The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-10-14

"nuai reports for the city of Sumter
for the years 1s14-l5. and 1s15-lG
PREPARED by the City Clerk and Treas
urei' WIN be read with great deal of
hssftst by citizens of<sumter. as the
hnancss Of the city Is a matter in
fwhirh all are deeply interested. ,s
The statement Of Mr.. Blanding is:
To the Honorable. TIE City Council:
"A I herewith submit my annual re-
port for the flsciai year ending June
soth. io1s. Owing To the late change
In date Of the end Of the fiscal year
from July sist to June a0th. this re-
port covers only eleven months in
stead Of twelve. Tor purposes Of
'comparison. therefore, with former
year, one eleventh o. so,ne of the
msms Of revenues AMI Of most Of the
itsmH OF expense should be added TO
such 'tsms 20 arrive at an approx
massiy correct basis.
A,:omparison A Of bills payable ac-
count shows that $40. 10000 more
money was borrowed this year than
~ year to the present date. or .hiy
Amoaat Sit.s3s II repl esented by cash
% hand. and the bah.ncs has gone
into extraordinary CO ,struction work
msdo In advance Of tn, street pavias.
construction ana Improvement
work amounting to s17.1f1.ss has
been done In these eleven months ms
compared with s7.4sb.so done last
year.
An indebtedness OF S3.sss.27 due
ths city schools at the end OF the last
lecal year has been paid.
From the two mile tax levied for
city bond purposes. $s4s1.39 was this
yser realised. OF this amount s4.7sc
vas used to pay interest on the bonds.
having balance of s1.7si.ss that
should 20 into n sinking fund against
~ rstiremsnt OF these bonds at ma
; onrtty. This Is assuming that /. the
eitys water works bonsls. interest and
/, >nc1pcl are 70 % tak,,n care Of from
$500 ~ ~ Il tem. which a.
>e|D & III y tAe ia 'oks instead Of
~ elnkins fdhd of ~. .oss.ss that the
c1ty. haA there should be some ss1,-
eeo.eo accumulated up to date agains,
the retirement OF the ,,ity bonded In
esbtednsss including the water works
bonds.
On January 18th next, $11,250.0
principal and the same amount in in
terest viii DO due on the lato issue of
street Improvement bonds. and under
ths ordinance. provisions will have
70 be made for getting assessments
made against abutting property own
'irs 80 that these assessments may be
,ollected with. other property taxes
tho books for which open November
'Ist- The city will very probably have
10 look forward TO advancing a<certai \.
''mount Of these funds temporarily
en- account Of delinquencies.
BY getting sn touch with the mon
~ market In New York and other
financial centers. considerably lower
interest rates have been obtained on
iaoney borrowed for city purposes.
During the last year tn, interest rate
les ov>~,c.a n er -. -. uS -.
ts now paying 4 Ia per cent. on It's
loan II has enjoyed rs low rate as
i-2 per cent
As accommodation is not required
or expected ordinarily Of the local
hanks and as the city " continuously
borrowing mon>y at the north which
o. Keeps on deposit with these banks
% be used as NEEDED. arrangements
have been made with these depositor-
Les TO pay per cent. interest on
daily balances. This I expect another
year will materially lessen the city's
interst and discount acc cunt.
Funds received during the past year
from bond sales for the purpose OF
erecting n new school building and
for street paving improvements have
been placed with tho io',ai banks al
daily balance interest rates OF 5.2G
per cent and 1-2 per cent. netting
q, date In the former instance Ss27.5a
and In the latter s3.2sS.7o. From
what can learn no interest has ever
formerly been obtained on such con.
struction fund accounts.
The city at present u continuousl,