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Windham County Observer
Putnam, Windham County, Connecticut
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City Finance Committee chairman Mr. Car-non reports no reduction in city debt at year-end, highlights a $40,000 note due in February without funds, and proposes selling bonds plus monthly financial reporting and requisition reforms to restore fiscal transparency and prevent future confusion.
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No reduction in the city debt was noted at the end of the year. "Aside from that," he added, "the city is encumbered at the present time with a $40,000 note which becomes payable in February with no funds available for its cancellation."
He again proposed the sale of bonds "to properly finance the city debt, which action, he believes, will restore the finances of the city to a state where everyone 'will know the status periodically.'" He asserted he was awaiting the report of the City Treasurer to proceed with such action.
To restore city finances to what he feels are their proper status, Mr. Car-non had the following recommendations to make: That the City Treasurer present each month to the chairman of the Finance Committee a report of finances on balance in all departments of the city; that purchases in the name of the city be made through requisition orders and that said orders be forwarded to the City Clerk with proper statements at the first of the month (this move was explained by the statement "Obviously in that manner the chairman of the Finance Committee better will be able to ascertain the need for such purchases. All monthly bills should be signed by the purchaser and the chairman of each individual committee before the meeting"); that the proper financing of city business requires that special appropriations be regarded as deficiency appropriations and as such, be included in the preparation of the budget for the fiscal year. This policy is necessary so that there would be no recurrence of the financial confusion which we are confronted with now. He issued assurance as chairman of the finance committee that there will be no further special appropriation before the end of the fiscal year.
He wound up his prepared statement asserting, "These policies, if put into effect, will naturally be beneficial to the city and most certainly enlighten everybody as to the proper financing. To accomplish this end I ask the cooperation of all members of the Council as well as the department heads."
"I consider it a privilege to be returned to the chairmanship of the Finance Committee and I wish to utter my thanks for the opportunity, and I wish to assure you that I shall do all in my power to reestablish the city's financial program."
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Domestic News Details
Key Persons
Outcome
no reduction in city debt at year-end; $40,000 note due in february without funds; proposals for bond sale, monthly reports, requisition orders, and treating special appropriations as deficiencies to prevent financial confusion; assurance of no further special appropriations this fiscal year.
Event Details
Mr. Car-non, chairman of the Finance Committee, reports on the city's unchanged debt, proposes selling bonds after receiving the treasurer's report, and recommends monthly financial reports to the committee chairman, requisition-based purchases with approvals, and including special appropriations in budgets to restore proper financial status and transparency.