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The Argus Was Correct

The Argus Was Correct image
Parent Issue
Day
6
Month
February
Year
1903
Copyright
Public Domain
OCR Text

Every contention of the Argus last week in reference to the city flnances was sustained by Mr. Seyler's report to itie finalice committee and made as th'eir report to tlie council Monday. He found that there wqs $30,189.55 in the State street paving fund, a district fund, which belonged to the street fnnd, a city fund. He found that the Ann street paving had been paid out of ilie State street pavinjr fund. He found that there was not :i heavy overdraft on Peb. 1, 1903. He then went on and ügured that on Maren 1 the overdraft would be $6,607 and by July 1 about $23,000 ,and as to this poiñt the Argus is not disposed to take issue. What the Argus bas stoutly maintained is that this is a condition which has existed in this city for a great many years, that it is not contrary to the city charter and that it would be better lor the city to pay interest on $6,600 for four months and on K2:5,OOO for a few days than to pay interest on $25,000 for from one to ten years. ïwice since the present writer bas been on the Argus have the city funds been placed in good shape and once they were so placed that there should be no overdraft at any time during the year, but such is human nature that the city has never been able to keep a surplus on hand. Always some new extravagance or some improvement has come up to put the city back into the shape from which it has been rescued. The theory of the city charter is that the city must not spend more in any one fiscal year than it has on hand or raises in that fiscal year. If the city should raise exactly the same city tax as last year and Mr. Seyler's estímate of an overdraft on Jnly 1 be assumed as correct, then the city would have $50,000 to run the city from Jnly 1 to February 1, seven mout lis. As tliis is more than it took In run tho city eight or nine ye;irs aso a whole there ouglit with ecjonQmical management f be .- surplus in the iry on tlie flrst hiy of February Mr.