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WEDNESDAY, APRIL 17 "Participate w B«lly Gregory To On WSB Program Thursday Billy Gregory of Griffin will or.e of five high school students tak ing p rt on the Georgia, Citizens’ Council weekly WSB radio bout 50 per cent adults, have fate of <fton$ia, STATEMENT of condition .MyCH \ 31, 1946 CASH AND. CASH ITEMS t (I $ 29.96S.126.Hj A Cash on deposit in State Treasury.. , L «l» fund Has been .e.K.eU k, Slalement el Slate Tieasuier. Under Ike prei » nt laws. Here it one i r A m Ike T.e.wry and this i, sebiccl to dist.ibelien by Budget Bure. . . m conlorm.t, w.th au her,,, Nans ot the Cener.l Assembly and the lends new held in the State Treasunr ha.e been distributed in Budget Bureau for various purposes as shown in the liabilities s,s lion ot this Statement. Cash in hands of State Agencies................................... ••■•••• •llllt 17,m,1*2.00 This is the aggregate amount ol Ihe balances held by all State Agee e ei and represents lends that km been accumulated by the agencies. These funds have outstandir. * obligations against them as reflected in the Liabilities section of this Statement. 2.288.4S2.99 Cash due from U. S. Government on*Reimbursement*.....i ••••••............ • Under several Federal programs, the State advances the funds to meet ex.l ?nditures *®. r w ' v,c * s are reimbursable from Federal funds.—Forestry Dept., Education Dept., G awe and Fish Pept.. High Dept., and University System. ’ * way Total Cash Assets 550,075.461.43 \ CURRENT OPERATIONS the State Government, „ , obligations ,,, . . incurred ■ Under the present laws controlling the financing of *any that which are not within the approved budget arc illegal, therefore, it is «ece*S| ry agencies report afl Hems of commitments. $ 4,230,818.30 Accounts Payable and Purchase Orders Outstanding......... ....... keeping .•■•••••■' the State Current brill outstanding unpaid and purchase orders in process are necessari in Departments, Institutions and Schools functioning. Budget Bureau repeater Hr insists that all *c counls be hep* on not more than a 30 day basis and that cash be hep* onUhand to liquidate the accounts promptly. 1,964,556.80 ! Building and Equipment contracts in process.............••• ••• • • • the ;■ y Agricu v *,• * At th e dale work in protest for implement ol the Slate fraci'ities is $ 124 S83 .8» by lure Dopt markets: S55.000.00 lor acquiring property around Capitol in mprmemenls at on S,>,c '"“''.“'""li State Parks; 11 SO 207.0* (or improvement Health Dept, properties; and 525.0,07.63 several small mainly Miltedgcville Hospital; 5670,740.46 at University Branches in Highway Work in process.............................. 11,204,283.31 ®£»I'iV.Ia Ct.J. . Highway const.ucticn work approved on Budget and ir. n r be iqu.dat.d by State wkKh the Federal parlrcipalbn is 56,167,456.09, leaving $8,509,565.80 to k SV funds; Highway Ms.nlcr.aMe be liquid,ted wsrk by spproved Stale funds. on Budget The 58,509,565.80 1" SW. ""**2 I^ * , • « « n ; all of which ,s to required tor maintenance the imas rit Itrucl.cn and Ihe 52 694,7)7 51 Slate Funds is Thij fund has no reference I© the State Funds required to match the balance of tike accrued Federal Funds available to the State for Highway construction. Total Liabilities against Cash for Current^Oper.tions........................ 517 . 399 , 651.41 ~ 8ESERVE FOR FUNDS HELD IN TRUST . Several o( the Stale Agenciet have in their cash balances, funds that were paid ib NMfIMe p« yeses and ate not available lor any Other purpose and cannot be considered as wee lends loe the general operation of the State Government. 5 2.579,659.26 Teacher Retirement Benefit Fund.................... This lund is accumulated under Ihe law from contributions by teachers »"d the Slate of Georgia. Ot this reserve 52,106,65890 is invested in U. S Government Securities, $ 261 , 624,75 „ c«., m hands ol trustees, and $211,375(1 is due from Slate Treasury. / Advance payment for Services........................................... • 143,099.07 The reserves lor this account are such funds as are paid Agencies «f the State *yadvance and it the service is not rendered Ike funds are to be refunded, $50,464.13 Dept, ol Education, $84,932.96 University Branches and $7,701 58 in miscellaneous items. 1,446,148.35 Federal Fi;-.ds Advanced to State.................... -'•••• ........ expended j• (or ...... specilic Under several Federal Frograms, funds are advanced to the State to be purchpres. this amount $216.572 is the 28 DepL one,pended of EducAhon, cash balance^! $75,020.23 these Depf. funds of Public whKh H**^* arw termed $630,346.77 M b. held in reserve. Branches and $19,813.51 Dept. <* Labor. Public Welfare Beneftts, $504,39^ 56 University 543,151.21 Auxiliary Enterprises University Branches.................•■’..... Balance n( funds reali.ed and on hand at the University Branches from the operatro. ol dormitories, dining halls, laundries, stores, athletic associations, etc , which ate not considered as available tor the general operations of the Sta f e. 5,377.95 Ljnd Title Guarantee Fund........... ................................. Required’under Land Registration law to be maintained. Total Reserves of Cash for Funds held in Trust 4,717,435.84 IESERVES FOR SINKING FUNDS These reserves were provided when State activity was curtailed by war efforts and did lot in any wanner hinder the proper operations ol Ihe Stale Government. The maintaining ot the retenres now allow the funds that would have been required from each current year s '“""''JH 1 ** obligations, to be used lor services other than debt payments. The elimination of the SZ,650,0W» yearly requirement to pay highway bond* has made it possible to increase tho feeds lot the mate, tenance of roadt by the annual amount #1 $3,000,000 00. The tame condition J W>!*4 '• *>>• $540 OOO 00 released annually fo, lh. W 6 A Rental Redemption etc. The reserves listed below completely covert every item ol future maturing debt owed by the State at this time. If Ihe Hospital Authority. Stale Forts Authority or obligations at a later date by itiumg bond! or revenue certificates, it will be so reported. $ 932.202.17 Sinking Fun<J—Ccneral Stafe Bends........................................ This is sufficient cash reserve to liquidate all outstanding General State Bonds »nd can be paid by i jiuly 1. 1946. however, redemption these against are whicH $68 500 00 of funds the bonds held. with past due dates that have not b«en presented for reserve are Sinking Fund—Highway Refunding Bonds...................... ■••••■ ---- • 5,415,000.00 $115900 00 of the Bond, due and payrblc March 15. 1946 have not been pretented for redemphon The balance of the Sinking Tend it hclf to redeem the $2 650,000 00 in Bonds due March 15. 1747 and $2 650.000 00 in Bonds due Much 15. >948 This completely liquidates thrs ^ nest It necessary that this reserve he maintained as the failure will require the use of $2,650,00000 is 1947 and 1948 for this The amount of the of the current income in each of the years purpose. current revenue in each of Ihe years n needed to maintain the present stepped-up maintenance bf roads program. 2,047,000.00 Sinking Fund—W & A Rental Distount Warrants.....................• ...... This reserve pro.rdes for the payment of $22,000.00 i- -arranl^wah past due dates winch have not been presented for redemption and tor |he payment of $45 000 00 due on the first day of each v Moth beginning Apr,I 1. 1946 through December t. 1949. The providing; of this teserve also re based $540 000 00 of the current revtrue each year to be used for State Services rather than debt retirement. The amount of this reserve will completely liquidate this item of indebtedness. Sinking Fund—Hospital Authority Rentals....... ’ • * * * * * 61,753.71 * The payment of this amount of rental! fo the M.llcdgeville State Hospital Author.ty will enable the Authority to completely liquidate its indebtedness on September «, 1946. Total Reserves of Cash for Sinking Fund % 8.455,955.81 RESERVES BUPCET REQUIREMENTS 511,333,274.40 For Matching Accrued Federal Highway Funds.............................. This reserve includes $353 631 40 to natch the balance of Federal load Funds accrued prior to July 1 1945 and $10 979 643 00 to mat h the balance of Federal Road Funds accrued to the State on July 1 1945 It is essential that these'funds be held in reserve if the State is to receive the benefit of the present road program as there will be an additional $11,581.025 00 accrued to the effective July I. 1946, which w.ll require matching by State Funds. The financial operations of the State w II be seriously effected if the State does not maintain reserves in step with the availability of the Federal Funds. Without this reserve for this year s Federal Funds, it would require $22 914 299 40 of neit fiscal year's current income to catch up the program instead of the normal % $11 581 025 00. This condition jv. uld work to the detriment of other State services. The General Assembly in its 1946 Session directed that $11,581,025.00 be provided each fiscal year for matching the Federal allotments for ro?Js. For Maintaining Atd to Schools........................................... 1,568,160.90 This fund is to cover the arcrued liability of the Schools against State funds for the past three quarters From the $21.948 OK) 00 appropriation to the Dept, of Education for the fiscal year ending Me 30. 1946, the schools at • entitled to $16,461,000.00 for the three quarters; they have utilised $14 892 839 10. leaving the balance as an accrued liability against the State * income alieadif received. The reason for thv, being that the feilk ot the School Equalization Fund » held tor p*» \ went to school* in April and May. For Revolving Fund of Agencies............... •••••"'...... 3,956,250.00 It is absolutely essential to the good financial operations of the State that each month be ended with sufficient free cash on hand to meet the payments due the State Agencies on the first of the month immediately iollowmg A, an example, the State Revenue Dept which collects 95% of the State s revenue will not remit any of the April collections to the State Treasury before the 15th ot April, yet the disbursements to the State Agencies in the first ten days of April have been 54 449 485 17 which is more than was anticipated on March 31st. This condition repeats itself each month. for Income Equaliulion Reserve...................................... • ■ • 678,087.68 Tbit represents- the net amount available after providing the above veterval. A balanca n maintained a, this fund for the purpose of maintaining an equaliiation between low and hrglt rncotna perrodt si the Stafe and the balance new available n tar front being sufficient. For years the State Incoma for the period January fo |unc ha. been 10% high., than foe the perrod july to December and experience has taught ut that uniats by |un. 30th ef each year there hat bean accumulated 5% of the income from the high income period to carry over to the low income ponod, the State had to invariably borrow approximately three and one half million dollars to be in posn.en to pay its obligations and then sometimes could not pay them. Therefore, thit reser.e_.muir be i.c.ased to approximately 2 to 2'a million by |une 30th <* th.s year. This is now more important than ...r the State hat the additional 1V, million dollars to pay on August teacher* salaries at authorised as 1946 session. by Ihe General Assembly in its Total Reserves ol Cash for Budget Requirements........ •••••••• .......*17,535,772.9* Total Account* Payable and Reserves *48,108,823.11 Stvtflluo SURPLUS: Cash Over Accounts Payable and Reserves t'l University Branches ....................... * 1,508,174.24 Highway Department ..................... 134.276.97 Public Welfare Dept.—All Division 84,849.05 Education Department........... 51,554.22 Forestry Department ............ 42,743.17 40 Other Agencies.............. 138.039.97 Total Surplus .................................................... % 1 , 966.638 32 !•) If i* nec*«*py to point out that the Surplus reported for the University Branches as of March 31, 1946 is methematically correct, however, in making the Statement it was necessary for the Regents' office to include as accrued income available items aggregating $1,181,642.79 which »re due from the U. S. Government, mostly from the charges made for the entrance of veterans i, in the colleges. It is understood that it will take 60 to 90 days to vealiie this money. Tho Regents have drawn most of the State fundi for the year and the failure to receive the Federal v. funds promptly will cause the colleges to be hard pressed for cash with which to operate. 0CX Uficatc I, the undersigned. Stile Auditor of Ihe Stale of Georgil, do hereby certify fhif tho foregoing Statements art trsia and corraet state roents of fhe financial condition of tht Staff of Coor|if on tht date of March 31, 1946, at computtd from tht bud(otary document* file in the office and open to public inspection. C. ZThwIt**, ci SB. »• I Ibis, th. 12th day of April, 1946. Stato Audit™ I r Thursday night at 7:30. Direct re sults of the series of Youth Forums being conducted by the Council’s Youth Division and the Georgia Federation of Women's Usubs will be discussed by the high school stu de nts. Twenty-five hundred persons, a the firt t five Youth Forums conducted during the past month in Griffin, Gainesville, Cedartown, and Athens. Partici pants Thursday night will be from these cities. -In addition to reports on the fo rums, topics on the program will iInclude -What Is Youth’s Respon ^ sibility to the Community, ‘ What (mm (cmncm NEWQ the Community Owes Youth," and "What Recreation Can Do for the Community.” Mercator projection maps were the invention of Gerhard Kremer mathematician and cartographer ol Flanders. Mercator was his Latin name. PAGE THREE HENDERSON'S SEE i • • Hxdtincj flew Health] fjtfi Homed! i * *1 j* I y i f 4 t w as*- 1 v • IB $ i m 1. 4 - V \ mi-- i I mm &■ % • f« * I 0j l 4 i ' : 14 t t ,\r m t V..... Mm < * I w* ; f +" * W f COMPLETE! 4. 4-Piece \ ‘ ^ ■ t BEDROOM t • \ GROUP f £5 V This handsome Waterwall Suite in walnut vent : cm f ' if ers—Nice is Waterfall a worthwhile Vanity Panel Bed—Large. with buy large at this round Roomy price. plate Chest, You glass of get mirror Draw- the $ 117 50 and Vanity Bench Special — This Week Only MBBMHIM Wmm f I - 'll SI if } 4 m i ft : V M * w ■'f' ;» </• im w t v 1 m * *1 ■* * ' . i 9 PIECES | 1 ff * Jr Genuine Honduras i MAHOGANY DINING ROOM GROUP JUst the suite for the more select home, A suite thnt you'll be proud of for years to come. You will appreciate the large breakfront china and th'* big roomy credenza buffet with serpentine front - - Large banquet size Duncan Phyfe table - - Arm chair and 5 side chairs upholstered In figured broca telle. ■ ;: .i * vn" I ' rr % J# % * 5 S 3 f m •iU-. / |r^. V.v - / Mm % 4t‘ ; «; W1 v 1 4 ym * % Ifl "TO \ ■ * LIVING M SUITE sir. 2-Pc. 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