Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-01-04


REPoRT OF TIE CoMNITTEa ON FINAEoE.-
The report OF this Committee contains some
recommendation which are of general in
terest to our citizens. We present it in full
To the Honorable the City Council Of the
City Of ClsValand;-
Your COMMITTEES on Finance feel that the
financial condition Of the city Is such that
it is necessary that some facts should be
presented and some suggestions made 10 the
City Council by said Committee.
Your Committee have endeavored ever
since the organization'of the present council
to impress upon il the fact that the City f.
nanees would, owing to existing circum-
stances, be in q very straightened condition
during the entire present year, and conse-
quently it would be absolutely necessary for
the council 70 exercise extreme care not to
make needless expenditures,
We now find our financial condition 10 be
worse than we anticipated ct the commence
ment Of the year: moro particularly because
that the tax collected the present year for
city purposes is considerably less than was
expected il would be. The aggregate valu-
alton of the property in the city is less than
formerly by some s., ,2O0, 900. We have here
tOfore assessed as high tax as our charter
would permit, viz: i've mills on the dollar,
and as we could do no more this year the
amount Of our taxes for city purposes falls
short Of last year some SIC, ,0G0. The actual
expenditures Of the present year will be less
than last, but good many obligations made
by former Councils have had to be met the
present year, and we find thet notwithstand-
ing the efforts to prevent such q result, we
are steadily and increasingly enlarglng our
Indebtedness. This indebtedness has been
incurred during this and former years in
building and repairing bridges, building
school houses, dredging river and harbor,
building and repairing public docks, paying
q large amount Of interest on water works,
paying cemetery, inhrmary and school house
bonds, building engine houses, paying for
engines, &C., &c, all Of which probably
seemed to some at least 70 be necessary ex-
penditures at the time they wers made.
Be this as it may, the time has now arriv-
ed when we must sensibly eurtsil our expen-
ditures, or encounter fnancial ruin, and we
wish the Council to understand that these
are no unmeaning words, We must, during
the remainder of the present year, make no
expenditures that are 10 be paid out of the
general fund, except such Is are unaVoida-
ble Our Indebtedness will undoubtedly in
crease the present year some So, 900, and we
shall find ourselves, on the fret day of April,
1861, indebted to the amount Of Sl62,000,
saying nothing about the water works debt.
It seems 70 Us absolutely necessary that
something should be done in order to pre-
vent the Increase in the future Of our in
debtedness. And first and foremost as q pre-
ventive we would recommend that power be
obtained Of the Legislature the present win
ter to levy tax Of six instead of five mills
upon the dollar; this seems TO be necessary
in order to pay the unavoidable expenses Of
the city in the future.
We would also recommend that we obtain
power to fund q part, say 800, 900, Of our
debt and obtain permission to give short
bonds drawing per cent, interest instead Of
8. They could then be disposed of at par
value.
We would further recommend that, if pos
sible, some way be devised to pay g part if
not al Of the interest on the water works
bonds, otherwise than paying the came from
the general fund.
We would still further recommend that an
investigation be made for the purpose Of de-
termining whether the eanduefing Of our
City Government cannot be simplifed, and
whether some Offices that we now have can
not be dispensed with, in order that our ex-
penses may be reduced.
We are Of opinion that could the foregoing
suggestions be carried out we could in future
pay our necessary yearly expenses and have,
at the end of each year, a respectable bal
ance with which to gradually wipe out our
indebtedness.
In conclusion, we would recommend that
q committee be appointed to take into con-
sideration the propriety Of carrying out any
or ell Of the foregoing recommendations.
All Of which is respectfully submitted.
o. NJ. oVIATT,
@, ]. BALLARD,
Finance Committee.
IReferred to Special Cenmittes-Nessr
oYiats, Ballard, HOVey, Thomas and Mar
shall.