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CITY OF BOSTON.
OFFICE OF THE AUDITOR OF ACCOUNTS.
CITY HALL, June 1, 1872.
TO THE HONORABLE CITY COUNCIL :
Gentlemen : - The Auditor of Accounts, in compliance with the provisions of the ordinance on Finance, has the honor of presenting to the City Council his annual report of the Receipts and Expenditures of the CITY OF BOSTON and the COUNTY OF SUFFOLK for the financial year commencing May 1, 1871, and terminating April 30, 1872, both inclusive, with matters pertaining thereto, and other information concerning the interests of the City of Boston.
The payments of the City of Boston and County of Suffolk during the financial year of 1871-72, drawn for hy the Mayor through the office of the Auditor of Accounts, were as follows, viz. :
On account of the City of Boston,
Total payments by the Auditor of Accounts,
To which add the payments by the Treasurer, which did not pass through the Auditor's office, to pay the State Tax, Interest and Premium, County of Suffolk, and Militia Bounty, the details of which may be found under the head of " Auditor's Aggregates,"
Board of Commissioners on the Sinking Funds,
Amount carried forward,
$15,220,856 17 $15,220,856 17
Amount brought forward, Water Loan due in the year 1870–71, and drawn for by the Auditor that year, but not paid until 1871–72,
Total payments as shown by the Auditor,
The total payments, as shownsby the annual report of the City and County Treasurer to the City Council, which is appended to this document, were as follows, viz. :
On account of the City of Boston,
Add to which the drafts drawn by the Auditor of
Accounts during the year, but not paid, say,
We have the total payments as by the Auditor,
The Treasurer's report shows that the balance
of cash on hand April 30, 1871, was, Total receipts during the year 1871-72,
$15,527,833 40 Total payments during the year 1871-72,
To this cash balance of the Treasurer, we add
the amount advanced by him on loans authorized, but not negotiated, as shown under the head of the Treasurer's Balance,"
This balance ($3,001,455 27), as shown on the preceding page, is subject to the following payments, viz. :
Balances of unexpended appropriations for un
completed works, etc., carried to 1872–73, Temporary loan of 1869–70, not paid, City Hospital, -Goodnow Fund,
$2,900,291 52 100,000 00
The creation by the City Council of the Board of Sinking Fund Commissioners, for the redemption of the debt of the city, has resulted beneficially to the tax-payers, and at the same time given additional security for the payment of the debt. The Commissioners have, during the year, purchased and cancelled before maturity with the revenue received from the works for which the loans were created to pay, and from the balances of appropriations and excess of revenue at the close of the financial year of 1870–71, $1,171,550 00, and at the same time paid for 1872, the percentage required to be set apart or taxed each year for the sinking funds created for the redemption of the respective loans negotiated, thereby saving taxation on that account. The gross debt of the city, April 30, 1872, was, funded, $28,430,677 91; unfunded, $197,857 91: total $28,628,535 82. The means on hand at the same time for the redemption of the same was $12,849,159 31. This shows an increase of the gross debt of $1,962,099 09, and an increase of means for redeeming the same of $1,216,199 40, as compared with the year ending April 30, 1871, leaving the net increase of the debt during the year $745,899 69. The sinking funds show an increase of $973,077 31, and the public land and betterment bonds an increase of $243,122 09. The following tables give the details pertaining to the debt statement:
The amount of the funded debt of the City, of all kinds, May 1, 1871, was
$26,472,916 80 Add amount of Bonds issued on account of City
and Water Loans, during the year 1871–72, 3,367,000 00
$29,839,916 80 Less amount of debt paid during the year 1871-72
Total funded debt of the City, April 30, 1872,. $28,430,677 91 Add unfunded debt, being advances made by the
Treasurer on loans authorized by City Council, but not negotiated,
Total funded and unfunded debt, April 30, 1872,
The indebtedness, as stated above, the Auditor classifies as follows:
The Water Loans outstanding April 30, 1872, amount to $6,812,711 11; but the real debt of the Water Works is shown by the excess of the expenditures for said works over the revenue derived from the same, which is, as stated above, $9,602,950.74.