Palestine daily herald. [volume] (Palestine, Tex.) 1902-1949, 1909-06-26

City Commissioner G. H. Turner,
head of the finances of the city under
the new commission form of govern
ment, has been giving the affairs of
his office attention just as if he was
drawing a princely salary for it. And
that he is not getting the salary is
attested through the fact that the Of
flee salary is fixed at $500, and the
further fact that the finances of the
city are somewhat depleted, and the
money could not be had for a prince
yE salary, were it authorized. Com
sssioner Turner is on the job. just
r the love of the thing, and because
wants to see his town get all that
coming to it. The Herald said
Zen he was elected that it was a
lost wise selection. Events are show,
n the assertion was true.
Mr. Turner has had, through the
cooperation of the other members OF
the commission, an expert to go thor
oughly into every detail of the city's
finances, and as result of this work
he is prepared to tell more about the
city's financial condition than could
possibly have been told had not this
work been done. Not only that, but
the report of this accountant will be
made the basis for opening a new sci
of books, and the bookkeeping for the
city is going to be conducted just as
hoear7-a- s.ag -
ness concern, and that is systemati
cally, so that at any time the stand
Ing of the city can be seen; every
fund will be so handled that at g
glance its condition may be known.
Mr.. Turner has furnished the Her
aid copy of the trial balance sheet
as furnished by the expert, giving
the list of properties and improve
ments, together with their valua
tions; statement of the public debt
outstanding, resources, etc., and same
is herewith reproduced for the infor
nation of the public.
There is also published a table Civ
ing in detail the bonded indebted
ness of the city, showing the Original
amount of each bond debt, how much
of the debt has been paid, how much
is yet outstanding, when issued
when due, the rate of interest, option
yearly interest, when payable
amount that should be in sinking
fund to the credit of each issue Of
bonds, amount that should be in in
terest fund to credit of each issue
amount invested in other bonds as
part of sinking fund, cash on hand tc
credit of each fund, and cash invest
ed and belonging to each fund. The
table is comprehensive, and enables
the city administrators to know just
how each fund stands.
Mr. Turner says he expects the
property values, as assessed, to be
approximately $5,6O0,OOO, and at the
tax rate of $110 on the 500 yalua
ton, this will bring the city revenue
TO the amount of $61 500 annually
OF this amount $4,000 will be re
quired to take care of the various
sinking and interest funds, as repre-
scented by the city's bond indebted
ness; then the city schools will take
out 10000 This will leave balance
of 1854 with which to run the
city. 1t costs approximately 81,
600 a month to run the city gov
eminent, or a total of $31 200 year
If all the taxes are collected, and the
expenses are held down to the est
mate. this would leave the city with
between $4,000 and $4,000 at the end
of the year, which will go to liquidat
ing the shortage on the general fund
And in addition to this balance can
be taken into consideration approx
mately $4,000 that will be collected
from occupation taxes, rentals, etc
This fund is now several thousand
dollars behind, as will be seen from
the statement printed. Outstanding
warrants are out representing $19,
293.02 Mr.. Turner is of the opinion
-thfs debt can soon be cancelled, and
the city placed on a cash basis. AT
any rate the city is only behind in
cancelling its warrants on the gen,
eral fund about nine months, and as
compared with most towns and cities