152-153 - Resolution - Financial Condition ReportReport of the Financial Condition
of the Town of Port Orchard"
RhIPOR'1' OF THE FINANCIAL CONDITION OF PORT ORCHARD WASH-
INGTON FOR T IIM YLrAR 1923
GENERAL FUND
ME
Receipts and Diabureoemente
On hand
1-1-23
General Fund $(1955.42)
indebtedness .E'und .93
interest Fund 1330.35
Municipal Sinking Fund 3370.81
$2745.67
Water Fund
()Overdrawn
GENERAL FUND
Taxes $3986.19
Road and Bridge Fund
Int on Bank Deposits
'iv ater System Warrants
liscei. Collections
'incs and Costs
•Fhfe Lic.
Occupation Tax
Sale of safe
$40.64
1923 3.923
Treas.
On hand
Receipts
Total Disbursements
1-1-24
. $3963'.U4
$20U'(.62
44375.35
($2367-73)
83U.73
831.66
579.81
'151.85
64.14
1394.49
342.UU
1U52.49
916 27
4287.08
4287.08
$5774.18
$852U 85
*5297.16
$3L23.69p
WATER FU:i'D
$4320.84
44461.48
$4365.51
($4.U8)
RECEIPTS ITEMIzED
Expense ness
Current Indebted- Interest Sinking
$2175.05 $830.73 $64.14 $916.27
96.20
73.85
522.31
104 76
43.05
3 30.00
767.82
150.00
$3963.04 $830.73 $6414 $916.27
Total 7,y? $5774.18
WARRANTS DRAR:'N IN 1923 AS FOLLOWS:
Salary Town Clerk
-
$420.00
Salary Town Treasurer
$420.00
Salary Town Marshal
125.00
*Merchandise
iIT. I
400 82
Park Real Estate Taxes
4.92
Street Crossings
53.75
Curbing and Sidewalks
_ : _
55.50
Lighting
623.34
Streets
425.00
1Repairing
3liscellaneous
108.20
Stationery, postage and
printing
, ^ r
84.05
Industrial Insurance
e 14.38
Health Dept.
8.0v
State .Auditor's Examination
70.00
Engineer
169.23
Total
$3581.21
ASSETS AND LIABILITIEt
ASSETS
Municipal Sinking Fund ",..,.
$4287 OS
Indebtedness Sinking Fund
251.85
Interest Sinking Fund
1052.49
Due from Cline St L. I. D;
1078.42
Taxes due and unpaid
1604.39
$8274.23
LIABILITIES
02367.73
Overdraft in Current Expense
5700.00700
Refunding bonds 1893, Sidney Improvements 5700.00
Warrants against Current Expense outstanding 42.30
To Balance
:=f.r fl••:..
164.20
$8274 23
"Municipal Sinking Fund" is
The "Municipal Sinking Fund
established to take care of the
and the "Indebtedneks Sinking
$5700 municipal bonds issued in
Fund" are created by a levy of
EL893 for Sidney Street improve-
four mills each on the assessed
pent and? m4tu4ng Marcia 1st
valuation of the Town. How-
1926. The "Indebtedness Sink-
ever, in view of the credit of
ing Fund" is to take care of out-
.$4287.08 to the credit of the
standing warrants or overdrafts
"11Tunicipal Sinking Fund" the
of the General Flu1d. while the
levy for 1924 will be three mills
{ `Interest Sinking Fund" is to
Mead of four mills.
take care of the interest on the
The warrants on the General
Fund drawn in 1922
$5700 bonds. Inasmuch as there
amounted
to $3766.83, while the warrants
is enou Th money in the fund to
drawn in 1923 amount to $3,-
take care of the interest on these
581.21, showing the expenditures
bonds until maturity, no levy is
of 1923 to be $185.62 less than in
now 'being made. It may be ex-
1922. The total receipts in the
General Fund for 1923 amount to
plained that the holders of these
$3963.04, while warrants drawn
$5700 bonds have refused to al-
were $3581.21, showing excess of
low them to be redeemed before
receipts of $381.83. The estima-'
maturity, March 1st, 1926.
ted Budget for 1923 was $5351.-1
(10•1 9'1
153
81, while the expenditures and
monies placed to the credit of the
inking Pme#k amounted to.
-$5392.35, showing that the Bud-
get was exceeded only by $40.-
54.
The liabilities of the Town
outside of the, $5700 bonded in-
debtedness are as follows:
Overdraft x $2367.73
Old warrants outstanding
43.30
Total $2411.0:3
Less credit in Indebtedness
Pund 251.85
Net Liability $2159.18
The state of the General Fund
+an Dec. 34 1922 was:
Overdraft $1955.42 , ,
Warrants outstanding 1359.01 !C
Total $3314.43
A net decrease in indebtedness
during 1923 of $1157.18
X This overdraft is being car- j
ried by the monies in the Mu-
nicipal Sinking Fund, thus elim-
inating the _payment of interest
on outstanding warrants.
The receipts for the Water
Department for 1922 was $4315.-
04 while the receipts for 1923
were $4320.84, showing very lit-
tle difference in -comparison. The
warrants outstanding ,for the
year ending December 31. 1922
were $4518.52, while on Decem-
ber 31, 1923 they were $4708.18,
showing an increase of $189.66
This inere4e is more than ac-
counted for by the fact that
during this past year the Town
installed a new: pump, which
with accessories cost a total. of
$1478.87.
Under the policy of the Coun-
cil, that water rents shall be
promptly paid.. it has not been
necessary during the -palst year
to turn off any users of water
by reason of nonpayment within
thirty days from the due date of
the water rent.
Delinquent taxes December 31
1922 due the town were $1288.66
while on December 31,. 1923 they
were $1604.S9, an increase of
$415.73 in the outstanding taxes
which are due the town.
The Town Clerk has been
greatly assisted in his bookkeep-
ing by the prompt and accurate
monthly reports of the Town j
Treasurer.
PRAN(OTS 3: APPLEGATF ;l
m"wn Clerk
C.