The Overdraft On July 1 Will Only Be $12,500

THE OVERDRAFT ON JULY 1 WILL ONLY BE $12,500

And if the City Would Collect What Is Due It Only $8,000

As Over $73,000 in Taxes Comes Due in July With a Levy Like Last Year, Why Bond?

How will the city finances stand July 1, 1903, if all bills are paid after the same manner that they have been paid for years?

Suppose that the council does not compel the treasurer to put back in the treasury money he has paid out for bonds without any warrant for doing so, and suppose also that the bills allowed are the same as were allowed during the corresponding months last year, then, taking Mr. Newkirk's statement as to outstanding bonds due as correct, and his latest statement of his bank balance March 2, which differs slightly from his former one, as also correct, the account will stand as follows:

RECEIPTS.

Cash in bank March 2........................ $ 298.16

Liquor tax, as last year....................... 9,366.21

Delinquent tax, Seyler's estimate......... 500.00

Total............................................... $10,104.37

EXPENDITURES.

Washtenaw county, already paid... $ 1,546.31

Bond Washington St. paving............ 3,412.50

Bond Ann St. paving........................... 344.65

Warrants allowed in February.......... 2,791.36

Warrants allowed in March.............. 2,798.67

Warrants estimated in April.............. 2,735.00

Warrants estimated in May.............. 5,736.00

Warrants estimated in June............. 3,346.00

Total............................................... 22,710.49

Less receipts................................. 10,164.37

Overdraft.................................... $ 12,546.12

This is where everything is lumped together, all the funds, city, sewer and paving, placed in one pot.

This estimated overdraft of $12,546.12 could be still further cut down if the city would collect what is due it from the following sources:

Ellis estate................................... $ 1,089.62

Kent of city land................................. 140.00

D., Y., A. A. & J................................ 3,300.00

Total.............................................. $ 4,529.62

Leaving, without collecting what the county owes, an overdraft of only $8,000. No estimate is made of what may be paid in in sewer and paving districts during this time, which would still further cut down this bank overdraft.

In July taxes amounting, if the levy is the same as last year, to over $73,000 will come due. This is ample to take care of the overdraft and leave the city, with economical management, with no overdraft whatever in any month of 1904. What then is the need of $25,000 in bonds running ten years?

What need was there of $40,000 in bonds?