Departments .. 15,748.70 TOTAL NON-CASH INCOME EARNINGS $130,602.43 The annual reports describe the foregoing as "Service to the City in general, but not actually paid in cash." The actual payment in cash by the City for said services In the amount of $130,602.46 would have necessitated a substantial increase in the amount of the general city tax levy. Said services Included the item of rental charge for city offices located in the Water Works office building. The rental charge for six years amounted to $21,033.28 on the basis of an annual rental of $3,500.00. During the two-year period ending March 31, 1927, the Water Works actually received In cash an annual rental of $3,500.00 from the City General Funds. Beginning with the fiscal year April 1, 1927, to March 31, 1928, the policy of paying the $3,500.00 rental in cash was abandoned. The Water Works maintained the office building out of Water Works funds. In a similar manner the actual cash expense o: rendering the other services to the city, Including: city water, hydran 1 rental and building inspection were paid out of Water Works funds. The consolidation of the Non-Cash Income and the Cash Income of the Water Works results in the following: Cash Operating Income $180,147.57 ADD Non-Cash Income Earnings (Services to the General City) $130,602.46 TOTAL CASH AND EARNED INCOME $310,750.03 The availability In cash of all of said $310,750.03 would have made possible a correspondingly larger reduction In bonded Indebtedness o the Water Works. In this connection we submit a copy of the following comment, con talned in the annual Mason City Report for the fiscal year ended March 31, 1932: "A fact which is frequently overlooked is that approximately 50 pe cent of tho cost of municipal water systems In cities under 50,000 f. due directly to fire protection and not to the actual business of supplying water to domestic and commercial consumers. The capacity of pumps storage reservoirs and mains and all fire hydrants are determined by possible demands for fire service. If It were not for this, the invest ment in water systems could probably be reduced by half and operating cofts materially lessened." MUNICIPAL INDEBTEDNESS The bonds outstanding on April 1, 1927, are summarized as follows GENERAL CITY BONDS Corporation or General Bonds ....$147,000.00 Fire Station-Sinking Fund Bonds 15,000.00 Sewage Disposal Plant Bonds 92,000.00 Improvement Bonds 38,504.79 Main Intercepting Sewer Bonds 3,000.00 , Bridge Bonds 43,000.00 Judgment Funding Bonds 389,000.00 TOTAL GENERAL CITY BONDS " S 707,504.7' WATER WORKS BONDS Water Works System Bonds $175,000.00 Water Works System Bonds 125,000.00 Water Judgment Funding 122,000.00 Water Funding Bonds 6,000.00 TOTAL WATER WORKS BONDS $ 42S.000.Oi $2.78 1.51 TOTAL $98,773.14 $4.29 On the basis of the foregoing and also Exhibit "D" the cost "Per Capita" of all general functions of the City Government was computed^ Said tabulation disclosed the following: VER CAPITA COSTS Average Average Annual Cost DEBT SERVICE - Expenditure Per Capita Redemption of Bonds $64,084.13 $ 2.7S Interest on City Debt 84,889.01 1.51 TOTAL BONDS OUTSTANDING 4-1-27. $1,135,504.7 During the period of six years from April 1, 1927, to March 31 1933, the total of bonds redeemed amounted to $838,504.79 DEDUCT Refunding bonds issued 150,000.00 TOTAL 98,773.14 WATER WORKS Operating Tax Levies 16,731.58 PUBLIC SERVICE Average Annual Cost 261,873.32 4.29 .73 ll.Sb TOTAL $ 377,378.04 $16.40 According to the foregoing summary the average annual cost of City Government including "Debt Service" for the six-year period end- NET TOTAL OF BONDS REDEEMED . The annual redemption of Genera] City Bonds is disclosed by the following- summary: Net Total Fiscal Year of Bonds Ending Redeemed March 31, 1928 $78,273.35 March 31, 1929 60,000.00 March 31, 1930 55,231.44 March 31, 1931 Gross ...$200,000 Less: Refinancing 50,000150,000.00 March 31, 1932 Gross ...$174,000 Leas: Refinancing 100,000 74,000.00 March 31, 1933 71,000.00 $488,504.79 Bonds and Water Worlcs General City Bonds $ 74,273.35 D8.000.00 55,231,44 · Wate Work Bond 4,000.0 2,000.0 None 25,000.00 125,000.0 26,000.00 61,000.00 48,000.0 10,000.0 Net Total of Bonds Redeemed ..$488,504.79 Total General City Bonds Redeemed $299,504.79 TOTAL WATER WORKS J189.000.0 UMMARY OF BOND REDEMPTION ENERAL CITY BONDS Total outstanding April 1, 1927 $707,504.79 DEDUCT · Bonds Redeemed (as above) 299,504.70 Add: 1932 Storm Sewer Bonds Issued .... BONDS OUTSTAND- 408,000.00 30,000.00 GENERAL CITY ING 3-31-33 VATER WCHKS BONDS Total outstanding April 1, 1927 $428,000.00 DEDUCT Bonds Redeemed (as above) ............. 189,000.00 $438,000.00 WATER WORKS BONDS ING 3-31-33 OUTSTAND- $239,000.00 TOTAL BONDS OUTSTANDING MARCH 31, 1933 $677,000.00 It is noted that the only new original issue of bonds during the ix-year period is the $30,000.00 issue of Storm Sewer Bonds in 1932. As shown by the foregoing summary the net total of bonds re- eemed during the six-year period was $488,504.79. The Mason City Annual Reports disclosed that it was tha policy of the city government o bring about a reduction of the City Debt and at the same time not o increase the total tax levy. Mason City had available two primary ources of obtaining funds for the reduction of the City Debt. One vas the cash surplus from operation of the Water Works and the other ource was the general tax levy. The tax levy is classified into the following three groups: City General Funds, Water Works Funds, General Bond Funds The analysis of the Mason City tax levies disclosed a considerable arlation in the respective annual tax levies of the three maj'oi groups ·I funds. The following Exhibit "E" Is a condensed summary of the .dual levies made: EXHIBIT "E" TAX LEVIES fear of Collection of Tax 927 028 929 930 831 932 Total Levy in Mills ... 65.8 ... 63.1 . . . 6 6 . . . 6 6 . . . 6 6 ... 62.6 Total Levy in Mills--6 Years 389.5 277.7 43.7 68.1 The total levy in mills for the entire six-year period aggregated 89.5 mills which amounts to an vaerage annual levy of about 65 mills Accordingly, the total annual tax levy was not increased. As disclosed y Exhibit "E," the tax levies for City General Funds aggregated 277.7 ^ mills during the six-year period with an annual average levy of aboutc 6 mills. There was no material reduction in the City General Funtr evies which could have been applied toward the general Bond Funds , n order to bring about a reduction of the City Debt It was necessary ,, o increase the General Bond Tax Levy. jd . An examination of the foregoing Exhibit "E" will disclose tha^ \ after the year 1927 the fluctuations in the Water Works and Genera Jond Levies are comparable. For example the decrease o£ 2% mills/ f n the Water Works levy in 1931 is offset by an Increase of two mills \ n the General Bond Fund Levies. On the basis of the Water Works K ax levies collected in 1927 as compared with the succeeding years the \\\ ollowlng tabulation was prepared: VATER WORKS LEVD3S Actual Levy Decrease Year of Succeeding 1927 in Collection Years Levy Mills 1928 5.7 11 5.3 1929 8.5 11 2.5 1930 8.S 11 2.5 1931 6 11 5 1932 4 11 7 TOTAL DECREASE IN WATER WORKS LEVIES 22.3 The decrease of 22.3 mills) in the Water Works levies made possible :he increases in the levies for General Bond Funds. Hence, it la an Im- / portant factor In the reduction of the City Debt. In actual tax collec- ,, .ions, said 22.3 mills would have raised about $105,000.00 in tax revenue n Accordingly the direct and indirect contributions of the Water Works Department toward the General Debt reduction, General Tax reduction ( and the lowering of expense of other City Departments, may be summarized as follows: , ! DUIECX , J Actual cash redemption ot Bonds by Water Works. See f cash summary on page 11 of this report $184,000.00 ! INDIRECT By decrease of 22.3 mills in tax levy 105,000.00 Non-Cash Earnings for services to other City Departments j j Sec page 12 of this report 130,602.46 j TOTAL $419,602.46 ; CONSOLIDATED STATEMENT OF BOND TRANSACTIONS : Total Bonds outstanding April 1, 1927 $1,135,504.79 , DEDUCT NET TOTAL OF BONDS REDEEMED 4 April 1, 1927, to March 31, 1933 488,504.79 ' ADD Storm Sewer Bonds issued in 1932 647,000.00 30,000.00 TOTAL BONDS OUTSTANDING--March 31, 1933 OUTSTANDING BONDS Corporation or General Bonds ? 35,000,00 Sewage Disposal Bonds 35.000.00 Improvement Bonds 18,000.00 Bridge Bonds 20,000.00 Storm Sewer Bonds 30,000.00 Judgment Funding Bonds 300,000.00 TOTAL GENERAL CITY BONDS Water Works Refunding Bonds 40,000.00 Water Works Refunding Bonds 100,000.00 Water Funding Bonds 99,000.00 $677,000.00 TOTAL WATER WORKS BONDS TOTAL BONDS OUTSTANDING--March 31, 1933 $438,000.00 239,000.00 $677,000.00 GENERAL Tho net reduction of $458,504.79 in Municipal Bond Indebtedness during the six-year period under review has resulted In a substantial decrease in the required Interest payments. The total interest paid from April 1, 1927, to March 31, 1933, amounted to $289,340.93, which represents an average annual interest expense of $48,223.00 Annual interest to be paid 4-1-33 to 4-1-34 31,835.00 Decrease $16,388.00 The foregoing decrease in Interest expense is directly reflected in the decrease of the tax levy which is collectible in 1933. Said Tax Levy for General Bond and Interest purposes decreased 3 mills. The continued reduction of the municipal debt and annual interest expense should result in future permanent tax reduction. Respectfully submitted, L. A. RISTAU, C. P. A. Partner of Temple, Brissman Co. BUILD and REPAIR With the Reliable Portland Cement 'NORTHWESTERN' Concrete for Permanence "Northwestern" for Satisfaction Northwestern States Portland Cement Co. General Offices, 6th Floor First National Bank BIdg. r?

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