The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-10-14

of the levy if apportioned as levied
The equilibrium of the various funds
may be restored by the following trans
fers:
From the special fund to the
current fund .............. 81 ,lS4. 90
From the special fund to the
sinking fund ......... 2S4. 80
ST. ,46S 90
Such transfers will leave the follow
ing balances in the respective funds:
Balance current fund .. S., SO8 %
Balance sinking fund ........ 1879. 80
Balance improvement fund. -. 1908 rs
Overdraft special fund. -. ALI 81
Total net balance all funds $l3,S63 .OS
We do not concur in the statement of
resources made by the officers of the
board and respectfully recommend that
a special committee be appointed to take
inventory of the property of the board
and to appraise the same, reporting
back to the board for approval, and
that permanent record be made of
such inventory when fully approved.
We respectfully recommend that the
following accounts be at all times dis
tinctly kept as to the disbursements of
the funds of the board, to-wit:
Library and apparatus, furniture and
fixtures, repairs and improvements,
teachers salaries, janitor's salaries, of
fier's salaries, fuel account, stationery
and supplies, printing and advertising,
insurance, general expenses, interest, gas
and water, and that the net balance of
the first three of such accounts be car
ried to the account of resources and LA
bilities with each annual statement
We find surplus funds accumulated
for the purpose of reducing bonded in
debtedness and building improvements
in the amount of $lO,lS7.S7, which has
been secured without any additions to
the usual levies of the current years.
The report was accepted and placed
on file.
DIR. Davis moved that the recommends
ton about keeping the account 5,be
adopted, and this was carried.
No action was taken on the recommen-
dation about transferring from one fund
to another.
The finance committee then present
ed the following recommendation in re-
gard to the tax levy: as
To the Board of Education of the
City of Mankato, Minnesota: Your
committee on finance respectfully re-
commends the following tax levy for
the maintenance of the public school
system of the city of Mankato (inde
pendent district No. l of Blue Earth
county,, Minnesota, for the current year
from September, 1904, to September,
1905, tO-wit:
For current fund for expenses. .$l7 800
For sinking fund to redeem bonds $500
For payment of interest on bonds l,500
Total amount to be levied. .$2l 500
1t was explained that this levy is an
increase of ST 800 over that of last year
and several previous years. There is
81 900 added to the current fund and
the same amount to the sinking fund,
and $500 is taken off from the former
levy for the building fund. This report
was signed by Messrs. Fletcher and
Coughlan and not by Mr. Comstock, the
chairman of the committee.
Mr.. Fletcher explained why it was
thought necessary by the majority of
the committee to make an increase in
the tax levy. The current fund has been
running uncomfortably near the limit,
and it has been necessary to borrow
from the other funds. The current fund
is now $500 less than it was year
ago In regard to the sinking fund,
$4,000 of high school bonds come due
next summer, and it was desired to pay
off $4,000 of them and get the bal
ance refunded in such way that
part will come due each year. With
what has been already placed in the
sinking fund, the levy of $500 will
make the fund nearly $4,000 by next
summer.
DR.. Davis thought that it would
be better business policy to
make smaller levy, say ST.
500, the same as last year, and at
the end of the year transfer $1,000 from
the building fund to the sinking fund.
The board has $l3,SS5 on deposit in the
banks, even if only $500 of it is in
the current fund. OF course this would
be largely wiped out by the payment
|of bonds. Last year. with ST 900 less
received, the schools ran within their in
come.
Mr.. Fletcher said that the money in
the building fund may be required next
summer for the purpose for which it was
levied, which was to build heating
plant at the Franklin building, as well
as an addition to that building. IF not,
tho manav oould ho road 70 no., oG