Daily Los Angeles herald., 1878-12-21

Finances Condition Of the Several Funds '
Other Subjects Demanding the Attention Of
the Council and Tax-Psyers Generally.
To the Honorable the Council Of The
City ofLos angeles:
By the law incorporating the
city of Los Angeles 1t is provided
that the Mayor shall, by message,
communicate to the Council gen.
eral statement of the condition and
affairs of the corporation.
It must be apparent that the
Mayor-eleet Except in case of his
reelection, or having been, during
the year preceding, a member of
the Council or corporation ofiicer)
must obtain his knowledge of the
condition and affairs Of the city |
from the reports of its officers.
GENERAL FINANCES.
The prosperous or depressed state
of the city largely depends upon
its financial condition. From
the sources of information within
my reach it appears that the bond
ed Indebtedness of the city on the
18th day of December, 1878,
amounted to $4,000. A consider
able portion of this debt bears in
terest at the rate of ten per cent.
per annum; $4,000 of these out
standing bonds, being railroad
bonds, will become due in 1881.
The condition OF
THE SEVERAL FUNDS
OF the city, as shown by the re-
ports and accounts of the city
officers, were, on or about the 18th
of this month, as follows:
In the New Water Fund, derived
from the sales of water for irriga-
ton, there was, Dec. 1st, 1878, the
sum of $7066S. There were out
standing warrants drawn upon this
fund to the amount of Sl,S07.27-
showing deficit of 81, 100. SO in said
fund on the 1st day of Dec, 1878.
In the Street-Spriakling Fund
there were $167. 20 on the first of
Dec, 1878. 1t is estimated
that the apportionment of
revenue derived from taxes
for the year 1879 to this fund
will amount to SIS, 200, which, added
to the amount on hand, makes the
sum of $5,367.20. Against this
fund there were outstanding war.
rants, on Dec. 1st, 1878, amounting
to SIS, 937. .45-leaving a probable de-
ficit Of $50 25.
For the General Sewer Fund it
is estimated that its quota of rev.
enue derived from taxes for the
year 1878 will amount to $4,000.
The outstanding warrants against
this fund ON December lst. 1878,
were $277.50, leaving n probable
surplus in this fund of S7,722 80.
For the Fire Department Fund 1t
Is estimated that its quota to be
apportioned from the revenue de-
rived from taxes for the year 1878
will amonnt to $500 There had
been drawn against this fund on
December 1st, 1878, warrants to
the amount of 5000, leaving a prob
able surplus of 1000 at that date.
In the Salary Fund there was on
hand December 10th, 1878. S5,.
$50 20, and the anticipated quota
that will be apportioned to this
fund from the revenue derived
from taxes for 1878 amounts to
$4,000, making total of S9,-
$50 20, ag ainst which there were,
on December 1st, 1873, outstanding
warrants to the amount of S16,-
230 25, showing deficit of S6,-
S49 SO in said fund.
In the Cash Fund there was on
hand October 3lst, 1878, the sum of
$3.0l0.20. The anticipated quota
for this fund from taxes of 1878 is
$4,000, making an estimated total
in this fund November let, 1878, of
$l5,0l02 20, against which there had
been drawn on the 7th of Decem-
ber, 1878, warrants to the amount
of $9,691.11, leaving an estimated
surplus of IS, ,3l9. IS in said fund.
For the Gas Fund, the estimated
amount of its quota from the reve-
nue. derived from the taxes of 1878
will be $4,000. There had been
drawn upon this fund previous to
December 1st, 1878, warrants TO the
amount of S10,366 IT, These war;
rants were bearing interest at the
rate of seven per cent. per annum.
The average length of time these
warrants had been drawing inter-
est on December lst, 1878, was
about five months, which makes
the amount 10 be added to
the warrants on December lst, 1878,
$500, making a total drawn upon
this fund December 1st, 1873, of
Sl0,666 II. This leaves in the esti-
mated amount of the Gas Fund
surplus of So, 333 SO.
GENERAL CONCLUSIONS.
1t Will le seen that if the esti-
ma'ed sums to be apportioned to
and paid into the respective funds
from the revenue of the city for the
year 1878 shall be realized and
placed to their respective credits,
there will be in the General Sewer
Fund, the Fire Department Fund,
the Cash Fund and the Gas Fund
the sum of twenty thousand two
hundred and seventy-five 5l-100 dol
lars, to meet the combined expend-
itures from these several funds for
the year 1879; and that in the Street.
Sprinkling Fund, the New Water
Fund and the Salary Fund, instead
of their being any coin in those
funds with which TO defray neces-
sary demands upon them, there
is an existing eficit of eight thous,
and five hundred and twenty S0-l00
dollars.
THE REVENUE OF THE ClTY,
With which to meet its current eX-
penses and the interest upon the
funded debt, is derived from direct
taxation, levied upon property,
from fines, licences and sales Of
water for Irritation. The great |