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Annual Report of Secretary State Highway Department Year 1930

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Annual Report of Secretary State Highway Department Year 1930 Annual Report of Secretary of the State Highway Department Year 1930 Dover, Delaware, January 26, 1931. To the Chairm'ln and Members of the State Highway Department Gentlemen: I submit herewith, for your information and consideration, a report of the finances of the Department for the year ending Decem­ ber 31,1930, included in which are the following statements: (a) Page 57-The budget of the Department for the year 1931, showing an excess of revenue of $977,345.00, which war­ rants a bond issue of $13,962,071.00 during 1931. (b) Page 58-Financial statement as of December 31, 1930, showhg a cash balance of $217,272.2 S and an excess of liabilities over assets of $4,129.45. (c) Page 59-List of uncompleted contracts showing an esti­ mated cost of completion to the State of $169,288.87. (d) Page 59-Federal Aid, showing a balance remaining of $477,938.51; of this amount $9,171.89 was unaIlotted on December 31, 1930. (e) Page 61-Net expenditures, showing total expenditures for the year of $2,913,581.47 with net expenditures of $2,433" 354.01. (f) Page 62-Summarized receipts for year totalling $3,130,· 853.72. 53 (g) Page 63-Summarized expenditures for the year of $2,913,­ 581.47. (h) Page 64-Tabulation showing date and amount of each bond retirement since July 1, 1929. (i) Page 65-Tabulation of Highway Bonds outstanding, totalling $4,245,000.00 with annual interest and sinking fund charges of $282,625.00. (j) Page 6S-Statement of cash paid into sinking fund for amortization of outstanding bonds, totalling $2,051,925.00. (k) Page 66-Tabulation of income from Motor Vehicle Regis­ tration and Title Fees, Gasoline Tax, Police Fines and Federal Aid for the years 1917 to 1930 inclusive. (I) Page 67-Public Lands Account. (m) Page 69--Comparative Summarized Statement of Income for years 1924 to 1930. (n) Page 70-Comparative Summarized Statement of Expendi­ tures for years 1924 to 1930. (0) Page 72-Statement of Income and Expenditures, being the regular monthly statement for December, 1930. It will be noted, in the following statements, that the 1931 Motor Vehicle Registration and Title Fees, collected during Novem­ ber and December, 1930, have been included in the 1930 income. In making comparisons with previous years, these 1931 fees should be deducted from the figures given. BUDGET FOR The budget was prepared as required by 1931 statute and was presented to the Department and formally adopted at the meeting of November 25, 1930. INCOME AND EXPENDITURES During the year no FROM BOND SALES, FEDERAL State Highway bonds were AID, ETC. sold. The income from Fed­ eral Aid, and certain refunds, reimbursements and miscellaneous items, amounted to $395,415.07, all of which was expended for Permanent Road Construction. 54 INCOME AND EXPENDITURES Receipts from Motor FROM REVENUE Vehicle Registration and Title Fees, Gawline Tax, Police Fines, Refunds, Reimbursements, Rentals and Miscellaneous Sales, including the January 1, 1930, bal­ ance of $6,257.98, amounted to $2,735,438.65, of which $509,970.00 was collected for 1931 Auto Registration and Title Fees. There was expended from this, for Maintenance, Highway Police, Fixed Charges, Administration and Permanent and Secondary Road Construction, a total of $2,518,166.40, leaving a balance of $217,272.25. FEDERAL Federal Aid to the State was increased by $243,­ AID 750.00 for the fiscal year beginning July 1, 1930. Added to this i:; $1,634.00 of Hawaii's unused share of 1928 funds, making a total of $611,009.00 which must be matched by funds of the State, from the Federal Emergency Fund of $400,000.00 made available at this time from funds to be distributed during the years 1933 to 1938 inclusive or from both. FIXED Under the plan adopted during the year 1929, CHARGES for placing the Department on a pay-as-you-go basis by cancelling the outstanding State Highway bonds as the funds be­ come available, bonds amounting to $5,685,000.00 were retired during 1930. This resulted in a reduction of $383,545.00 in interest and sinking fund charges for the year. A total of $7,785,000.00 of bonds have been retired during the years 1929 and 1930 and a further reduction is assured for the year 1931. By referring to the Comparative Summarized Statement of Ex­ penditures on page 70, it will be seen that fixed charges for 1930 were 23 % of t he expenditures of the Department for all purposes as against 33 1/3~;) in 1928 and 14ft) in 1924. The Comparative Summarized Statement of Income, page 69, shows the Fixed Charges for 1930 to be 31 ft) of the income of the Department from revenues as against 6370 in 1928 and 14'/rj in 1924. ANALYSIS OF It will be noted from the Financial State- FINANCIAL ment on page 58, that there was carried into the CONDITION year 1931 Assets, consisting of Federal Aid and Accounts Receivable including the Balance from year 1930, amount­ ing to $702,538.70, and Liabilities, consisting of Contracts and Ac­ 55 counts Payable, amounting to $196,698.15. Accordingly, the assets exceed the liabilities by $505,840.55, but without the 1931 Auto Registration and Title Fees of $509,970.00, the situation would be reversed and the Liabilities would exceed the assets by $4,129.45. With the Auto Registration and Title Fees included in each year, there is a reduction of $98,462.39 in the financial standing of the Depart­ ment over a year ago. This should be somewhat changed during the coming year by a further reduction of fixed charges ar;d increased Federal Aid money made available through the emergency fund. HIGHWAY The total expenditures for the State Highway POLICE Police for the year 1930 amounted to $134,127.15 while the income from fines and miscellaneous sales and refunds was $77,675.16, resulting in a net cost of operation of $56,451.99. COMPARISON OF A comparison of funds available, ACCOUNTS FOR THE expenses and balance carried forward to YEARS 1929 AND 1930 the following year, for the years 1929 and 1930, brings out some interesting facts, as follows: The Balance at the end of the year 1929 shows a de­ crease of $228,345.33 over 1928. No income was received through sale of bonds in 1930 against $480,105.20 in 1929, but this is partly offset by a decrease in Interest and Sinking Fund charges of $405,045.00 through retirement of State Highway Bonds, leaving a net decrease in income of $75,060.20. Nothing was received from the Counties on State Aid work in 1930 against $66,341.14 in 1929. This is partly offset by a decrease of $10,162.50 in expenditures for inter­ est on County Highway Bonds, making a net decrease for 1930 of $56,178.64. Receipts from Federal Aid were $131,952.28 less in 1930 than 1929. Income from Gasoline Tax and Motor Vehicle Fees for 1930 increased $179,294.30 over 1929. Expenditures for construction of State Highways in 1930 were $129,766.92 more than in 1929, but this is more 56 than offset by the elimination of expenditures for State Aid Highways in 1930 against $219,131.70 in 1929. The net decrease amounted to $89,364.78. Expenditures for maintenance of State Highways in 1930 were $34,397.63 more than in 1929. From this list, which includes only items in which there is an appreciable difference between the two years, it appears that the net decrease in funds available in 1930 from those in 1929 exceeds the net decrease in expenditures by $257,275.00. The balance at the end of the year 1930 shows a decrease of $298,955.73 over 1929. Respectfully submitted, ALLEN CRAIG, Secretary. 57 STATE HIGHWAY DEPARTMENT DOVER, DELAWARE BUDGET FOR YEAR 1931 ESTIMATED REVENUES License fees of motor v2hieles and operators of same for year 1031 __ . $1,062,000.00 Tax on motor fuels ... _. _ 1,U09,5UO.00 Traffic police fines 50,UOO.00 Title fees 32,50U,00 Total estimated revenu~s _.__ _________ $2,154,000.00 ESTIMATED EXPENDITURES FIXED CHARGES: Interest and Sinking Fund: Bond issues of 1922, 1023 Intel-est at 4% % and sinking fund charges at 2%r/o or 7(/0 011 . •• ..• _•• ~ _ ~ 1,340,000,00 $ 03,800.00 Bond issues of 1922 1 21,. 25, 26, 27, 2H 2~ Interest at. 4'k amI sinking- fund charges a t 21/~ (;'0 or 6 ~i2 j{, on 2.UU:;,00O.00 188,825,00 --_._---­ Total bond is:~ues at 12/31/:JO _ $ 1-,245,000.00 ------ Total interest and sinking fund on St.ate IIig-hway bonds year 1931 (exclusive of any bonds which IIlay be issued in 1931) _ 2A2,fi25.00 Int.erest on County Hig-hwav bonds a," required by Chap. Oii (Vol. 3;"'5, Laws of Dela\var<,) New Castle County 120,730.00 Kent County 91,112.50 Sussex County 12R,fiA7.50 319,530.00 n:12,1;,)5.00 MAINTENANCE OF ROADS: State Hig-hways, ('umpleted or under contract, ~10 miles at $350.00 2~:I.;"lOO.01) State Hig-hwayfO propose<], 70 111iJes at $300,00 _ 21,0011,00 Plant and equipment a:i,OOO.OO 3:;0,500.00 ORGANIZATION: Salaries not f'har~enble to particular work, expenses and incidentals; equipment nnd sBpplic~ 10.000.00 J,eA'al _ 5,OUO.OU Traffic Police 110,000,00 lR5,OOO.OO ----- Total e~timated expenditures $ 1,170,65.>.UO EXCESS OF llEVENUE ~'Olt YEAR 1031 $ 077,345.00 EXCESS Of' HE VE~lJE.
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