THURSDAY, AUGUST 31, 1333 THE FRANKLIN PRESS and THE HIGHLANDS MACON IAN PAGE THREE 4 HE PORT ON AUDIT Fiscal Year Ended June 30. 1933 , lACON COUNTY North Carolina Charlotte, N. C, July 31, 1933. Board of Commissioners, Macon County, Franklin, N. C. Gentlemen: J Pursuant to engagement, we have audited the accounts of Ma con County, North Carolina, for the fiscal year ended June 30, 1933, and beg to submit herewith our report thereon, consisting of the following Exhibits, which, in our opinion, reflect the true .fi nancial position of the County as of June 30, 1933, and the result of its operations for the year end ed that date : 1. FINANCIAL POSITION Exhibit I, presents a detail analysis of the financial position of the County, including all school "funds. A-brief -condensation sum marized from this exhibit would appear as follows: Total Assets .......... . .$252,992.93 Total Deferred Charges... 10,599,38 New 1933, bank to County $263,592.31 Total Liabilities and Operating Reserves .....$106,974.90 Combined Surplus Accounts 156,617.41 $263,592.31 A further summary of the sur plus accounts reflects the following I General County $ 9,153.64 Special County 703.97 General Debt Service.. .. 20,883.09 Special Debt Service 78,643.20 Special Roads 11,095.77 9,390.50 General Schools . . .. -Special Schools-, r 26,747.24 $156,617.41 A reserve amounting to $47,382.47 has been set aside to provide against the final settlement to be made with the Tax Collector cover ing the years 1925 through 1930. This reserve to provide for losses originating through tax releases, errors, insolvents, commissions, etc. Any excess over this amount will necessarily be prorated over the various funds of the County, in cluding the school funds, as their interest may appear. This settle ment is to be made as quickly as your Board finds the time con venient to goi over the entire list of uncollected taxes and approve the releases Jound therein. The settlement should further be held in abeyance until such time as the disposition can be determined of the unseated land sales certificates more specifically referred to in he iu'ditnrebo'rt coVering"the Tax Collector's accounts. " With the -present status-of-the Tax Collector's accounts as de tailed in audit report covering this function,' the tax collector over paid th accounts "to the extent of $1,986.61, which has been set up -as . a liability subject to and con tingent with the procedure relative -to the releasesunlocated land sales certificates, etc. 2. DELINQUENT TAXES A summarization of the delin nuent tax accounts is as follows: 1925 2,261.39 Bank & Trust Company of York City, dated January 1, there is a balance at this the credit of Macon amounting to $26,565.10. This money should only be dis bursed in the liquidation "of debt service in default, and the bank should be notified to pay out this money only upon duly authorized lists of debt service in default. A copy of these lists or statements should be forwarded to the Secre tary of the Local Government Commission, who could, in all probability, render assistance in having the coupons or bdnds, or both, presented to the Central Han over Bank & Trust Company for redemption. 6. COUNTY HOME You will note among the De- f erred Chafges'County-Home" $5r 000.00." This item covers a. trade whereby the old County Home property was traded for new prop erty, the County paying a differ ence of this amount. Inasmuch as this part of the purchase price is being liquidated through the op erating funds and not through cap ital bond or note issue, it is a proper charge to deferred charges. 7. BUDGET AND OPERATING POSITION Exhibit III reflects a detail of the budget and operating position for the -year. This statement re flects a very creditable showing, iridicatrngj-of-jcourser-that-the af fairs1 of 1 your Countv are beine conducted in a very efficient and economical manner. - A summarization of the budget and operating position follows : Total Requirements for the Year .....$ 74,525.00 Total Revenues Realized 79,430.56 8 DEBT SERVICE IN DEFAULT Debt Service in Default at June 30, 1933, was: Principal $ 8,500.00 Interest . . 49,680.00 $ 58,180.00 9. BONDS Total bonds outstanding, after the default of $8,500.00 has, been de ducted, amounted to. ... .$972,000.00 From which is deducted. . 315,000.00 Or a balance of ......... .$657,000.00 The item of $315,000.00 represents the issue of road bonds that has been assumed by the State High way Commission until such time that a loan to the Commission of $300,000.00 has been f liquidated. 10. SURETY BONDS The status of the surety bonds remains unchanged from that of June 30, 1932. Refer to audit re port as of that date. 11. BOOKS AND RECORDS We desire to compliment your County Accountant- for- theexcel lent manner in which he is han dling the accounts and records. These accounts were found to have been handled in a most satisfac tory and pleasing manner. . - 12. CONCLUSION With the exception of the de linquent taxes, the financial and operating position of your County reflects a very creditable showing. The future of the debt service in default depends largely, and prac tically conclusively, upon the col lection of the greater part of the delinquent taxes, including, of course, the land sales certificates. We would recommend that im- School Vouchers Withheld by County . Accountant 9,659.54 19,206.54 TOTAL LIABILITIES AND RESERVES FUND SURPLUS General County Fund $ 9,15X4 Special County Fund 703.97 General Debt Service Fund ............... .. 20.883.09 2. CO JNTY ACCOUNTANT 103 S; i;irv --CiiUiity Accountant.. 103a Salary Assistant $100,974.90 201 Supplies ,202 I 'riming and Stationery .$ 1,620.00 600.00 200.00 . 50.00 $953.00 437.50 69.IJ9 TOTAL COUNTY-WIDE SURPLUS. '..'$ 30,740.70 Franklin Debt Service Fund. .$ 45,289.76 Nantahala Debt Service Fund.. 21,761.59 . Highlands Debt Service Fund.. 11,591.85 Franklin Roads Millshoal Roads ........ Ellijay Roads .......... Sugarfork Roads Highlands Roads ....... Flats Roads ............ Smith Bridge Roads . . . . Cartoogechaye Roads . . . Nantahala No. 1 Roads Nantahala No. 2 Roads . Burningtown Roads Cowec Roads ;. 4,618.03 275.27 585.44 431.50 936.35 177.92 890.58 704.03 384.25 735.51 529.28 827.61 78,643.20 11,095.77 General Schools: Current Expense Capital Outlay .. Debt Service . ... District Schools: Franklin ... Highlands , ... . Union 7,261.63 541.89 1,586.98 ,.$ 11,969.40 , . 5,505.07 690.40 9,390.50 mediate steps be taken to .appoint" a delinquent tax collector who will proceed with promptness' and dis patch ; to. collectj'vcry dollar of the accou n t s -1 h a t .it J s pos sibletu, jcqI lect, the proceeds' of which are to be applied upon the debt service in default in the order in which it matured. REQUIREMENTS I We would also recommend that BUDGET SURPLUS ... $ 4,905.56 all effort possible be immediately Total Appropriations for j put forth toward the collection of the Year $ 74,525.00 monies due the County, on the Total Expenditures and ' notes receivable hereinbefore re Commitments 72,789.13 fcrred to. ' We further recommend that the APPROPRIATIONS office of the Clerk of the Coun Iotla - 961.55 Holly Springs ..' 393.60 Higdonville . . . Salem Pine Grove . . ' Clear Creek . . Mulberry HickaryJKnoll. 405.87 772.01 493.17 321.35 519.49 624.94 3. COURT 108 Salary 205 Furl . ; 239 lanifnr's $ 2,470.00 AND GROUNDS $ 180.00 ; 25.00 Supplies ............ 50.00 HOUSE -Janitor 303 Lights and Water 312 Repairs 317 Insurance , 100.00 25.00. 150.00 $ 1,459.59 $ 1,010.41 $ 197.50 51.00 153.59 ' 174.43 171.66 120.00 4. 201 REGISTER Supplies , OF DEEDS $ 530.00 $150.00 5. SHERIFF 123 Capturing Stills $75.00 128 Fees and Costs . 500.00 201 Supplies 25.00 309 Conveying Prisoners & Insane 400.00 $874.18 $ 10.71 $ 35.00 553.00 7.75 , 658.91 -$344.l: $ 139.29 6. HEALTH 103 "' Salary-Health ' and Welfare. 131 'Salary Coroner $ 1,000.00 $ 1,254.66 -$254.' $750.00. 11X1.00 $ 262.25 331.95 7. FARM DEMONSTRATION 103 -Salary-Farin Agent .$ 201 Supplies 'Agriculture Fair $850.00 1,080.00 $ 594.20 1,080.00 , 15.00 25.00 $255.:u $ 1,080.00 $ 1,120.00 TOTAL GENERAL FUND $ 12,500.00' $11,828.30 -$40.00 $731.70 "B" SPECIAL FUND 1. PAUPER 103 Keeper County Home 212 Medical 317 Insurance ;.. 321 Burial Expense 326 Outside Aid ....$ Academy Otto .... Slagle . . . Acquone Beecher . Mountain Chapel . . Grove 315.97 r. : " 487.62 1,476.55 . 767.62 -zzrz 642,83 - I 16.57 383.23 16,747.24 156,617.41 TOTAL LIABILITIES, RESERVES AND SURPLUS. $263,592.31 BUDGET SURPLUS... .$ TOTAL OPERATING AND BUDGET SURPLUS ..,........,..$ 1,735.87 j be audited and the affairs of this 'office be put in order. I Respectfully submitted, I R. C. BIRMINGHAM & CO. 6,641.43 By R. C. Birmingham, CP. A Jf- EXHIBIT I Financial Position MACON COUNTY, N. C. June 30, 1933 r ". " Assets and Deferred Charges CASH ON DEPOSIT " Bank of Highlands Closed . . . ."77777 " First National Bank of Waynesville. First National Bank of Waynesville Federal -Relief-Contra . $' 501.85 549.67- 2,083.19 .,..$ 3,134.71 1926 1927 1928 1929 1930 16,365.53 8,257.81 26,026.49 29,555.75 39,770.81 $122,237.78 Sundry Delinquent Taxes $ 995.72 Land Sales Certificates.. 18,314.38 -: " $141 ,547.88 LESS : Reserve for Final Settlement Delinquent " Taxes 47,382.47 DELINQUENT-TAXES REGUIARJ777 1925 '...$ 2,261.39 1926 16,365.53 1927 8,257.81 1928 26,026.49 1929 29,555.75 1930 ............. 39.770.81 $122,237.78 DELINQUENT TAXES SUNDRY Franklin Township $656.02 Ellijay Township 339.70 995.72 LAND SALES CERTIFICATES 1925-1926 on File $ 6,251.70 1927 on File 6,597.51 1925-1926i;nlocated 2,293.07 1927 EXHIBIT III Budget Position MACON COUNTY, N. C. June 30, 1933 REVENUES AND REQUIREMENTS A" GENERAL FUND 901 Taxes 932 Copper Sales 933 Sundry Surplus to Balance . Budget Realized Budget Surplus ,.$ 9,000.00 50.00 150.00 3,360.00 "B" 901 919 933 $ 12,560.00 SPECIAL FUND Taxes : $' 0.000.00 Court Costs ... m.w 1,500.00 .... Forest Reserve Fund i,iaj.uu $ 10,591.46 225.00 3,360.00 $ 14,176.46- $ 8,067.98 $ 1,616.46 .1,800.00 150.00 36.00 300.IX) 714.00 1,404.49 480.15 52.60 520.05 719.62 $ 3,000.00 $ 3,170.91 - 176.91 COURTS 116 Salary luvende Judge .. 119 - Court Stenographer T2 rJ u roTaiT T Wi f tie ssTee ST. 124 Court Costs ... 202 Supplies . $100.00 500.00 3,500.00" . 2,500.00 . 300.00 $ 6,900.00 3. JAIL 131 Jailer and Supplies .$ 1,000.00 317 Insurance .................... 25.00 312 Repairs . . 25.00 $100.00 372.50 3,113.82 348.67 $ 7,824.54 $ 1,258.34 48.99 $924.54 $ 1,050.00 $ 1.307.33 -$257.33 4. FIRE PROTECTION ........ $000.00' $4o074. $139.26 TOTAL SPECIAL FUND : .$ 11.550.00 $ 12.769.52 -$1,219.52 "C" DEBT SERVICE FUND 801 Bond Interest Ikiid and Accrued- .......$ 41,915.00 804 Maturing Bonds Paid and Accrued 8,500.00 urplusTCT Balance 2,350.00 "" 325.53 2,350.00: "C" DEBT SERVICE FUND 901 Taxes General Franklin $ 11,550.00 .$ 'lOJ-U.Sr -$K()6.49 Highlands Nantahala $ 45,896.34 5,257.41 " I.33O.35-2,026.49 $ 50,415.00 $ 54,510.59 $ .4,095.59 TOTAL REVENUES AND J REQUIREMENTS - $ 74,525.00 EXPENDITURES AND APPROPRIATIONS "A" GENERAL FUND 1. GENERAL GOVERNMENT Budget $ 79,430.56 Expended $ 4,905.56 Budget Surplus . TOTAL EXPENDITURES AND APPROPRIATION'S $ 50,415.00 .$ 74.5251XL $ 39.091.31 - 8.500.00 $ 48,191.31 $ 72.789.13. $ 2,223.69 $ 1,735.87 BUDGET SUMMARY Revenuesnd--4'i-equirMiK4v4sT Expenditures and Appropriations. .$-74.525.00 $ 79,430.56 $4.905.56 . 74,525.00 72,789.13 ... 1,735.87 EXCESS OF REVENUES OVER EX PEN DITUR ES-AND-. D,S. DEFAULT BUDGET SURPLUS .$-6,641.43. .$ 6,641.43 EXHIBITVII NET DELINQUENT TAXES .$-94,165.41 3. CURRENT AND SEMI-CURRENT TAXES Due to present day "economical conditions, we refer to 1931 taxes as semi-current. A summarization of the current and semi-current taxes are : 1931 .....$ 42,647.23 1932 69,654.22 Unlocated 3,172,10 18,314.38 DEDUCT Reserve for Final Settlement Delinquent Taxes 7. . 7; .... . L$L41f547 47,382.47 94,165.41 CURRENT AND SEMI-CURRENT TAXES 1931 ;.- $ 42,647.23 1932 '.-.... 69,654.22 NOTES RECEIVABLE Liquidation Account Bank Sinking Fund Investments. of Franklin $ 34,007.96 ................. 9,383.40 112,301.45 43,391.36 , $112,301.45 It is our understanding that your Board will require a final settle ment both on 1931 and 1932 taxes on the first Monday in October of' this year. 4 NOTES RECEIVABLE The total Notes Receivable Ac count amounts to $43,391.36. . $34, 007. of this amount represents notes accepted from the Bank of Franklin at the time this bank rinsed to function prior to the re- vrtra ni ation. " The remainder, -aniountinfrlo. $9,3H3.40,Js . composed of sundry notes receivable rcpre- .;Cntiiig money loaned several years a:. to various parties which was se-ured by real estate mortgage :;tH'-stocks and bojidsThese uotes rrc all past due and should be col lected, along with the notes ac-rp- teil from the Bank of Franklin. We are not in a position to pass unon the value and collectibility of the notes. You will find a detail of the notes referred to above incorporated into our audit report of June 30, 193J. , 5. DEBT SERVICE CASH . According to bank statements re ceived from the Central Hanover 4, DEFERRED CHARGES Commission Advances to A. B. Slagle Sheriff-fTreasurer Pending Final Settlement 1931 and 1932 Taxes ,..,;.$ 5,559.70 Returned Checks Chargeable to A. B. Slagle 39.68 County Home Purchased Through Operating Funds 5,000.00 101 102 111 112 113 125 $300.00 500.00 300.00 1,750.00 County Commissioners Clerk to Board ... County Attorney .. Election Expense Tax Listing and Preparing Books : " 2,000.00 Audit 750.00 127 Vital Statistics' T7r.TT: 202 Printing and Stationery $451.15 421.86 64.33 1,232.74 ' 2,315.50 750.00 239eSefarSuwes-TTTT 240 Tax Supplies 301 Advertising ......... 307TraVe"l-"77:. 320 Awards and Damage 323 Tax Refounds 50.00 50.00 150.00- 150.00 50.00 400.00. . 274.77 0.88 10.00 108.38 V 1H0.31 18750 DEBT SERVICE CASH ON DEPOSIT With Central Hanover Bank & Trust Company, New York City June 30, 1933 Per Statement of Bank as of January 31, 1933 .....,..$ 300.00 177.75 333.79 NOTE $10,500.00 , of this ' amount was to apply against Debt Sxrv". 2,100.00 2,100.00 2,100.00 2,100.00 2,340.00 595.00 3,120.00 110.00 3,850.00 -5,350.00-- JO - 1,500.00 $80,000.00 which Were never issued. $ 6,480.00 $ 6,514.96 -$34.96 TOTAL - $ 26,565.10 DEBT SERVICE CASH Central Hanover Bank & Trust Co., N.Y.C. $26,565.10 LESS-Reserve for Debt Service Cash...... 26,565.10 10,599.38 .00 EXHIBIT VIII Bonds MACON COUNTY, N. C. June 30, 1933 ; DEFAULT TOTAL ASSF.TS AND DEFERRED CHARGES , .$263,592.31 T T -3,604.38 Liabilities, Reserves and Fund Surplus NOTES PAYABLE . " Rebecca Ramseyon -Demand -JJ... $ 4,450.00 ACCOUNTS AND NOTES PAYABLE . Purchase New County Home DEBT SERVICE IN DEFAULT Matured Unpaid Bands and Interest RESERVE STATE SCHOOL TAXES 1931 ,.........$ 7,175.36 1932' 10,288.82 CONTRA RESERVES 58,180.00 17,464.18 h DATE 5 1-1-28 Su 1-1-29 6 1-1-24 6 2-1-22 6 8-1-23 6 8-1-14 5i 3-1-26 5. 3-1-26 6 3-1-21 DESCRIPTIVE MATURITY PLACE PAYABLE. AMT. Federal Relief Fund .; !N ACCOUNT WITH C. L. INGRAM, TAX COLLECTOR Subject to Final Disposition .Tax Releases and Unlocated Land Sales Certificates ' COUNTY SCHOOLS OPERATING RESERVES School Debt Service 'in Default 9,547.00 2,083.19 1,986.61 6 3-U6 6 9-1-09 W 4-1-25 6 4-1-14 92 10-1-24 11-1-26 6 11-3-21 School Funding Serial School and Road Funding. . Serial Road and Bridge, Nantahala Township Franklin Graded Schools.. School Notes P. FYanklin Township Roads Road and Bridge Road and Bridges. Franklin and Highlands- -Tw n sh i p Roa ds, Jlighlands Schools . - Franklin Schools Central Hanover B. Ceuaral Hanover. B & T. Co. $42,0O0.(X) . & TJCc. 100,000.00 I'ULNCIPAL $2,(HX).00 TOTAL BONDS INTEREST TOTAL & DEFAULT $2,075.00 5,500.00 $ Central Hanover B. &. T, Co. Central Hanover B. & T. Co. Central Hanover B. & T. Co. Central Planovcr B. & T;- Co. J-1-.Vi-56 Central Hanover B. & T. Co. .3-1-44-56 Central Hanover B. & T. Co. .Serial . .Serial . Serial .8-1-24 2,irt:oo 39,(KK).00 12,(KK).(K) 00,(HIO.tK) 1S,(,KK).(K) 57,0(K).OO -2,000.00 2,lXX).00 . 1,500.00 ,.3-1-41 3-1-36 JSeriaL . . . . 4-1-55 4-J1-44 Roads and Bridges Franklin Township Roads Roads and Bridges. . . . . r Roads and Bridges. ...... Roads and Bridges... Road Bonds January 1, 1924, SlA $80;000.00 found to be . unissued. ISonds as Shown ' LESS Road and Bridge Bonds Assumed NET COUNTY OBLIGATION ......... Central Hanover B. & T. Co. 20,000.00 Cent7arHalioverBr& T. Co. 6.00010 Central Hanover B. &'-T.-X.-:A0()0.(X) Central HanorerB7 &-T7Co775,0(K).rt) Central Hanover B. & T. Co. 30,(X)0.00 240.00 2,460.00 765.00 4.980.QO ,'1,485.00 4,702.50 1,81X1.00 540.00 4,075.00 5,500.00 -2,240.00 -4,4o0.00 2,205.00 4,980.00 1,485.00 . 4,702.50 1,800.00 540.00 $ 44,000.00 100,000.00 -4.000.U) -41,(XXJ.O0 13,500.00 60,000.00 18,000.00 57,000.00 .10-134-54 Central Hanover B, & T. Co. 90.(H..I.(H) -Serial Central Hanover B. & T. Co. 315,000.00 11-3-41 ! Central Hanover B. & T. Co. 11X1,000.00. $972,000.00 by State.... 315,000.00 XOOO.OO 600.00 1.600.00 - O.1S7.50 . . 6.1S.50 . 1,920.00 1.920.00 7,425.00 ' 7,425.00 Assumed bv State 9,000.00 9,000.00 -20,000.00 6,000.00 7,000.00 -75.O00.O0: 30,000.00 90,000.00 315,000.00 100,000.00 .$657,000.00 ' $972,000.00 $ 8,500.00 $ 49,680.00 $58,18t).00 $980,500.00