Daily Republican., 1881-02-19

The city Fiscal Year.
The proposed cnapge OF the begin
ming and ending of the fiscal year b.
turning forward the hands of the an
musl dial six months must necessaril
increase the funded debt Of the cit
$4,000 and must IS a couseq 1ence in
crease the rate of taxation to pay tn
interest on that debt and the yesrl,
allowance which is to wipe it out il
former years. Il is an intricate ques
tion and We fear that there are but few
who properly understand it.
The fiscal year of the city commences
the first day Of January and closes tn,
last day of December and the law doet
mot permit the laying Of greater
amount Of taxes than will be requisite
to carry the city through more than
the fiscal year. Everybody will say
this is right and SO far there is DC
difficulty nor clashing of interest. So
far then everything is straight, but
there is something else that interferes
rs difficulty which every year has to
be met and sometimes it is difficult to
meet the difficulty. Though the time
Sor the commencement and ending OF
the fiscal year is fixed, the real fnan-
eial year really commences the first day
of July and CLOSES the last day of June
The law provides that the taxes for the
wear commencing on the first of Janu-
airy are not payable until the first of
July, thereby making a gap Of six
months with no other money than that
received from water rents, which with
few other revenues amounts to about
800, 900, to carry the city through
until the first of July when the city
taxes are again $vailabls. These water
rents which are payable the first of
January are Insufficient by $4,000 to
bear tbs necessary current expenses of
" the city for the six months Intervening
from January to July. We believe this
ia about correct statement of the case.
II is to fill up this intervening six
months gap that the effort is made be-
fore the Legislature to have the fiscal
year changed as stated, but to do it
and 10 start clear on the first OF July |
$50, 600 is needed, and the bill now
pending before the Legislature willis it
sontemplates the changing of the year
also provides for borrowing $50, 900
which must In effect become a part of
the bonded debt of the city. 1t is true
shat provision is made in the bill for
paying of SIS 900 Of this new loan
each year until it is paid off, but
glance will show to what inconvenience
and expense the citizen tax payers
will be put too 10 meet the additional
interest and the annual payment. The
2rst year, even if the loan should be
negotiated at four per cent. there
would be an increase Of 81, 400 to be
provided for; the second year SIC, 500,
the third year SIG, 200, and the fourth
year SIS, 800, making total of s66, 900
which would have to be raised by sd-
ditional taxation ia four years.
Though this bill looks apparently
fair on its face there are many object
IONS 10 be urged against it, and the :,
more the bill is studied into the more l,
it becomes. 1t changes
she whole tenor Of the city government
and would eyeutuate q change in the !
lime for holding the annual city cleo =
lions. One great objection is tina
while it opens up the old system Of -
borrowing, it UNI ecessarily burthens !;
the tax payers four years. Another :
objection ia that it starts the fiscal
year with an overhoWing treasury
which If great care is no. exercts ed Y
and used will bsget a reckless 4
Thee are all obi sctions -
that might be enlarged upon but our a
readers will Set the points and en- u
large on them themselves. a.
The bill peading before the Legisla. -,
lure ia opposed by Mr.. Rodney mem a
Der of the City Council on account Of II
he objections named, bat he does not
oppose it without suggesting other re- o
nedjes to meet the difficulties which :,
yould not M ke go radical change az i,
hat proposed in the bill. The only "
hange proposed by Mr.. Rodney is to o,
rovds Tor a snfi ,ient rebate of taxes il
8 to induce a sufficient number of tax n
ayers to pay their taxes in March in Il
!ead Of July. This would give the
ity sufficient mouey with which to
AIRY on the city without borrowing al &
II with the exception of temporary OF
nan for the present year. 1t is only in
q April, NAV and June, that the city tn
scarce of money anyhow and as there in
always supposed to be q sufficient ce
IVY made TO meet all the expenses for q