Daily press. [volume] (Newport News, Va.) 1896-current, 1907-07-19
New Fiscal Year Begins With Fifty
Three Thousand Dollars
ID Treasury.
LARGEST BALANCE EVER CARRIED
Law Imposing Penalties for Delays in
Payment of License Taxes Chiefly
Responsible for Increase in Income.
Committees Careful Work on Bud.
get for the Coming Year.

Never before in It's history has the
city OF Newport News been IN such
an excellent condition financially as
at tho present time. On July /, the
first day OF the new fiscal year, there
was in the city treasury $53.oo0-
$4,000 In cash on deposit in local
banks to the credit of the city OF
Newport News. This is the largest
balance ever carried over from one
fiscal year to another. although there
were some extraordinary expenses
DUNG the past twelve months.
In addition to MI OF the regular OK
penses Incident 10 the maintenance
of the municipal government, the city
during the fiscal year just ended re-
deemed series ID of the emergency
bonds, $4,000 being required for the
purpose. The last payment $4,000. OH
the $4,000 advanced by the Chesu-
peake Il Ohio Railway for the con
struction OF the Twcnty.cighth street
bridge was made during the year,
and there were various other special
Disbursements. Heretofore the city
has issued reiunding bonds To TO-
deem the emergency series instead
OF approprlating the cash for the pur.
pose.
Auditors Annual Report.
The above Information IL contained
in comprehensive annual report
from City Auditor John w. Read,
which yesterday was submitted Ia
Alderman j. Winston Read. chairman
of the finance committee OF the coun.
Gil
or course the $4,000 now in tho
treasury cannot be called Il surplus
There will be very little money com.
ing in until early In November, and
n great deal OF tho cash now in hand
Will have to be used for current OK
!. penses during the next nvo months
Heretofore during tho FIRST i've
months of fiscal years the city has
been Obliged To borrow from the
banks In order TO pay It's bills and
although tho money received In the
fall always covered tho deficiency
and Strengthened matters out In tho
end, the officials are delighted over
the prospect of being ablc to meet
all expenses this year without rs.
sistnnce from any source.
The Increased income OF the city
Is u'lt tultliy lu lnt INV imposing
penalties for delay in the payment
of license taxes. This law has been
rigldly enforced during the past year
and many extra dollars have been
pnt into the city treasury thereby
At the close OF the fiscal year last
summer. only $4,000 was carried
over.
a Strong Committee.
Chairman Reads committee this
year Is one of the strongest commit
tees any of tho various city councils
has had. The budget for the coming
twelve months has been prepared
With the greatest care and. although
increases In salary have been grant.
ed to the police ana ilre departments
and tho policy has been liberal rath.
err than extremely conservative, when
another July rolls around The treas.
ury very probably will he rs we'll
filled rs II Is now.
In the very near future tho coun-
ell Will be called upon TO make an
appropriation to defray the expenses
of the public school system until the
fall funds come In At present the
kchool hoard practically Is without
funds and an appropriation of $4,000
has been asked for.
An appropriation will be made but
the members OF the finance commit.
tee seem to think that tho entire
amount asked for by tho trustees will
not be necessary. The matter will
be discussed and acted upon within
the next week or so.
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