Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1847-05-22

NfaNl
presented that the cash balance the City Treasury ON
e ,s VI m"c"' io'o was $3.50 ~
Aud that there was received from various
sources OF revenue, during the year ending
the 2sth February. lsi7. including the pro-
ceeds OF temporary loans negotiated from
time 10 time, the OF Isl ga 20
-, Amounting together 10 Sl65,U93 -
lie disbursements Tor tho same period with
out any payment 10 the permanent OF tenn
poray debt. except $1,000 OF the former
amounted to I6l 49s SO
Leaving in the Chamberlain's hands, on the
LIST March 1877, $3.50 81
debt outstanding the LIST OF March, which Amounted 70
SoSuuo lhe actual deficiency OF that day WINS
Si9i5O "a larger deficiency by more than 10 OOO
hsn was anticipated by the Committee of Finance In ther
last annual report IL be Observed however tia, in
e esmsed disbursements IN the report OF 1896 the re-
dempuon OF S5OOO OF the permanent funded debt and
S2ouOU OF temporary Bank debt, provided for; ne.
ther OF which, with the exception OF 1000 as above STA
ted, was actually redeemed Striking these iiem- the
conlectura expenditure would have been put down at
SlIo,iS5, aud the estimated deficiency at Sl52l5 70
H. from the statement OF actual receipts and
all items relating To the City debt be discarded will an
pear that IN the last fiscal year, the year endng Fo
buay last the receipts from the ordinary and usual
OF revenue amounted TO SI3o oaa ~
And the disbursements on account OF ord-
nary aud extraordinary expenses and City
imPro'ements'to l6l 499 SO
Making an excess Of expenditure over in
come OF $40, iOG i6
This result has been mainly brought about as follows =
The Finance Committee OF lSi6 supposed from nil TN.
information could obtain. that repairs and
ens OF the streets would exceed in cost the sum of
S42 800; but will be found that the actual outlay on
that account amounted TO S5OO59 6l. The cuyert in
Man street was estimated at 200. but the actual
was SlU,2l2. The expenses of the Water Works inclu
ding the DAM and the completion Of the
OF Reservoirs were ,stmi,ed AT 0OO but in fac, they
amounted 10 nearly SI5OO0-a the interest ON temno
rary loans exceeded the estimated than 80 600
The estimated recops OF the year. exclusive Of moneys
borrowed, very nearly approx the actual recepts
The Chamberains estimates for the current fiscal wear
which will terminate the 18th February lSIS also constr
tutc part OF this report.
The estimated receipts including the cash balance in
on the 2s'h February usr,arc put down SI3s 3i3 "a
And the disbursements, including 900
To be applied IN part payment Of the tenn
porary deo'' are estimated at l3s2i5 90
Leaving probable surplus Of sos "a
liberal allowance is made for the probable receipts of
the year. and the estimated expenditures are such only
are required by existing obligations. The financial condi.
ton OF the City, disclosed in documents is I'M
quesionably such call for than ordinary pr
dence vigilance and economy, especially when
much uncertainty rests upon the future, and when amidst
much seeming prosperity, there is large portion Of our c
tzens not we'll prepared tor additional pecuniary burden.
The Committee therefore, are far from recommending any
increase OF lakes, because there actual necessity
present Tor such step; and II is almost certain that Inv
udclous administration OF affairs year or two LONGER
the Ciy will be entirely extrcated from its temporary debt
detTay
sary eHPen'es. and make some additional improvements
H. during the present year, expenditures should be
considered Indispensable which embraced IN the
estimates aud the Committee believe there will be such II
is not doubted that there may be small reduction IN
the appropriation towards the temporary debt without diff
hculty or Inconvenience. IL ~ very advisable however
that much of that debt should be paid off within the
Us IS pracucabe Tor even II the wants Of the City should
require the appropriation that object be reduced from
S5OOOO TO S25OOO there will I'll remain unpaid at the
end OF the year the OF $4,000.
fOIf The eufira dgI,,n ,,(r
a. temporary accompanies this report OF the funded debt
100000 bearing interest OF Ave per cent will be re-
deemabe the ls January lS4S and there no doubt
that payment will be required by the holders Of the CITY
bonds. The Committee suggest that in order 10 meet The
demand, u Is eNpoden borrow Of individuals or corr
poatons, the LIST Of July next the OF $40 600 and
the balance on the let Of January following For these
loans. It Is expected Of that bonds will be issued
bearing an interest Of SIX per aud when the uniform
puncuay aud good faith OF the Guy In its financial one
raiions, are considered it he doubted that IL the
loans are not taken al Premium they will at least not fall
short OF the par value. The moiey OF the nan which may
be negotiated the lst Of July be easily applied in
part redemption OF the temporary Bank debt thereby eX
ungushing Bank interest. until the shall loo needed
the LIST Of January 1913, and the amount can then be
supplied, either from tie City or new temporary
loans.
The Committee recommend the adoption of the follow
ing resolutions:
lsr RioVsd, Thst is ineIpedent to roise the taxes
for the present year
3D. R,soued That in the administration Of the fnnncss
Is expcdent to the prudence vigilance
and economy far with tho indispensable
wants OF the City.
81 R,soUed. That It is cTpeden tn borrow on the let
day VI July next the of $50 900, and Of ia
nuary the amount, Of per cent
Ia order To redeem much Of City debt bearing an inter
est OF five per will be due the mentioned
period and that the Committee Finance report an Of
dnance for that purpose
The foregoing Report having been read, tho same was
approved end the Resolutions OF the Committee ON the
question ihereupon soSerally, were adopted.