Improvements And All Other Expenses Aggregate

Sum of $14,430.73

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OVERDREW INTEREST

AND SINKING FUND

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Park Fund Also Expended

More Money Than It

Received

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There was received by the fire department fund from the County Treasurer during the past year the sum of $8,200. This, together with a loan for $5,000 to buy a new tractor, constituted the entire income in this fund, bringing the total to $13,200.

Salaries Nominal

As against this there were expenditures aggregating the sum of $14,430.73, leaving the fund overdrawn at the end of the fiscal year to the tune of $1,230.73. The salaries paid were nominal and consisted of $50 for the chief and $75 for the fire marshal.

The actual expenses of the fire department were very small, considering the splendid service rendered by the volunteer fire department. There was paid out for team for hook and ladder truck, the sum of $225,teams for practice $370, attendance at fires and cleaning apparatus the sum of $252.60 and expenses of delegates to the fire convention the sum of $200.

Charged With Hydrant Rental

The miscellaneous expenses aggregated the sum of $523.73 and the premium for the insurance on the equipment amounted to $303.63; the heating expense of engine house No. 3 amounted to $106.10 and the bill for light and water for the engine house amounted to $135.20. Three gas masks were purchased for $153.41.

There was also an interest item of $133.33 and the sum of $333.35 was paid on a loan.

One of the heavy expense items charged to this fund was the sum of $5,102.50 hydrant rental for 157 hydrants at the rate of $32.50 per hydrant. The tractor and tractorizing the Seagrave truck took $5,437.30 out of this fund. Then there was transferred the sum of $1,000 from this fund to the sinking fund.

Fund Overdrawn

According to the records this fund was overdrawn $8,959.58 at the beginning of the fiscal year. There was transferred from other funds the sum of $12,922.63, bringing this fund on the right side of the ledger with a balance of $3,963.10. After deducting the sum of $1,112.16 for depreciation for the past year and the excess of expenditures over receipts the cash balance was brought down to $1,610.21. Additions were made to this fund aggregating the sum of $936.63, leaving a net cash balance in this fund of $2,556.84, as of February 28,1926.

Sinking Fund.

There is also a sinking fund for the fire department. At the beginning of the fiscal year this balance amounted to $2,613.12. There was added the sum of $115.11 interest and $1,000 transferred from the working fund which with a deduction of $11.11brings the balance in the sinking fund at the beginning of the fiscal year to $3,717.12.

Interest And Sinking Fund.

The interest and sinking fund was enriched by $35,112.36 from taxes collected thru the County Treasurer. The interest on the certificates of deposit amounted to $1,809.23 and on current account $399.68, making a grand total revenue of $37,312.27.

The expenditures aggregated the sum of $106,006.41 and were made up of the following items: interest on bonds, $5,482.50; state bonds retired $90,000; funding bonds retired $7,000 and the sum of $3,523.91 transferred to the insurance reserve, an excess of $68,685.14 of expenditures over revenues.

Overdrawn Nearly $30,000.

At the end of the fiscal year 1925 this fund was $24,327.78 overdrawn. At that time $64,266.25 certificates of deposit were cashed and the fund showed an actual balance of $39,938.47 at the beginning of the fiscal year. The excess expenditures not only wiped out the surplus in this fund but overdrew it to the extent of $28,746.67, the condition of this fund at the beginning of the fiscal year 1926.

Park Fund.

Another fund that expended more money during the year than it received is the park fund. The total receipts amounted to $2,950., received from taxes thru the County Treasurer.

The expenditures totaled the sum of $3,761.73 an excess of $811.73 over the receipts. The highest expense item was that for park concert which amounted to $1,500. Other items were salary park police $738.60; labor $243.90; plants $153.60; light and water, $270.55: repairs to band stand $247.85 and miscellaneous in the sum of $585.40.

There was a cash balance on hand at the beginning of the fiscal year 1925 of $1,013.93 which after deducting the excess expenditures brought this cash balance to $202.20.

The park fund account showed a balance of $10,109.34 on March 1, 1925. There was deducted for depreciation for the year the sum of $138 and the above mentioned excess which brought the balance in this fund to $9,159.61 as of Feb. 28, 1926.

What Accountants Say.

In speaking of the interest and sinking fund the accountants state that there will be no further large amounts of bonds to be retired at one time and that the present over-draft can be reduced by tax levy from time to time and that it will be eliminated within the next two or three years.

As to the park fund, the accountant states that for the current year, the tax apportionment must be equal to that of the budget set up and be kept strictly within the budget.

New Ulm Review

June 2, 1926

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