The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-03-29

/ went to school, and don't believe
it has been changed since, was
taught that 100000 for one year
at Az per cent per annum is $4,000,
or for three months, one quarter of
that amount, $11 $50. My report
shows this same result.
The commissioners, however, con-
tend that this accrued interest should
not have been on deposit to the credit
of this fund on October 1, but that
it would be put there during the next
fiscal year.
To obtain correct results and true
conditions these figures have to be
handled in fiscal year periods, viz.
from October / to October 1. And
as the city operates under the budget
system, each fiscal year should take
care of itself. Indeed, this has been
the rule in vogue in the conduct of
the city government for many years
past.
1t is, therefore, clear that all re-
quiremonts for interest, and all re-
quirements for sinking fund should
have been set aside and appeared to
the credit of this fund on October L,
1915, but the fund is short Of these
requirements the sum Of $685. 3,
as shown by my recent report.
made the statement in my report
and the commissioners call attention
to such statement, that the shortage
was occasioned by failure to collect
the full amount of the tax assessment.
This is true, but so long as the inter
est and sinking fund percentage of
the tax milage is based upon the
| total tax assessment being collected,
I just so long will this fund run short,
as never in any one year has the full
tax assessment been collected, and
never will it be.
However, the law and ordinances
state specifically without reference to
whether or not a complete collection
of the assessment is made, that GER
tain percentages SHALL be set aside
/ As to back taxes: Nothing from
this source was set aside for interest
and sinking fund account during the
period covered by my recent audit
However, / have been told, and be.
lieve it, that some time after October
| /, 1915, the final date of this audit
a portion of back tax collections were
transfrred to this fund. The com
missioners doubtless can enlighteI
the public as to when for the frs
time the interest and sinking funC
account was credited with any por
ton of back tax collections.
During the period of this audit, tw'
years and four months, s135, 645.2'
has been paid into interest and sink
ing fund and s140,6S1.23 paid out o
it for interest alone.
What has become of the sinking
fund requirements
. Operating Accounts Liabilities.
AS per my report, these amounts
to S24,946.37 on October 1, 1915, an
as the details of this report set forth
this liability consisted Of checks is
sued and outstanding, S8,450.22 an
other debts incurred previous to DC
tober 1 and unpaid, s16,49615.
have a list of these unpaid bills be
fore me as l write, but fail to fin
anything in it relating to salaries Q
! employees, except possibly SIS or so
! We all know that the past tw
years have been hard ones from
financial standpoint, but the taxpay
ers of Pensacola have paid up n
markably well.
!. In this connection let US do Ittl
estimating. If / remember correctl
the old administration during a mol
: NAL year collected about $50 900 OF
of tax assessment of about 5000, 00l
; Let US suppose that the present az
ministration had collected every col
per cent of tax assessment for the
/ two something that has neve
t been done IN the history of Pensacoli
n and never viii be-but we viii sa
+ they collected it all.
, The results Of the administrative