The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-19
CITY'S FINANCES.
Review Shows a Healthy and Pros
porous Condition.

Review Shows Healthy and Pros
porous Condition.
am glad to be able to exhibit to your
honorable body such healthy financial con-
ditions as now exist in our municipal af-
fairs.
This administration assumed control six
teen months ago. when the city was nearly
$500 900 behind in the current expense ac-
count. In addition to this the payment Of
5000, 900 of the city's bonds that matured
July /, 1898, had been defaulted which
greatly added to the embarrassnents of the
situation. Since then the bonds referred to,
besides $4o9, 500 of other issues that matured
in January and July. 1894. all of which bore
rs per cent. interest, have been refunded at
per cent Besides cash premiums were re-
ceived for said bonds, amounting, in the
aggregate, to $780, 1850. The annual saving
In our interest charge, by reason of these
favorable refunding operations, amounts to
$50, so. 1t is confidently believed that
terms equally as favorable will be secured
in renewing the $780, 900 series of bonds to
mature next July, thus making a further
saving of $500 in our annual interest
count. The 5000 issue of old fire depart
ment bonds maturing at the same time will
be paid off and Cancelled when due No
other issue of the cityS bonds will mature
during the present administration.
with, exhibits in detail the receipts and
expenditures for the year 1924. Substantial
ly the same report has already been made to
your honorable body, so that your members
are familiar with its contents. 1t is there
fore unnecessary that 1 should speak at
lecgth of its various items. OF the APP
preparations made and standing to the
credit of the various accounts during the
year. the sum of $74,55s67 remained un-
s4S.46 remained in the treasury at the end
Of the year, with only one temporary loan
OF $4,000 outstanding. This loan was pro-
premium TO the city. being the lowest rate
in the history of the city's financial affairs
As the tax levy for the present year has
already been fixed by your honorable body
at the former low rate of 50 cents each
800 OF taxable values. it will no doubt be
necessary that at least the usual per cent
OF taxes due on the property returned shall
be collected during the year in order to
was done last If the deIinauency should
continue to increase as rapidly as it has
recently done, some extraordinary measures
Will have to be adopted to collect the city's
part of the same. 1t may become nece ssary
to employ special collectors to recover the
sums sums due to the city; paving them a stipu-
1 concur in the recent suggestion made
by the controller that consideration should
sinking fund for the final payment of the
city'S bonded indebtedness. 1t has been nv
opinion that the greater part. if nor all OF
the revenue necessary to pay off this debt
(Which will begin to mature in 1900, can be
accumulated from the sale of franchise
rights. thus making it unnecessary to add
TO the present burdens of taxation. The
receipts from street-car privileges alone
would probably be. quite sufficient for the
purpose. provided the rights of the city and
street-car companies be soon de-
termined. l would therefore suggest that
no additional tax be levied for sinking fund
purposes during the present year In the
hope that such fund may be started in
the near future out of special receipts de-
rived from street-ear and other franchise
rights.