10 REPORT OF THE COMPTROLLER OF THE TREASURY

duced by at least one-half of what it is now. To summarize the
debt situation as it now exists, the following figures are sub-
mitted:

Bonded debt at June 30, 1953.................. $122,521,000.00

Bonds authorized for future issuance ...... 68,333,000.00

Total...................................... $190,854,000.00

The various statements which follow represent for the most
part a continuance of our form of submission of this fiscal informa-
tion. It is felt that these statements are fairly easy to understand
and that they should recommend themselves to persons interested
in our financial affairs.

As the new fiscal year was approaching, steps were taken to
inaugurate a new method of payment of salaries and wages of State
employees. After much study and investigation an up-to-date
payroll system was put into effect July 1, 1953. The new system
will not only provide the State with the latest procedure in payroll
work, as far as the records of the State Treasury Department are
concerned, but also prove very helpful to State employees by pro-
viding them with a statement each pay period showing the gross
salary, deductions made for income tax purposes, contributions to
the retirement systems, bond purchases, hospitalization, etc.

While I feel that the State's fiscal situation has been fully
covered in this report, I shall be very glad to furnish you with any
information in our office you might desire.

Respectfully,

s"?^Ap ' .s*——^
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Comptroller.