The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1913-05-16
MAYOR Iy|'OlRi N A MESSAGE
HANDLES CITY AFFAIRS
From Tuesdays Daily.

during the regular session Vi that
body yesterday morning. The mes
sage contains some excellent recon-
mendations. Also every tax payer
could read the message with profit:
ITO the Council of the City OF
Mankato-G Gentlemen: Section 3S OF
our charter provides as follows
"The mayor shall annually and
from time to time give the council
such information relative to the at
fairs of the city and recommend to
its consideration such matters as he
may deem expedient' In pursuance
of this provision I hereby present
to you my report of present condi-
tions and my recommendations and
suggestions for the future.
THE statement of financial con-
ditions herein contained is offered in
no spirit of criticism or fault-fnding
with any one; but for the sole pur-
pose that we may well consider our
present and future resources, to the
end that we may remain within
proper limits and not exceed in eX-
penditure the reasonable bounds re-
auired of u.s. My recommendations
and suggestions, also, are not made
with any intent of debating what
must be done; but for the purpose
only of calling your attention to the
problems now confronting. or which
are liable hereafter to confront, the
present administration.
Before prudent men embark on
any important enterprise, they bal
ance their books and take stock OF
the resources on hand. 1t will be
well, / think, if we follow in the
same path. / present herewith to
the council the auditors report of
the city's finances, which ! caused to
have prepared under section 80 of
our charter, which provides that the
mayor shall have the books of the
city audited at the beginning of each
fiscal year. This report shows that
the work of the superintendent of
finances and accounts has been well
done and the books are in such ex-
cellent condition and so well and
faithfully kept that it is easy to
learn the exact condition of our
finances.
1.-The condition which exists calls
for serious thought, and should be
studied well before we undertake
any work for this season, so that we
may know how far we can go and
what can be done with the finances
now on hand, or which will be on
hand before the end of this year
1913.
Our Misunderstanding Fund.
r "This fund shows a balance on
hand of $351725 in cash, and the
sum of $S363.26 is said to be invest
ed in city Indebtedness, as provided
by Section II of the charter. This
would show $11,SSO.51 as the total
present sinking fund balance. How
ever, the auditor finds that these
investments are not represented by
any assessments coming in from. the
property owners except the sum of
$4,000 on assessment No. 223 and
$744,67 on assessment No. 222, max
ing a total of $3,744.67. There is
therefore a shortage in this fund of
$4617.53, which will have to be re-
placed in order to give the sinking
fund the assets to which it is en-
titled
81 quote also the following from
the report of the auditor: In pass
ing, we would also call your atten-
ton to the fact that the city has
never yet allowed the sinking fund
any interest on the cash advanced
to the city to take up certificates of
Indebtedness | would recommend
that the sinking fund commissioners
at their next meeting ascertain how
much interest is due the sinking
fund. | consider it our duty to re-
pay to the fund both the sum of
$4617.53 and the interest due it.
There is also the sum of $277697
coming to the sinking fund from
the taxes which will be collected
this year. There will therefore be
large sum of money on hand which
ought to be invested so as to draw
interest.
Permanent Improvement Revolving
Fund.
II call your attention to a strange
anomaly which exists today in our
revolving fund. The certificates out.
standing against this fund are $57
42701, while there is only due on
the assessments made to cover this
Indebtedness the sum of $51.S6611
which leaves the revolving fund ow
ing $5,560.90 more than it's resources
This strange state of facts was
brought about by issuing certificates
of Indebtedness for improvements
which should have beeen paid out
of the permanent improvement fund
such as intersections of streets. The
only remedy.I can see for this is
that we pay to the revolving fund a
sufficient amount of money to make
the same balance, such sum to be
paid out of the permanent improve
ment fund, which should have borne
this expense at an earlier date; and
recommend very strongly that this
be done as soon as funds are avail
able.
Permanent Improvement Fund.
''This fund stands as follows:
Balance on hand.. $l9 Al
Tax assessment -. $10,410 80