$2,588,000, but during the same period the debt paid and cancelled was in amount $2,153,994.26, showing an increase of the gross funded debt of $434,005.74; but the unfunded debt was also reduced $13,451.85, resulting in an increase of the funded and unfunded debt of only $420,553.89. Of the whole amount of the new loans $1,945,000 was for Water Works and $643,000 for street improvements, inaugurated a few years since. Of the amount of the debt paid only $295,000 was on Water Works account; therefore the chief payments of debt were of that incurred for other purposes than for Water Works. The gross debt, funded and unfunded, April 30, 1876, stood at $43,933,165 01. The means for its redemption at the same date, $16,880,387.41, leaving the net debt, April 30, 1876, $27,052,777.60, against that of $27,294,208.20, April 30, 1875-showing a reduction of the net debt of $241,430.60 during the year. The payments of the City of Boston and County of Suffolk during the financial year 1875-76 drawn for by the Mayor through the office of the Auditor of Accounts were as follows, viz. : On account of the City of Boston, Total drawn for by the Auditor of Accounts, To which add payments by the Treasurer, which did not pass through the Auditor's office, the details of which may be found under the head of Auditor's Aggregates, and in the Treasurer's report, $12,391,170 45 137,474 43 $12,528,644 88 6,561,521 90 $19,090,166 78 These payments, as shown by the Auditor, present the following results as divided between the city and county, viz. : City of Boston, $18,728,656 49 361,510 29 $19,090,166 78 The actual payments, as shown by the annual report of the City and County Treasurer to the City Council, which accompanies this document, were as follows, viz. : On account of the City of Boston, Add to which the drafts drawn by the Auditor of Accounts on account of the City of Boston during the year, but not paid, We have the total, as given by the Auditor, of, The Treasurer reports that the cash balance in the $18,728,118 01 361,510 29 $19,089,628 30 538 48 $19,090,166 78 $3,437,504 61 To this cash balance of the Treasurer should be added the amount advanced by him on Auditor's drafts on account of Oliver-street improvement, on authority of a loan authorized by the City Council, but not negotiated, 84,329 28 $3,550,997 35 This Treasury balance of $3,550,997.35 is subject to the following payments, viz. : Balances of appropriations carried to 1876-77, Sundry items shown under the head of Treasury aggregates and balance, $3,447,972 02 103,025 33 $3,550,997 35 The actual expenditures of the city and county, including the amount of the State Tax and Liquor Revenue paid to the State of Massachusetts, and Soldiers' Relief payments, less the Temporary Loan, borrowed and paid, and other items, are shown as follows, viz. City of Boston payments in gross, Less payments of Temporary Loan, to Sinking We have the total expenditures of the City of Add County of Suffolk expenditures, We have the actual expenditures of the City of $18,728,656 49 3,614,266 77 $15,114,389 72 361,510 29 $15,475,900 01 The reorganization of the Treasury department under the act of the Legislature of Massachusetts of 1875, and an ordinance of the City Council, constituting two departments, one in the person of Collector and deputies, for the collection of taxes and assessments and receiver of all moneys collected and due the city, paying the same daily to the Treasurer, and providing that the Treasurer should be the custodian of the funds of the city that all demands against the city should be paid through his office one being the collecting and the other the paying department of the city, has thus far worked satisfactorily, inasmuch as the undivided attention of the head of the Collector's department is given to the immediate and sole care of collecting all the demands due the city which have so largely increased as to need such supervision. The Collector and deputies receiving a stated salary fixed by the City Council, all fees now received by them, in whatever capacity, are paid into the City Treasury, instead of as heretofore the fees forming the pay of the deputies. The Municipal Indebtedness Act of our State, of 1875, prohibits cities and towns from incurring debts, exclusive of those for Water Works, over the aggregate of 3 per cent. on their valuation of taxable property less the amount of Sinking Funds; and taking this standard and placing the valuation of the city for taxation at $725,000,000, May 1, 1876, we have the amount of indebtedness that Boston can incur, exclusive of Water Loans, $21,750,000, and the net debt at that date, less the Water Loans and Sinking Funds, was $18,588,450, leaving the amount which the city can increase under section 6 of the act aforesaid, $3,161,550; but there is a provision in section 7 of the said act which was overlooked in speaking of its provisions in the last report, which provides that cities and towns, at the time of the act going into effect (June 14, 1875), indebted to an amount "not less than two per centum on their valuation, may increase such indebtedness to the extent of an additional one per centum on their valuation, and no more." Placing the net indebtedness of the City of Boston less Water Loans and Sinking Funds, May 1, 1875, at $20,644,333.24, it was more than two per cent. on its valuation; therefore, with the valuation of the city May 1, 1875, viz.: $793,961,895, the city had authority at the date of the said act taking effect to increase its indebtedness one per centum on that amount, viz. : Deduct therefrom the loans funded since the passage of Act, for Street Improvement purposes, say We have the amount the City of Boston may increase its indebtedness, exclusive of debt for water purposes and sinking funds, $7,939,618 00 643,000 00 $7,296,618 00 The right of increasing the one per centum being exhausted, the three per cent. clause of the act goes into effect. The Commissioners on the Sinking Funds, for the redemption of the debt of the city, paid during the financial year ending April 30, 1876, $2,153,994.26, of debt, as follows: $2,105,705 15 25,789 11 22,500 00 Brought forward, Consolidated Street Improvement, Sterling Loan Due 1874-75, but not called for until 1875–76. $2,153,994 26 The report of the Commissioners, which is embraced in this document, gives a clear statement of their operations since their organization, and the condition of the funds in their hands. THE DEBT OF THE CITY. The amount of the funded debt of the City, of all kinds, April 30, 1875, was Add amount of Bonds issued on account of City and Cochituate and Mystic Water Loans, during the year 1875–76, Less amount of debt paid by the Sinking Fund Total funded debt of the City, April 30, 1876, Total funded and unfunded debt, April 30, 1876, Showing an increase, 1875–76, of the gross debt of $43,414,829 99 2,588,000 00 $46,002,829 99 2,153,994 26 $43,848,835 73 84,329 28 $43,933,165 01 43,512,611 12 $420,553 89 The indebtedness, as stated above, the Auditor classifies as follows: City Debt proper, Cochituate Water Debt (see cost of the Cochituate Water Works in Appendix), War Debt (loans outstanding), $26,152,112 00 12,119,812 41 1,794,500 00 Roxbury Debt 66 438,600 00 Dorchester Debt 66 121,500 00 |