|
393,519 Interest Earned for the Year
<br /> Report of the 146,480 Estimated Interest Earned Without Borrowing
<br /> Treasur.er/Tax Collector 247,039 Additional Interest Earned Due to Borrowing
<br /> 136.,.250 Additional Interest Expense on Amount
<br /> At the beginning of each fiscal year, I prepare a cash Borrowed
<br /> projection for the upcoming year based on the prior year 110,789 Net Gain - Additional Interest Income Less
<br /> and the Assessors'estimate of the timing of the issuance -Additional Interest Expense
<br /> of property tax bills.
<br /> 146,480 Estimated Interest Earned Without Borrowing
<br /> The projection for fiscal 1991 showed a cash flow 300,000 Interest Budgeted for the Year
<br /> deficit for September, October and November of
<br /> $1,000.000 each, and another $2,000,000 in December, (153,520) Interest Income Deficit
<br /> for a total cash flow deficit of $5,000,000.
<br /> I decided that it would be more cost effective to bor- The above figures show that without the$5,000,000 bor-
<br /> row the total $5,000,000 for the period September to rowed there would have been an interest income deficit
<br /> May. This strategy reduced the cost of issuing the notes of $153,520, whereas, with the $5,000,000 there was a
<br /> and allowed me to invest the excess funds. The strategy net gain after interest expense of $110,789.
<br /> paid off! Following is pertinent information from both of my
<br /> 393,519 Interest Earned for the Year departments.
<br /> 300,000 Interest Budgeted for the Year Respectfully submitted,
<br /> 93,519 Excess - To Free Cash
<br /> Anne T. Shaw
<br /> TAX COLLECTOR
<br /> YEAR CONIMITTED REFUND COLLECTED ABATED TAX TITLE UNCOLLECTED
<br /> Real Estate
<br /> 1991 14,019,310 61,977 12,079,609 109,628 421,084 1,470,966
<br /> 1990 13,574,911 493,817 12,380,784 843,800 407,151 436,993
<br /> Prior Years - 3;278
<br /> 1,911,237
<br /> Personal Property
<br /> 1991 386,539 1,655 318,935 11,634 57,625
<br /> 1990 331,297 4,424 301,426 11,223 23,072
<br /> Prior Years 20,666
<br /> 101,363
<br /> Motor Vehicle Excise
<br /> 1991 335,081 973 249,081 12,769 74,204
<br /> 1990 509,210 5,074 426,374 24,192 63,718
<br /> Prior Years 80,125
<br /> 218,047
<br /> Boat Excise 8,214
<br /> 1991 28,481 78 18,240 2,105
<br /> 1990 32,129 643 22,889 4,112 5,771
<br /> Prior Years 7,357
<br /> 21,342
<br /> 24
<br />
|