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<br />Financial Status <br /> <br />The tabulated budget figures below shem a slll1ll11ary of j.ncome and <br />expenditures for the years of 1974 and 1975. The water rates for <br />these years was $3.00 per month for residences, $2.00 per month for <br />firemen and $5.00 per month ior users outside the town limits, on <br />July, 1976, the rates were increased to $5.00 per month for residences, <br />$4.00 per month for firemen and $.7.50 per month for users outside the <br />tOvID Jimi ts . <br />The bond expense ShOlID on the last line will be retired in 1984 <br />at $2,000 per year annual payment. There is a potential increase <br />:l.n income from the 1975 budget figures to the 1976 figures on ad valorem <br />taxes. The County Assessor has increased the property va,luation which <br />will increase income on ad valorem taxes. This increase, however, will <br />be limited to a maximum of five percent. <br />There is no expense, use rate or replacement allowance shown on <br />this tabulation for the town's backhoe whiCh is used by the water <br />department frequently for line repairs and tap installation. Our, <br />tabulations for future budgets need to include this expense. <br />The ACcountant's Reports for the 'years 1974 and 1975 are located <br />in Appendices B and C of this report. <br />