Evening journal., 1915-02-13

money was borrowed from the Farm
ers' Bank on notes to take care of
overdrafts and other requirements
until the taxes poured in.
Il understand we cannot negotiate
any such loan this year. Mr.. Groves
added. 1--WE have had it up with the
bank and Mr. Spealman has had il
up with Mr.. Ridgely counsel for the
main Farmers Bank, at Dover. and
we cannot get loan as we have in the
past, for the next fiscal year. begin
ming July H.
Mr.. Groves explained that the
Farmers Bank had loaned the county
$4,000 at one time and $4,000 at an
other time last year.
"As I understand, at this tax rate,
we will have growing deficit at the
! end of each fiscal year." asked Mr..
Jones.
Yes. unless we increase the tax
rate heavy enough and start a sinking
fund to meet the requirements from
July TO October we will always have
the deficit" said Mr.. Groves.
Attorney Speakman explained that
under the law the Levy Court can
estimate on and fix a tax rate to meet
only its necessary needs The condi-
tion was such that the Levy Court
could not cure it, as 1t would require
statute by the Legislature to per-
NIT the Levy Court to do otherwise.
As the law now stands the county
/ taxes cannot be forced in until Sep
! tember or October, and not during
July, the law being designed so as not
/ to require Wilmington residents to
pay city and county taxes in July.
In response to question. Mr..
Groves said the unanticipated expen-
ditures the present fiscal year will
be about $4,000, and the estimated
amount needed up to October will be
about S250,000. He said the deficit
/ would not be that much at the end
of the fiscal year. June 30. The
amount he named includes the over
draft and the loan from the Farmers
Bank, he explained.
While the good roads item in the
budget was set down as $4,000. the
Levy Court had spent $4,000 in ex-
cess OF that amount for building good
roads, and $4,000 is due or will be
due in extraordinary expendi.
lures for good roads by July
Mr.. Groves explained when asked
about that item in the budget Black
bird station road and many othci
roads shared in this expenditure. Mr.
Groves said. Under the law, Mr.
Speakman explained, the payment fol
Blackbird and st. Georges roads
would not really have TO be paid rol
until next year and should go into
next years budget. but Mr. Speakmar
said he did not think il fair to com.
J pei the contractors TO wait until then
"The law does not say so, remark.
ed Julian C.. Walker, former counsel
for the Levy Court
Bring me the law and III show Il
to you" retorted Mr.. Speakman
81 drew the law and there is moth
ing like that in il continued Mr.
- Walker.
Mr.. Groves pointed out that $500
! The county expected to receive AS
a premium on bonds was not received
0 What caused the county to hav
g the dehcit?" asked Mr.. Jones.
2 ave have been spending NOR
r. money than was provided for in on
Z budget" replied Mr.. Groves.
n How much money will the Lev
Court require TO square il up?" aske
b, Speaker Grantland.
: About S25O0OO to the end of DC
toher." replied Mr.. Groves.
"HOw much at the end of the fiscs
:, year. June 30?" asked Mr.. Grantlan,
Mr.. Groves said he had not figure
the amount that would be needed a
+ the end of the fiscal year.
The hearing viii be continued at
. o'clock this afternoon.