USA > Massachusetts > Norfolk County > Quincy > Inaugural address of the mayor, with the annual report of the officers of the city of Quincy for the year 1935 > Part 7
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122.50
Commissions-T. S. Burgin, Agent 13.20
Commissions-T. D. Curtin, Agent 13.20
Taxes on land in Braintree
20.88
Attorney's Fees-Land Sales
26.50
Accrued interest on purchase of bonds
204.16
742.59
Expenses on Property
Insurance-Adams Academy $ 155.08
116
CITY OF QUINCY
Repairs-Adams Academy ...
204.33
Care of Grounds-Academy
862.10
Forrest Ave. Property
Insurance
$ 2.55
Repairs
585.15
587.70
1,809.21
By the School Department
Pay Rolls
$ 2,200.00
Bills covering supplies-Libraries 3,094.21
5,294.21
$29,449.14
Charles Francis Adams Income
Expended by School Department ...
335.00
29,784.14
Cash on hand-December 31, 1935 ....
1,146.13
$30,930.27
Balance Sheet
Cash $ 1,146.13 General Fund $184,305.80
Investment
206,736.10
Unexpended Income ... 22,194.44
Mortgage notes 10,450.00
Charles Francis Adams
Falconer Property 2,898.63 Fund 10,396.88
Unexpended Income 4,333.74
$221,230.86 $221,230.86
Investments
$5,000 Arkansas Power & Light Co. 1st & Ref. 5, 1956 : 4,950.00
5,000 Associated Electric Co. Deb. 41/2, 1953 4,712.50
5,000 Birmingham Elec. Co. 1st & Ref. 41/2, 1968 4,762.50
8,000 Boston & Albany R. R. Ref. Deb. gu. 5, 1963 8,000.00
5,000 Boston Elevated St. Ry. Co. Deb. 5, 1942 5,000.00
2,000 City of Cleveland 41/2, 1943
2,081.60
3,000 City of Quincy
3,000.00
5,000 Central Vermont Pub. Ser. Corp. 1st & Ref. "A" 5, 1959
4,850.00
6,000 Con. Water Co. Utica 1st 41%, 1958
5,835.00
5,000 Empire District Elec. Co. 1st & Ref. 5, 1952 5,000.00
9,000 Jersey Central Pr. & Lt. Co. 1st "C" 41/2, 1961 9,090.00
6,000 Illinois Pr. & Lt. Co. 1st & Ref. "C" 5, 1956 5,790.00
3,000 Indianapolis Union Ry. Co. Gen. & Ref. "A" 5, 1965 2,895.00
7,000 Kansas City Pr. & Lt. Co. 1st 41/2, 1961 7,175.00
5,000 New England Tel. & Tel. Co. 1st "A" 5, 1952 4,906.25
3,000 New England Power Co. 1st 5, 1951 2,925.00
10,500 Northern Pacific Ry. Co. Ref. & Imp. "B" 6, 2047 10,132.50
5,000 Pacific Gas & Elec. Co. 1st & Ref. "F" 41/2, 1960 4,887.50
5,000 Pere Marquette R. R. 5, 1956 4,862.50
5,000 Southern Pacific R. R. 4, 1955 4,837.50
5,000 Toledo Edison Co. 1st 5, 1962 4,775.00
5,000 Union Electric Lt. & Pr. Co. Gen. Mort. 5, 1957 4,687.50
117
TREASURER'S REPORT-ADAM TEMPLE AND SCHOOL FUND
5,000 United States Treasury 31/4, 1945 5,253.13
5,000 Wisconsin Pr. & Lt. Co. 1st lien & Ref. "E" 5, 1956 5,000.00
2 Shares, Boston & Maine R. R. 1st Pref. "D" 520.00
37 Shares, Eastern Gas & Fuel Assoc. Prior Pref. 2,927.62
10,000 Braintree Savings Bank
10,000.00
5,000 Cohasset Savings Bank 5,000.00
15,000 Quincy Savings Bank
15,000.00
14,000 Hingham Institution for Savings
14,000.00
3,500 South Weymouth Savings Bank
3,500.00
5,000 Weymouth Savings Bank 5,000.00
5,000 Granite Trust Co. Savings Department 5,000.00
5,000 Norfolk County Trust Company 5,000.00
5,000 Quincy Trust Co. Savings Department 5,000.00
10,000 Central Maine Power Co. 1st & Gen. "D" 5, 1955
10,380.00
$206,736.10
Various Parcels of Real Estate, Assessed Valuation $142,650.00
118
CITY . OF QUINCY
CITY OF QUINCY - RETIREMENT SYSTEM TREASURER'S REPORT Year Ending December 31, 1935
January 1, 1936.
Hon. Thomas S. Burgin, Mayor.
Quincy, Massachusetts.
Dear Sir :
I present herewith the annual report of the Treasurer of the City of Quincy, Retirement System for the year ending December 31, 1935.
Respectfully yours, HAROLD P. NEWELL, City Treasurer.
CITY OF QUINCY - RETIREMENT SYSTEM
RECEIPTS
Deposited by Members
$ 13,082.54
Appropriated by City
12,436.16
25,518.70
Income from bonds
462.50
$ 25,981.20
EXPENDITURES
Warrant payments
$ 580.18
Securities purchased
23,904.34
Accrued interest on securities
222.62
24,707.14
Cash on hand December 31, 1935
1,274.06
$ 25,981.20
STATEMENT OF FUND
Securities
$ 23,904.34
FUND
$ 25,178.40
Cash on hand
1,274.06
$25,178.40
$25,178.40
SECURITIES
$5,000. Baltimore & Ohio R. R.
4 1948 $ 5,094.41
2,000. Commonwealth Edison Co.
4
1981
2,085.00
2,000. Cumberland Co. Pr. & Lt.
41%
1956
2,055.33
4,000. Morris & Essex R. R.
31% 2000
3,675.84
4,000. New York Central R. R.
4 1998
3,358.34
2,000. N. Y. State Elec. & Gas
41% 1980
1,975.00
2,000. Northern Pacific R. R.
3
2047
1,485.42
4,000. Ohio Public Service Co.
5
1954
4,175.00
$23,904.34
REPORT OF BOARD OF ASSESSORS
119
REPORT OF BOARD OF ASSESSORS
January 1, 1936
HON. THOMAS S. BURGIN, Mayor
Quincy, Massachusetts
Dear Mr. Mayor :-
The following is respectfully submitted as the report of the Asses- sing Department for the year 1935:
Valuation
Value of Buildings $ 77,978,600.00
Value of Land
34,985,400.00
Value of Land & Buildings
112,964,000.00
Value of Personal
11,579,900.00
Total Valuation of the City as determined
January 1, 1935
124,543,900.00
Tax Rate
34.40
Amount to be raised by taxation $ 4,284,310.16
The valuation was increased by omitted assessments
levied in December 1935 $ 15,250.00
Valuation of Automobiles Dec. 31, 1935
3,554,865.00
Total Valuation of the City including automobiles
for 1935 was $128,114,015.00
Recapitulation Budget for 1935
City Appropriations :
Budget
$ 3,863,622.25
City Debt
741,500.00
City Interest
176,922.24
Temporary Loan Interest
55,000.00
Deficit Overlay
31,516.17
Council Transfers
162,719.10
State Assessments :
State Tax $ 175,370.00
Metropolitan Sewer
108,800.00
Metropolitan Parks
56,344.00
Charles River Basin
13,000.00
Neponset River Bridge
6,207.35
Wellington Bridge
165.00
Planning Board
660.00
Auditing
38.69
Smoke Nuisance
675.00
Revere-Ocean Ave.
1,025.00
Ways in Malden-etc.
15.00
West Roxbury-Brookline
355.00
Land Takings
2,650.00
Canterbury St.
260.00
Veterans Exemption
213.00
120
CITY OF QUINCY
County :
County Tax
131,365.64
County Hospital
32,074.90
Overlay for current year
20,181.61
Total
$ 5.580.679.95
Receipts for 1935 (Estimated)
State :
Income Tax
S 214,864.28
Corporation Tax
71.822.41
Race Tracks
9,230.00
City :
Motor Vehicle
94,360.00
Licenses
64,025.00
Special Assessments
64,235.00
General Government
15,275.00
Protection of Persons
4,810.00
Health & Sanitation
37.275.00
Highways
645.00
Charities
119,315.00
Hospital
180,835.00
Soldiers Benefits
4,750.00
Schools
46,785.00
Libraries
3,000.00
Fines
1.880.00
Street Railways
440.00
Cemeteries
22.035.00
Int. on Taxes and Assessments
93.085.00
Old Age Assistance
37.550.00
Total Estimated Receipts
S 1.086,216.69
Available Funds
162,719.10
Amount raised by taxation of 23,717 Polls
47,434.00
Total Deductions S 1.296.369.79
When this Board took office at the end of June 1935. the assessing for the year had been completed. There were on file, however, many applications for abatement and exemption and a number of cases be- fore the Board of Tax Appeal on the 1934 taxes. Throughout the balance of the year a steady flow of applications for abatement has occurred. climaxing in the last few days before December first, the last day on which applications could be received, with a flood of ap- plications ; in large part from banks filing on foreclosed properties.
New buildings for the year added but a small amount to the total valuation. the larger part of the building permits being for re- pairs and maintenance of buildings, and offsetting the new construction a number of buildings were demolished as unprofitable and to lower the tax on the property.
Effective in 1935, the assessing date has been changed from April first to January first. This change has made the work of assessing more arduous as the storms and cold weather of the winter months are a great handicap in doing the field work.
The work of the Board is further handicapped by the arrange- ment of office space, the Board being located on the second floor
@@ $2.00 each
121
REPORT OF BOARD OF ASSESSORS
while the clerical force and the records are on the street floor. It would save much wasted time and tend toward greater efficiency if the Board had an office on the first floor adjoining that of the clerical force.
In our opinion, the low point in valuations has been reached, and that while no general increase is in immediate prospect the down- ward trend of the last few years should be halted.
Respectfully yours, MICHAEL T. SULLIVAN, Chairman, GEORGE H. NEWCOMB, ALFRED B. KEITH, Board of Assessors.
122
CITY OF QUINCY
REPORT OF COLLECTOR OF TAXES - 1935
To His Honor, the Mayor of the City of Quincy :-
I have the honor to submit the following report of the Tax Col- lector's Department for the year ending
December 31, 1935.
The amount of cash collected on the tax for the various years is as follows :-
Tax of 1917
Cash Received
Charge by Auditor $ 6.40
Amount abated during year 1935
3.20
3.20
Amount collected during year 1935
3.20
$ 3.20
Tax of 1925
Amount uncollected January 1, 1935
40.50
Charge by Auditor
6.76
47.26
Amount abated during year 1935
43.88
Amount collected during year 1935
3.38
3.38
Tax of 1926
Amount uncollected January 1, 1935
55.20
Amount abated during year 1935
55.20
Tax of 1927
Amount uncollected January 1. 1935
359.68
Amount abated during year 1935
357.68
Amount collected during year 1935
2.00
2.00
Tax of 1928
Amount uncollected January 1. 1935
1.648.72
Amount abated during year 1935
1,553.58
95.14
Credit by Auditor
26.80
68.34
Amount collected during year 1935
13.40
13.40
3.38
2.00
REPORT OF COLLECTOR OF TAXES
123
Amount uncollected January 1, 1936 54.94
Amount of interest collected 5.36
Tax of 1929
Amount uncollected January 1, 1935
1,011.04
Charge by Auditor 835.67
1,846.71
Amount abated during year 1935
709.85 .
i
1,136.86
Credit by Auditor
2.00
1,134.86
Amount collected during year 1935
266.70
266.70
Amount uncollected January 1, 1936
868.16
Amount of interest collected
106.67
Main Sewer Apportionments of 1929
Amount uncollected January 1, 1935 $ 23.05
Charge by Auditor
5.43
28.48
Amount abated during year 1935
23.04
Amount collected during year 1935
5.43
$ 5.43
Amount uncollected January 1, 1936
.01
Street Betterment Apportionments of 1929
Charge by Auditor
41.31
Amount collected during year 1935
12.20
12.20
Amount uncollected January 1, 1936
29.11
Committed Interest on Betterments of 1929
Amount uncollected January 1, 1935
1.43
Charge by Auditor
22.63
24.06
Amount collected during year 1935
6.91
Amount uncollected January 1, 1936
17.15
Tax of 1930
Amount uncollected January 1, 1935
1.854.30
Charge by Auditor
622.70
2,477.00
Credit by Auditor
28.00
2,449.00
Amount abated during year 1935
529.40
6.91
5.44
124
CITY OF QUINCY
Amount collected during year 1935
1,919.60 161.00 161.00
Amount uncollected January 1, 1936
1,758.60
Amount of interest collected
27.16
Main Sewer Apportionments of 1930
Amount uncollected January 1, 1935
23.04
Charge by Auditor 10.97
34.01
Amount abated during year 1935
23.04
Amount uncollected January 1, 1936
10.97
Tax of 1931
Amount uncollected January 1, 1935
10,612.83
Charge by Auditor
2,425.65
13,038.48
Credit by Auditor
154.00
12,884.48
Amount abated during year 1935
566.72
12,317.76
Amount collected during year 1935
387.46
387.46
Main Sewer Apportionments of 1931
Amount uncollected January 1, 1935 $ 56.77
Charge by Auditor
10.97
67.74
Amount abated during year 1935
51.54
Amount uncollected January 1, 1936
16.20
Tax of 1932
Amount uncollected January 1, 1935
20,692.51
Charge by Auditor
3,334.91
24,027.42
Credit by Auditor
327.80
23,699.62
Amount abated during year 1935
2,091.13
21,608.49
Abatements after payments
732.34
22,340.83
Amount collected during year 1935
2,019.33
$ 2,019.33
Amount uncollected January 1, 1936
20,321.50
Amount of interest collected
331.47
Amount uncollected January 1, 1936
11,930.30
Amount of interest collected
13.92
REPORT OF COLLECTOR OF TAXES
125
Sidewalk Apportionments of 1932
Charge by Auditor 22.00
Amount collected during year 1935
22.00
22.00
Committed Interest on Betterments of 1932
Amount uncollected January 1, 1935
28.46
Charge by Auditor
27.61
56.07
Credit by Auditor
19.36
36.71
Amount collected during year 1935
10.08
Amount uncollected January 1, 1936
26.63
Tax of 1933
Amount uncollected January 1, 1935
31,795.89
Charge by Auditor
9,688.32
41,484.21
Credit by Auditor
6,200.42
35,283.79
Amount abated during year 1935
6,631.70
28,652.09
Abatements after payment
4,416.32
33,068.41
Amount collected during year 1935
12,866.32
12,866.32
Amount uncollected January 1, 1936
20,202.09
Amount of interest collected
1,273.07
Main Sewer Apportionments of 1933
Amount uncollected January 1, 1935
103.47
Charge by Auditor
80.03
183.50
Credit by Auditor
119.47
Amount collected during year 1935
45.28
Amount uncollected January 1, 1936
18.75
Street Betterment Apportionments of 1933
Amount uncollected January 1, 1935 $ 245.59
Charge by Auditor
162.27
407.86
Credit by Auditor
187.81
220.05
10.08
64.03
45.28
126
CITY OF QUINCY
Amount abated during year 1935
42.35
177.70
Amount collected during year 1935
81.78 $ 81.78
Amount uncollected January 1, 1936
95.92
Sidewalk Apportionments of 1933
Amount uncollected January 1, 1935
82.80
Charge by Auditor
41.12
123.92
Credit by Auditor
72.80
51.12
Amount collected during year 1935
51.12
Committed Interest on Betterments of 1933
Amount uncollected January 1, 1935
242.98
Charge by Auditor
91.01
Credit by Auditor
202.41
131.58
Amount abated during year 1935
24.72
106.86
Amount collected during year 1935
60.18
Amount uncollected January 1. 1936
46.68
Real Estate of 1934
Amount uncollected January 1. 1935
1.673.489.89
Reconsideration of abatements
127.71
1.673,617.60
Charge by Auditor
6.027.50
1.679,645.10
Credit by Auditor
440.420.34
1,239,224.76
Amount abated during year 1935
25.270.39
Abatements after payment
11,981.01
1,225,935.38
Amount collected during year 1935
1,207,528.92
1,207,528.92
Amount uncollected January 1, 1936
18,407.46
Amount of interest collected
45,704.16
Personal Tax of 1934
Amount uncollected January 1, 1935 57,569.52
51.12
60.18
1.213.954.37
by Assessors
333.99
REPORT OF COLLECTOR OF TAXES
127
Reconsideration of abatement
by Assessors
5.94
57,575.46
Charge by Auditor
114.41
57,689.87
Credit by Auditor
.96
57,688.91
Amount abated during year 1935
12,328.53
45,360.38
Abatements after payment
7,463.62
52,824.00
Amount collected during year 1935
30,243.91
Amount uncollected January 1, 1936
22,580.09
Main Sewer Apportionments of 1934
Amount uncollected January 1, 1935
12,098.17
Charge by Auditor
20.12
12,118.29
Credit by Auditor
4,503.60
7,614.69
Amount collected during year 1935
7,527.70
Amount uncollected January 1, 1936
86.99
Street Betterment Apportionments of 1934
Amount uncollected January 1, 1935
23,263.49
Charge by Auditor
91.08
23,354.57
Credit by Auditor
7.415.57
15,939.00
Amount abated during year 1935
20.62
15,918.38
Amount collected during year 1935
15,682.39
Amount uncollected January 1, 1936
235.99
Sidewalk Apportionments of 1934
Amount uncollected January 1, 1935
5,661.78
Charge by Auditor
21,61
5,683.39
Credit by Auditor
1,546.99
4,136.40
Amount abated during year 1935
5.49
4,130.91
30,243.91
7,527.70
15,682.39
128
CITY OF QUINCY
Amount collected during year 1935 4.063.16 4.063.16
Amount uncollected January 1. 1936 67.75
Committed Interest on Betterments of 1934
Amount uncollected January 1. 1935 12.155.23
Charge by Auditor 38.91
12.194.14
Credit by Auditor
4.142.91
8.051.23
Amount abated during year 1935
6.94
8.044.29
Amount collected during year 1935
7.929.77
Amount uncollected January 1. 1936
114.52
Gypsy Moth of 1934
Amount uncollected January 1. 1935 177.56
Credit by Auditor
48.80
128.76
Amount collected during year 1935
123.26
Amount uncollected January 1. 1936
5.50
Real Estate Tax of 1935
Total amount committed by Assessors
3.886.348.60
Reconsideration of abatements
by Assessors
116.96
3.886,465.56
Charge by Auditor
657.48
3,887.123.04
Amount abated during year 1935
36.941.30
3,850,181.74
Abatements after payment
789.56
3,850.971.30
Amount collected during year 1935
2.258,229.51
2.258.229.51
Amount uncollected January 1. 1936
1,592,541.79
Amount of interest collected
2,911.54
Personal Tax of 1935
Total amount committed by Assessors 398.486.16
Amount abated during year 1935 5.393.06
393.093.10
Abatements after payments
309.60
393.402.70
7.929.77
123.26
129
Amount collected during year 1935 342,821.15 342,821.15
Amount uncollected January 1, 1936 50,581.55
Main Sewer Apportionments of 1935
Total amount committed by Assessors 20,793.73 15.97
Credit by Auditor
Amount collected during year 1935 20.777.76
8,491.08
8.491.08
Amount uncollected January 1, 1936
12,286.68
Street Betterment Apportionments of 1935
Total amount committed by Assessors 36,737.16
Charge by Auditor 2.57
36,739.73
Amount collected during year 1935
17,250.18
17,250.18
Amount uncollected January 1, 1936
19,489.55
Sidewalk Apportionments of 1935
Total amount committed by Assessors
8,572.66
Charge by Auditor
13.40
8,586.06
Amount collected during year 1935
4,291.87
Amount uncollected January 1, 1936
4,294.19
Committed Interest on Betterments of 1935
Total amount committed by Assessors 16,853.46
Amount abated during year 1935
1.37
16,852.09
Amount collected during year 1935
7,369.51
Amount uncollected January 1, 1936
9,482.58
Poll Tax of 1933
Amount uncollected January 1, 1935
7.494.00
Charge by Auditor
298.00
7,792.00
Amount abated during year 1935
642.00
7,150.00
Abatement after payment
2.00
7,152.00
Amount collected during year 1935
1,182.00
Amount uncollected January 1, 1936
5,970.00
Poll Tax of 1934
Amount uncollected January 1, 1935
15,066.00
4,291.87
7,369.51
1,182.00
REPORT OF COLLECTOR OF TAXES
130
CITY OF QUINCY
Charge by Auditor
28.00
15,094.00
Amount abated during year 1935
1.758.00
Abatements after payments
6.00
13,342.00
Amount collected during year 1935
8.602.00
Amount uncollected January 1. 1936
4,740.00
Poll Tax of 1935
Total amount committed by Assessors
48,216.00
Charge by Auditor
22.00
48,238.00
Amount abated during year 1935
744.00
47,494.00
Abatement after payment
2.00
47,496.00
Amount collected during year 1935
34,854.00
Amount uncollected January 1, 1936
12,642.00
Old Age Assessment of 1931
Amount uncollected January 1, 1935 390.00
Charge by Auditor
1.00
391.00
Credit by Auditor
1.00
390.00
Amount collected during year 1935
1.00
Amount uncollected January 1, 1936
389.00
Old Age Assessment of 1932
Amount uncollected January 1, 1935
2.326.00
Charge by Auditor
4.00
2,330.00
Amount collected during year 1935
45.00
Amount uncollected January 1, 1936
2.285.00
Old Age Assessment of 1933
Amount uncollected January 1, 1935
4,089.00
Charge by Auditor
151.00
4,240.00
Amount collected during year 1935
619.00
619.00
Amount uncollected January 1. 1936
3.621.00
34,854.00
1.00
45.00
13,336.00
8.602.00
REPORT OF COLLECTOR OF TAXES
131
Motor Excise Tax of 1929
Amount uncollected January 1, 1935
1,165.66
Credit by Auditor 68.27
1,097.39
Amount abated during year 1935
36.47
Amount uncollected January 1, 1936
1,060.92
Motor Excise Tax of 1930
Amount uncollected January 1, 1935
2,805.68
Credit by Auditor
19.54
2,786.14
Amount collected during year 1935
80.18
80.18
Amount uncollected January 1, 1936
2,705.96
Amount of interest collected
14.12
Motor Excise Tax of 1931
Amount uncollected January 1, 1935
9,207.98
Credit by Auditor
17.64
9,190.34
Amount abated during year 1935
158.93
9.031.41
Amount collected during year 1935
175.86
175.86
Amount uncollected January 1, 1936
8.855.55
Amount of interest collected
45.09
Motor Excise Tax of 1932
Amount uncollected January 1, 1935
12,152.97
Credit by Auditor
2.5.
12,150.44
Amount abated during year 1935
206.91
11,943.53
Abatement after payment
2.00
11,945.53
Amount collected during year 1935
362.01
362.01
Amount uncollected January 1, 1936
11,583.52
Amount of interest collected
38.08
Motor Excise Tax of 1933
Amount uncollected January 1, 1935
14,165.46
Reconsideration of abatement
by Assessors
2.00
14,167.46
Charge by Auditor
468.69
132
CITY OF QUINCY
Amount abated during year 1935
13,955.80
Abatements after payment
17.04
13.972.84
Amount collected during year 1935
1.578.42
Amount uncollected January 1. 1936
12.394.42
Amount of interest collected
133.94
Motor Excise Tax of 1934
Amount uncollected January 1, 1935
38.617.47
Additional Warrant by Assessors 1.299.90
39,917.37
Charge by Auditor
10.68
39,928.05
Credit by Auditor
18.89
39,909.16
Amount abated during year 1935
1,548.29
38.360.87
Abatements after payment
141.83
38.502.70
Amount collected during year 1935
29.607.75
29,607.75
Amount uncollected January 1, 1936
8.894.95
Amount of interest collected
1.035.00
Motor Excise Tax of 1935
Total amount committed by Assessors
117.523.84
Charge by Auditor
9.92
117.533.76
Amount abated during year 1935
4.932.72
112.601.04
Abatements after payment
1.143.37
113.744.41
Amount collected during year 1935
85,071.21
85.071.21
Amount uncollected January 1. 1936
28.673.20
Amount of interest collected
60.28
Main Sewers
Amount collected during year 1935 on Sewer Constructions
1.622.09
Amount of interest collected 8.35
Street Betterments
Amount collected during year 1935 on
1,578.42
14.636.15 680.35
133
REPORT OF COLLECTOR OF TAXES
Street Betterments
6,946.85
Amount of interest collected
25.28
Permanent Sidewalks
Amount collected during year 1935 on Permanent Sidewalks 989.29
Amount of interest collected
4.90
Water Liens collected during year 1935
10,191.00
Costs collected during year 1935
7,367.02
Unidentified Receipts
690.70
Total amount of cash collected
for the year 1935
$4,169,293.95
NATHAN G. NICKERSON, Collector of Taxes.
134
CITY OF QUINCY
-
REPORT OF QUINCY RETIREMENT SYSTEM
March twenty-third Nineteen thirty-six
To the Honorable Thomas S. Burgin, Mayor of the City of Quincy :
Pursuant to the provisions of Chapter 152 of the Acts of 1934, the Quincy Retirement Board respectfully submits its first Annual Report being for the year ended December 31, 1935.
The Quincy Retirement System was inaugurated January 1, 1935. The Board consisted of George H. Bonsall, ex officio as Auditor of Accounts, Thomas S. Burgin, appointed by the Mayor for a term of three years, and John J. Keefe, appointed by the Mayor for a term of one year. The members of the Board met for oganization on Jan- uary 3rd and elected George H. Bonsall, Chairman. Upon his election in June to the office of Mayor, Thomas S. Burgin withdrew from the Board and appointed J. Everett Robbie to serve for the unexpired term to end January 1, 1938.
While the effective date for the operation of the Quincy Retirement System was January 1, payroll deductions were deferred until March 1, in order to set up the machinery of operation, compensating de- ductions being made thereafter to cover the period from January 1 to March 1. During the first few months, a number of meetings were held for various groups of employees, at which the members of the Board explained the provisions of the Retirement System and the ben-, efits provided thereunder. Numerous hearings were granted individ- uals for the same purposes.
During the year a total of 252 members were enrolled. Withdrawals, deaths, and retirements during the year reduced the active member- ship on December 31 to 237. Membership in the System is open to all employees of the City of Quincy except elected officials and teachers. All new employees must become members upon the com- pletion of one year of service. Membership in the Retirement System is optional with employees who were in service on January 1, 1935. The great majority of the latter were already covered by various non- contributory pension systems, so that the present membership repre- sents principally employees who were not previously covered by any pension or retirement provisions.
As required by the Act establishing the Quincy Retirement System, the Actuary retained by the Board made an actuarial valuation of the assets and liabilities of the reserve funds of the system as of June 30, 1935. The balance sheet contained in his report is appended here- to as Table VII. The following excerpt is taken from the report of the Actuary in submitting his Annual Valuation.
"In general the operation of the retirement system during its first six months has been very satisfactory. The accrued lia- bility rate contained in the retirement act which was determined on the basis of the preliminary valuation was apparently con- servative since the present valuation indicates that no change need be made in the rate. It is especially gratifying, in view of the experience in other small retirement systems. that the Quincy Retirement System has been able to invest its funds
135
REPORT OF RETIREMENT SYSTEM
as advantageously as the list of investments held on June 30, 1925 indicates. Although no investments were made until May, 1935, it is hoped that hereafter conditions may be such that the funds can be promptly invested and the full interest return realized."
This brings out a point that deserves serious consideration. Ap- proximately one-half of the funds received annually by the Retirement System are derived from the appropriation made by the City as its contribution in accordance with the law. If the funds are not made available until a number of months have elapsed in any calendar year, the Board is not able to obtain a full year's interest return, which consequently impairs its ability to build up the reserves con- templated when the rates for the City contributions were calculated. The Board was able to earn almost exactly 4% on the average funds under its charge in 1935, but it would facilitate matters if the funds to be provided by the City were made available at a substantially earlier date in the year.
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