The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1912-08-15
THE CITY's FINANCES

able property of the city OF Vinita for
The year ending June seth, 1912, was
"a, $40. $1,000; the assessed valuation
Tor the present, year ending June 30th,
1918, is $3,694,2a5 90. The net amount
needed last year for general purposes
was $22,363.51 an dthe amount for
sinking fund for last year was $10,-
O51.00 for which levy was made as
follows 8.S mills for general pur-
poses and "a mills for sinking fund.
Under the city. contracts and outstand-
ing bonded Indebtedness the amount
due to be collected for the sinking
fund last year was $1S,319.56 but the
interest that had accumulated to the
credit Of the sinking fund on account
OF deposits in bapks, etc, was used to
Offset part Of the required amount
for last year and the tax payers got
the benefit Of same and after these
things had been figured off IL only
required chat $10a6f 90 be raised for
the sinking fund last year by taxation
hence b levy of 2.6 mills was suffi-
cient for the sinking fund and interest
fund last year but this year the tax
payers will not have the accumulated
interest Of past years TO help them
out hence the amount needed for sink
ing fund and interest to meet the
city's outstanding bonded obligations
this year is $1787296 and it requires
five mill levy to do this. The law
requires that ten per cent be added
to the estimates OF net amounts need
ed in order that after the taxes raised
by the levy have been collected there
viii be sufficient tcSpaSl the net amount
required The law ccntemplates that
ninety per cent of the taxes assessed
will be collected
Last year the balance on hand from
previous years was, only $67S.3S and
this year the city starts off with
balance on hand of $2,7645O. The net
amount needed last year to be raised
by taxation for general purposes was
$22. 2.36S.51 while the net amount need
ed to be raised this year by taxation
for general purposes is $22, ,906.35; in
addition To the general expenses Of the
city $4,000 win be spent in adding
water services this is charge for
fire hydrant rentals the proceeds to
go to adding water service extensions.
The people have authorized the build.
ing of bridge on Sequoyah avenue
across Bull Greek and s2,60OOO for a
new fire wagon aud hook and ladder
wagon.
The assessed valuation of the city
was approximately twenty-five per
cent higher last year than it is this
year; the tax payers got the benefit
of accumulated interest OH sinking
fund last year otherwise the levy for
sinking fund last year would have
been at least FIVE mills. These amounts
to be raised for sinking fund are fixed
for years to come With twenty
five per cent deducation in valuations
the rate must necessarily be higher
in order to get the amount required for
the general expenses of the city.
What might appear to be mislead-
ing and no doubt many are misled
thereby is that ten per cent is added
to the amount needed for all purposes
in the city so that the law requires
the levy to be made SO as to raise an
amount ten per Gene greater than that
needed so that when the taxes are all
collected there will be room left to
figure that the city could lose on ac-
count of failure to collect taxes ten
per cent and then have taxes collected
sufficient to meet the city's demands
IN case this ten per cent is collected
lit is carried over into the next year
and reduces the amount required for
the nexf vssa- inst that Innch