The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-11-25
THE CITY FINANCES.
THE MEETING LAST EVENING
At the Court House, Of Citizens Who Seek u
: Way Out, OF tho Present Embarrassing
Situation : The Comhttteo'a report
aud tho Discussion Upon It..

.djourned meeting frotii the one held In
Hall, at tho Mcl.uro House, two
weeks ago. Atthat meeting, no one knew
what the real financial condition
sas, outside OF the fact that there were
outstanding orders to the amount OF about
and Of course 10 one knew what
he proper remedy was. Acco. dinghy, a
OF Ave was appointed to ipyes.
lisate and report at Inst nights meeting.
Mr.. NJ. Reilly presided nguin and Mr.. J.l
Mayor acted M Secretary. A large
lnmber OF business men were present and
took a lively interest In the proceedings.
The committee. through its Chairman, Mr..
presented tho following:
THE COMMITTEES nErorr.
10 lie Chairman Of The Citizens Needing:
Sln:-Your committee appointed ut n
meeting beg leave respectfully to
report that from data kindly furnished by
tho City Clerk upon which the committee
rely, and avoiding details unnecessary 10
tho purpose Of this report, they find the
entire Indebtedness Of the city, bonded,
outstanding orders, overdue and accrued
interest, to DO about S12O,0D0. OF the bond.
I'd debt, about $4,000, which is the hal.
ance Of the public building loan, will be
due In 1885, and $lvG, 900, balance Of the
loan OF 1871, is payable in installments
within three years.
The annual revenues OF the city tinclu-
ding the annual contribution OF ST. ,000by
the Water Board 10 the bonded debt Of
1911 may be stated in round numbers at
SIS, 000, and the annual expenditures, in
round numbe's also, nj 5000 O0. 1t must
he noted, however, that IN stating exfen-
Litures at 5000, OOO, the Board OF Public
Works is confined to the fund provided for
t nat board by rule Sof the ordinance pre-
scribing rules for Its government and in
addition thereto the ten cent levy for new
street paving, together estimated at si3,-
900. But rs that Board has expended
about S:S5,0O0 annually, or twice the
amount Of thcspcciai fund provided for it,
that excess must account largely for the
growth OF the hoating debt Of
the city, and in part for its
present financial embarrassment. The ex.
~cessive expenditures OF the Board OF Pub.
lie Works may have grown out OF q too lib.
eral, il not altogether erroneous, concrp.
ton OF the Boards powers under rule i
OF the ordinance. II that rule is
open to miscons.fuction orloubt, itshonld
be amended and made so plain that the
powers Of tho Board and the fund ut
its disposal could not be mistaken. To
accomplish this result, and restrict the
Board to the funds especially provided
for it by the ordinance Except when ad-
ditional appropriations be made by Coun-
Gil for its use) your committee can sug-
yest nothing more efficient and practical
than the amendment to rule !, drawn by
the City Solicitor, after careful considera-
ton Of 1.-THE matters involved, and which
is now before the City Council for its ac-
ton. The amendment is heartily com
mended aud lis adoption urged upon the
Council.
1t is proposed by yourcommittee to fund
the floating debt Of the city and console
date Herewith the unpaid balances Of the
public building loan and the loan OF 1871,
as follows: Public building loan, SIT 1000;
loan oflS7l, Sl0G, 900; orders outstanding,
S207 900; interest on orders outstanding,
estimated at $4,000; over due interest on
loan OF 1881, $1,000; contingent, S5,00D;
amount to be funded, $350,000. New bonds
for that amount could perhaps be negotiat-
ed at II percent, certainly at ) percent.
Assuming . percent, there would be re-
Quired for annual interest on S350,000 ut )
percent, .S47,500, and for sinking fund ut 3
percent, Sl0,500; together an annual sum
of $4,000, which it is believed and as
susiied can be provided by the Gas and
Water Trusts, rs it wouldonly add $1,000
for both Of those boardsto the Sll 900 now
provided by the Water Board alone, to the
loan OF 1871. u
The Public Building loan and The loan
OF 1871 being thus extinguisltcd, their an
nual charge upon tho City Treasury OF
Sjl ,000-viz: $4,000 for the former and
SIG, 600 for tiielatter-would cease and that
amount less the $1,000 provided by the
Water Board trust would be reserved to
the City Treasury. The net sutn would
be $4,000. A foregoing statement placed
the city's revenues at SlS5,000 and eX-
penditures at 500, 900, showing q balance
against tho city Of Sl5 900. Now credit
the net amount reserved rs above-SiO,-
balance is rcscrvedand in the
Icy . !atttj M3!t!4 NoAIb III S-utDpbs ~
Another aud potential reason for the
proposed consolidation is, that it funds
the floating debt $4,000 OF bonded
debts that otherwise would have TO be paid
out OF the City Treasury during the next
two years, and womb no doubt result, rs
heretofore, in substituting that amount OF
Outstanding hrJors" for bonded debt.
Under the arrangement proposed It is be-
lleved that no occasion should arise for
Outstanding orders or iloating debt, but !
the revenues would meet the ex-
penditures.
The Constitutional 5 percent limit OF
indebtedness for tho city is now about
$4,000; il the programme suggested be
out the bonded debt OF the city
would then be S7o0,G08, leaving = margin
10 the city Of sl0l, 900, which II is earnest.
" recommended should be reserved for
pressing contingencies that so often and
unexpectedly ntlQD in the management OF
nunicipala(fairs.
There seems to be two plain oau5cg for |
Tho large amount Of outstanding orders
usually termed the city's financial en-
barrassment''-one is, the excessive ex-
penditnrcs By the, l,oAnl Of Public Works,
md the other, a too rapid reduction OF the
debt. The remedy for eacil is
submitted in, the foregoing suggestions.
The committee fail to see sufficient rca-
son for any incsensa Of taxation; and be-
|ieve that il authority To impose it were
obtained, 1t would only resultin letrimcnt
% tho best interests OF the" city. In con.
yotr Committee beg leave to sub.
nit the following resolution.
R,solrtd, that the statements and suggcs-
lions herein contained are respectfully sub:
for the consider alton OF the City
Council. J. ". PAXTON,
S1 Chairman
Khetling, Nor. 81, 1854.
TIE BOARD or ruDLlcwoRKs.
Rule 4, as adopted by Council when the
Board was formed and which has been in
orce ever since, provides that the Board
nay contract for any sum not exceeding
q, 900 in the name OF the city. Rule 1 rs
t is proposed to be amended by MI orIi.
lance drawn up by the Solicitor and now
N o,a N,,,o;I sc,o,;j,, +t.ok {ko -D...t