62 Chicago Bureau of Public Efficiency 



five years was approximately $950,000. If the amount 

 in the 2 per cent, accounts of the South Park Board had 

 been kept within $100,000 and the other portion trans- 

 ferred monthly to the 3 per cent, accounts, approximately 

 $40,000 additional interest would have been received dur- 

 ing the five years. 



7. A forcible reason for consolidating the park govern- 

 ments with the city government is afforded by the fact 

 that during the same period that the Park Boards were 

 receiving only 2 per cent, on their cash balances, the city 

 government was compelled to borrow money each year to 

 meet current expenses and to pay 4 per cent, interest 

 thereon, 



8. When large cash balances are maintained by the 

 Park Boards, more than 2 per cent, interest should be 

 received thereon, especially as the banks holding park 

 funds have not been required to furnish sureties therefor. 

 The city government receives 2^4 per cent, interest on all 

 of its funds, even though the banks in which the city 

 funds are deposited are required to furnish sureties. 



9. The South Park Board has sold its bonds sooner 

 than necessary, and by receiving only 2 or 3 per cent, on 

 the proceeds thereof, while paying 4 per cent., a large 

 amount of interest has been wasted. For example, if the 

 $1,200,000 of bonds which were sold in July, 1907, had 

 been sold under arrangement whereby the bonds might 

 have been delivered at different times when the money was 

 needed, approximately $20,000 in interest could have been 

 saved. 



10. In 1908 the South Park Board received $92,000 

 from the Marshall Field estate. To this amount was 

 added enough to make $100,000, which was then set aside 

 as a special fund, but for no particular purpose. The 

 Park Board receives taxes each year, and there is no 

 necessity for hoarding money, yet the fund is still held 

 intact. Public duty would seem to demand that it be used 

 in lieu of bond issues, or to decrease the tax levy. 



