12 of 1962 - A resolution adopting budgets for the fiscal year beginning July 1, 1962 and ending June 20, 1963. rir- . , .4,,,1 II
`i Resolution No. 12
By Hagar
J. Bracken Lee
+t,,,, COMMISSIONCR
Adopting_.Budgets for the Fiscal
year beginning-July 1, 1962 and
;. ending June 30, 1963.
Presented to the Board of Commissioners
AND PASSED
JUN2 71962
CITY RECORDER
L ,,e
Isc.Ibz Ida 2.61 uaw •
ROLL CALL Salt Lake City, Utah, June 27 , 196 2
VOTING Aye Nay
I move that the Resolution be adopted.
Christensen . .
Harrison . . . - ?
Smart ✓ ' ly/�G1 Z i� .,
Romney . . .
Mr. Chairman r j RESOLUTION
Result . . . . iI
A RESOLUTION ADOPTING BUDGETS FOR THE FISCAL YEAR BEGINNING JULY 1,
1962 AND ENDING JUNE 30, 1963.
WHEREAS, pursuant to the provisions of the Laws of Utah 1961, Chapter 24,
the budget officer for Salt Lake City has prepared tentative budgets in proper form
for all funds for which a budget is required by said laws; and
WHEREAS, said tentative budgets have been reviewed, considered and tent—
atively adopted by the Board of Commissioners of Salt Lake City; and
WRHEIr_EAS, the tentative budgets as tentatively adopted, together with all
supporting schedules and data, have been available for public inspection for ten days
in the office of the City Auditor as required by the Laws of Utah 1961, Chapter 24; and
WHEREAS, notice of public hearing to consider the final adoption of said
budgets has been published as required by the Laws of Utah 1961, Chapter 24; and
WHEREAS, public hearing to consider the adoption of said budgets has been
held in accordance with said notice, at which hearing all interested persons were
heard for and against the estimates of revenue and expenditures as set forth in said
tentative budgets; and
WHEREAS, all conditions precedent to the final adoption of said budgets have
been accomplished;
N011, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF SALT LAKE
CITY, UTAH:
Section 1. That the budgets attached hereto and made a part of this
resolution be, and the same hereby are, adopted for the fiscal year beginning July 1,
1962 and ending June 30, 190, in accordance with the requirements of the Laws of Utah
19E1, Chapter 24.
Section 2. That the budget officer be, and he hereby is authorized and
directed to certify and file a copy of each of the said budgets with the State Auditor
as required by the Laws of Utah 1961, Chapter 24.
- 2 -
Section 3. That the budget officer be, and he hereby is, authorized and
directed to certify and file a copy of each of the said budgets in the office of the
City Recorder which shall be available for public inspection at all times as required
by the Laws of Utah 1961, Chapter 24.
Passed by the Board of Commissioners of Salt Lake City, Utah, this 21st
day of June, 1962. 2
7 /
2 / .../
Mayor
i
C. , Recor e
•
SALT LAKE CITY CORPORATION
GENERAL FUND
TENTATIVE BUDGET FOR FISCAL YEAR ENDING JUNE 30, 1963
ACTUAL BASIC INTER- BOARD OF TENTATIVE
YEAR BUDGET DEPARTMENTAL COMMISSIO S' BUDGET
1961 1962-63 WATER BILLINGS AlOrM25 1962-63
ESTIMATED REVENUES;
Property taxes « current year $4,420,916 $4,750,633 tio,, $ 4,750,633
Property taxes - prior years 200,148 40,000 40,000
Sales taxes 879,798 1,640,000 1,640,000
Franchise taxes 607,765 610,000 610,000
Business licenses 537,335 537,000 537,000
Non-business licenses and permits 153,691 153,000 153,000
Fines and forfeitures 693,876 695,000 695,000
Interest on investments 78,296 90,000 41 90,000
Rents and concessions 3,040 3,600 3,600
State Liquor Fund allotment 212,718 212,718 212,718
Class "C" Road Fund revenue 251,372 350,000 350,000
Street replacements and cuts 56,942 55,000 55,000
Charges for current service 436,398 433,000 433,000
Parking meter revenue 254,512 250,000 250,000
Sundry revenue - 6,339 6,339
Contribution from Water Utility Fund - 150,000 $145,000 295,000
Sale of fixed assets 10,654 -
Appropriation from surplus 259,354 -
Transfer from Special Improvement Guaranty Fund 133,796 -
Total Estimated Revenues $9,190,611 $2,976,290 $145,000 $10,121,290
APPROPRIATIONS:
Public Affairs and Finance $ 384,277 $ 416,000 $ 416,000
Public Safety 3,725,030 3,890,000 $ 185,000 4,075,000
Streets and Public Improvements 2,408,484 2,535,000 2,535,000
Parks and Public Property 1,156,884 1,217,000 1,217,000
City Auditor's Office 83,947 94,640 94,640
General Government 1,532,867* 1,723,650 $145,000 (85,000) 1,783,650
Departmental Capital - 100,000 (100,000)
Total Appropriations $9,291,489* $9,976,290 $145,000 - $10,121,290
* Based in part on prior accounting system; figures not fully comparable.
C C- c.- C_
C.C C •...,
. t.. C t..." ' C C 4 C
C U. I v, c c 0 1' C. g C
•- •— Cs -ft" g, II .
C 1.I 1 If, (3. -(.1 C i C ( C
C "1 ''
I " .... • t. ; C
C C .C C'. 4:1! /11• • . C • C
C '. Is( n . .
. n
•
cc-
cc C''• r- 0 •
C r- ...
0,• 0" L CV II.
(1.
''-' VI /
•
C
,- L
r1
, C
:
C C , L.C i , C C C C /1 C.- C.
01 C C r C , 1 C
0 C r C i j C C * C C 1 t c ,
. . . . .
C.I P C C r- ., C,--. Cl 4
C 4 3 CC•I C
C 1
'...-1 •--- C C C,Z. •C CC C C 4 C I ! C
01 C C. C„ C /- 11•
'I •.. n n ••
^ ^ ^ ^ ^ ^ n
1-C
( 4: r C I 0 t:• C , 1: <c
• , c„, , I I + .
t ,
C C;
C C ,
... .5 ,
r•-• c C ,
'.--. L ••"''/ C .
/ r I 0. "/ e t S. • -i- 11 4r r—.---
c ,
•. .
P 1 7 7 r
(2, 1
; ,. cl ( -,- ' - • ; ? , V, -T.
' r••
L• 1 . I ,1-1
`I '
;
. ,
: ..
co,.,- c. c- + 0 ..... c , •,- , :i
, 'I
, , :: ',.-,I _ ..; -,. ; , , C_ 7- r i • ; i , •
LL ...- ' 1 C/I.4-,•r C C , I 1 ,, ,..., ,r: :- ,, e"/ '. 5 + zi Z . z
71r:fi't fr P 7- 'I ' f ' - ' '; '' ` -I ',.-. r 1-,i "C' ; ',C. E I ; ' ; C • ;
r „ • , .,
I 4 •• C + i- r 1:/- C. . C' 1 -,i L"ri,.--•/"..- C f , C (-,, . ` C !I 4 r I- .
f f
o
... (.. I 4,,•-q tl C C -,-• • ;•c C• C.'C. C, C -I- C•C -I- rI c. -, ,1
C j ,..., p C Cc r- 0 G, p', , --L. ,0_ C! ,C
r- I ( .
I r ;
. I:
... , ...
., , ;. ,:'
E,4,-,-,i i III " . L :lri ir-ii i t 1 , i
41.'-l'i c'i 'i ) i ''''i WI 'I I 1 i : , c
`i -1 I E ; 1 .
. ,
G. , C . — --.:., _:., -7-.-: _-. s... • .
CC c iT•', .
C---C'- CC-I FA c-I -, , • ! C-1'(f- ' I I! -n
• •II
-: I t. I
I:`I (3..I 0-I I
, ( I
•
SALT LAKE CITY CORPORATION
BOND REDEMPTION AND INTEREST FUND
TENTATIVE BUDGET FOR FISCAL YEAR ENDING JUNE 30, 1963
ESTIMATED REVENUES:
General property taxes $ 375,000.00
Irterest on investments 400,000.00
Transfer from Capital Improvements Fund (from sales taxes) 170,000.00
Total Estimated Revenues $ 945,000.00
APPROPRIATIONS:
Interest on bonds:
$7.5 million, series of 1-1-62 $ 275,483.00
11.5 million, series of 4-1-62 315,000.00 $ 590,483.00
Paying agency fees 1,000.00
Sinking fund provision 353,517.00
Total Appropriations $ 945,000.00
SUPPORTING EXPLANATION
1. Estimated general property tax revenue is based on a levy of 12 mills to
be initiated in August, 1962 and continued through 1979; this levy would
be supplemented in fiscal year 1965 by the 4 mills presently levied for
water purification and sewage treatment purposes. The total levy of 5;
mills would then remain constant through 1979, being scaled down to
complete payment of the full $19,000,000.00 bond issue by June 30, 1982.
2. Interest on investments represents estimated earnings from investment of
unexpended bond proceeds during the construction period, as based on
calculations furnished by the City Treasurer.
3. Revenue to be transfered from the Capital Improvements Fund represents
the portion of sales taxes needed to cover the deficiency of revenues in
the first year required to meet current and future installments of bond
interest and principal in this fund. In fiscal year 1964, it is
estimated there will also be needed approximately $150,000.00, after
which maturing instalments of principal and interest will be met
entirely from the proceeds of the annual 52 mills property tax levy.
4. The sinking fund provision of an estimated $353,517.00 is required to
assist in meeting the first large principal instalment of $835,000.00 on
January 1, 1965. Thereafter, annual expenditures of this fund should be
anproximately equal to annual revenues, as based on a constant property
tax levy of 5i mills.
5. All of the estimates of revenues and expenditures in the current budget
year and of future budget years, as referred to in items 1 to 4 above,
are correlated to the two bond amortization schedules officially adopted
by the Board of City Commissioners.
•
SALT LAKE CITY CORPORATION
WATER AND SEWER CONSTRUCTION (4 MILL LEVY) FUND
BUDGET FOR FISCAL YEAR ENDING JUNE 30, 1963
ESTIMATED REVENUES:
10701 General property taxes - current year $1,024,000
10702 General property taxes - prior years 30,000
Total Estimated Revenues $1,054.000
APPROPRIATIONS:
10-R-5 Water Purification:
Engineering and design for proposed water
treatment plant near Mountain Dell Dam
in Parley's Canyon 100,000
Appropriation to Surplus:
For future appropriation to sewage treatment
plant and for specific water purification
projects 954,000
Total Appropriations $1.054,000
MEMORANDUM
For information purposes, an analysis of monies presently accumulated and to be
received into this fund to and including the fiscal year ended June 30, 1964, during
which year the fiscal annual property tax levy of 4 mills can be made under the
present statute, is as follows:
Surplus at December 31, 1961 $2,174,557
Excess of Revenues over Expenditures for Years:
Ended June 30, 1962 $ 22,500
Ending June 30, 1963 954,000
Ending June 30, 1964 (property tax revenues
before any appropriation) 1,054,000 2,030,500
Cumulative Surplus Available for Future Appropriation $4,205,057