The Republican journal. [volume] (Belfast, Me.) 1829-current, 1916-03-02
The City's Financial Statement

Notwithstanding our intention and endeavor
to have the City's Financial Statement. pre-
sented last week. 50 simple and plain as to be
clearly understood by every one, 80 many mis-
understandings and neutrality-suspicious. have
occurred that it might not be amiss to explain
and correct any errors which have come to
notice in constituting the same.
City and Town Reports are usually the
blindest, least understood and most garbled and
warped, according to the desire of the reader
of them, of any financial statements presented
to the public, and yet very simple when
looked at correctly and but one true result ex-
lists, figures will not lie when correctly
placed Could our Finance Committee take
the public before a blackboard, they could
easily explain fully every feature of the
City's financial standing that every one would
understand. To accomplish this at distance
is more difficult.
You ask what about the borrowed money of
$4,000 at the beginning of the year. The re-
port of last week in no way refers to this in
debtedness. 1t dealt entirely with the re-
celpts and expenditures of this administra-
ton, which is what people are particular
ly interested in Any receipts from the TN
collected taxes at the beginning of 1916 or the
liquidation of any other assets, must naturally
wash out in the final trial balance toward the
payment of this Indebtedness at the beginning
of the year or the payment of the increase of
Indebtedness incurred this year. You noticed
from the statement of last week that the
present city government had uneXpended
81 ,SS7.OS from this years receipts, but that it
expected the February pay roll would require
this amount and possibly $1,000 besides. max
ing a net increase of indebte dness for the
year of approximately $1,000.
1nasmuch as the city had net Indebtedness
of 81, 766.27 at he beginnitg of the year. and
will have increased that amount some So 900
during the year, the citys loans at the end of
the year must equal the amount of the cty's
current assets, such city team, tax deeds,
uncoiiected sewer assessments. uncollected
taxes, etc, plus the amount of this net in
debtedness of approximately $1,000. This
formula will prove true for the analysis of
future statements until the city has working
balance instead of deficit. The uncollected
taxes for 1915 are but appro roximately s., 900, a
record collection.
Just how much the city will owe for borrow
ed money at the end of the year cannot be
definitely determined until the distribution of
the February pay roll, but it will be given to
the public as as possible thereafter.
To chase the $4,000 loan at the beginning
of the year: 1t was paid at once by this city
government and merged into loan of S25 900.
which loan matured and was paid in full Octo-
ber LIST. The city now has outstanding loans
of $500, and there is due the bank 50 500
for the February coupons purchased and being
purchased by the bank, making 4 total cur
rent liability of the city at the present time
Of $4,000.
Our attention has also been called to the
amount collected for sprinkling the streets
and the amount paid for the work of doing it.
The amount assessed was $845. .25; the amount
paid, $699. 90. The reason the assessment was
larger than the amount paid was due to the
fact that the assessments were based on nre-
vious costs and assessed prior to the date when
the contract was let. 10 the actual expense of
sprlnkllng the streets there FORE beat our es-
innate the difference between these two items,
which amount after any minor deductions for
other expenses incident to the sprnkling will
be carried over and applied toward the pay
ment of sprinkling for next year.
If there ls any one in the City who has any
question whatever about the financial state
ment which has been presented, if he will
come to any member of the present City Gov
ernment, that member will be very glad to en-
tighten the party regarding any point inquired
about. We wish people would do this rather
than guess at things which do not seem clear
to them. We anxious to have every one
understand every feature of The statement
On behalf OF the City Government,
CHARLES r. CooMBs, Mayor.