The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-06-06
The City Finaucps.

The report of the committee on appropria-
tions at the City Council meeting on Monday
night is very pleasant reading. Acting in
the direction pointed out by Mayor Butler in
bis inaugural address, the committee has
completed its task in manner creditable to
itself and gratifying to tax payers. Under
the act of the Legislature of last winter limit
ing the power of the city to create debt, it
became impossible to provide for the pay
ment OF interest on the defaulted railroad
bonds by borrowing money. 1t was, there
fore, imperative upon the committee to in
clude these sums-$69,0OO on the P. & r.
bonds and $4,000 on the P. 6 o. bonds,
making S150,00O in all in the tax levy for
this year. 1t was exceedingly desirable to do
this without increasing the rate of taxation.
The problem thus set before the committee
has been very satisfactorily solved. Last
year the amount of the appropriations, after
deducting the city income, was $764, ,496. 40.
This year, the corresponding amount is
$6lO, O,56422. Adding to this the interest
which must be paid on railroad bonds
S150,OOo-and we have a total of $76O, ,564. %
to be raised by taxes, showing an actual de-
crease of So, 1892. IS in the tax levy.
This surprising and gratifying result comes
from bold but careful cutting down of ap-
propriations for the several departments,
largely in the matter of streets, sewers and
salaries. A reduction, prudently kept within
the line of safety, has also been made in the
percentage set aside for sinking fund. The
whole amount of the reduction is the large
sum OF $161 1882. .1S-more than enough to
counterbalanco the addition of the. railroad
interest. So that the rate of taxation for this
year need be no higher than for several years
past.
Another agreeable feature of the city's sit
uation is the fact that for almost the first
time since 1882 the city debt is decreasing.
As the committee state in their report: cat
the commencement of the present financial
year for the first time our treasurer was en-
abled to- report a decrease in the debt of
$2l, 200 and at the beginning of next year he
estimates the reduction will be 100000 more
These are not large sums it is true, but they
oAOhN q hOpCiul iuulCdtlOu LudL OuI lldDlllLleS
have reached their height, that the tide has
begun to turn and that the course of the city
has been laid, financially, in the right direc-
tion." The city is fortunate too, in having
no floating debt, no mass of certificates of in.
debtedness such as disfgure the finances of
many towns. The careful and conservative
management of Treasurer Hersey has been
very useful to the city.
The Mayor and his associates have taken
hold in good faith to carry out the policy fore
shadowed in Mayor Buffers admirable inau-
gural address. The thing to be done is to
adopt the same rule for the city which pru-
dent men everywhere are finding it necessary
to adopt in reference to their own affairs.
Economy, retrenchment, avoidance of unnec.
essary expenditure, outstanding of resources,
selfdenial, are practiced by individuals and
will be equally good for the city. With the
application of these practices the outlook is
hopeful and all things seem favorable to pros.
perity without any serious financial difficulty.
Our interests are in good hands and our citi-
zens may be assured that practical good sense
rules in the counsels of our city government.