TENTH ANNUAL YEAR BOOK-PART VI 257 



Estimated cost of improvements in schedule presented to 

 board in April over cash available to be taken from fair 

 receipts $16,718.02 



Amount of improvements in excess of available cash Dec. 1, 1908 32,235.35 



It was impossible early in the year to forsee or know that the 

 amphitheater cost would exceed the appropriation. As the work 

 proceeded extras were contracted, which were a necessity in every 

 instance. The cost of seating exceeded the estimate, as well as many 

 other things, such as steps, railings, ornamental iron fence, etc.. 

 You are all familiar with the conditions necessitating the additional 

 section to the horse barn. The furnishings, kitchen, etc., are respon- 

 sible for the item of expense to the Administration building. Grad- 

 ing not included in either track or amphitheater contracts seemed 

 necessary. The cost of taking down the amphitheater was not 

 figured in ; it is true the sale from old lumber more than offset this 

 item, still it has to be figured in as an expense. Including the work 

 of the past season improvements to amount of over half a million 

 dollars have been made at the fair grounds within the past nine 

 years, $253,000.00 coming from fair receipts. The final summary 

 shows a net debit to the profit and loss account of $3,314.83. 



CONDENSED SUMMARY AT THE CLOSE OF THE FISCAL YEAR, 

 NOVEMBER 30, 1909. 



Debit: 



To upaid warrants $ 287.46 



To amounts due on contracts for improvements $7,441.74 



To claims on file still unpaid 570.88 8,012.62 



$8,300.08 

 To cash balance 4,985.25 



To net debit profit and loss account, Nov. 30, 1909 $3,314.83 



At the close of the year the cash balance as shown above was 

 $4,989.25, with unpaid balance on contracts amounting to $8,012.62. 

 Six thousand dollars of this amount will have to be paid within a 

 few days. The executive committee has decided to retain $1,500.00 

 of the amount due the Des jMoiues Bridge & Iron Works until cer- 

 tain parts of the work at the amphitheater are made satisfactory, 

 which cannot now be done until spring. The payment of these 

 claims and necessary running expenses and work at the grounds un- 

 til the next fair will necessitate the borrowing of from $8,000.00 to 

 $10,000.00 prior to the opening of the fair. Loans can be made 

 from time to time and in such amounts as may by the executive 

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