The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-03-17
AUDITOR TELLS
IN REPORT Of
CITYS PLIGHT
Summary Reveals Much, But
Full Audit Is Yet to
Be Made Public.
LATTER IN HANDS
OF COMMISSIONERS
Pensacola Confronted With
Serious Situation In It's
Financial Affairs.

That Pensacola is confronted with
a serious situation in its financial af-
fairs and that the cit commissioners
are rather lax in their engagement
Of the city's business is revealed in
the summary of the audit of F. B.
Hagerman, appointed by the COVER
nor to investigate the condition of the
city since the change in the form of
government, this covering a period of
two years and four months, and end
ing October 1, 1915. The full audit
is in the hands of the commissioners
and copy has been forwarded to the
governor by the auditor
The summary, itself covering twen-
ty-three type written pages, IS prinoi-
pally an index to the full audit, but
occasionally the auditor in conclud-
ing special department. makes COM
ment upon alleged discrepancies or
criticism of the manner in which the
business has been handled.
Taking up the paving certificates.
which We're issued against property
AUDITING paved streets, the auditor
shows that certificates past due and
to became due amount to $1s9 O22.O2.
He then says:
The funds raised from the col
lection Of these certificates to be
used in retiring the s600,000.00
issue of special Improvement
bonds and interest on them 1T 6
per cent. On October /, 1915. all
Of these bonds ana interest on
them had been paid, except the
list in the foregoing liabilities,
not then due, amounting to S226,-
600, plus accrued interest on them
to October I, 1915, 1880. This
above amount of uncollected GER
tiicates and cash in bank, S227.-
| 1879, is the only source of rev.
enue to be drawn upon TO pay
these outstanding bonds.
A very large number Of these
certificates are now from one to
five installmeLts past due, and
on quite a number no payments
have ever been made.
SINKING FUND.
The auditor next takes up the I'm
terest and sinking fund, provided by
ordinance, and also by The legislature.
in authorizing the city to issue 81
| 100000 of Improvement bonds and
/ S250,000 of refunding bonds. He then
comments as follows on the fund:
According to these ordinance
requirements there should be on
deposit in the bank the sum Of
! S66,250 for a sinking fund. The
! amount on deposit October 1.
1915, was $38,424.17. The sinking
fund is therefore short Of ord
nance requirements the sum of
| $27, 1926. 83. (The report shows
this fund received nothing from
back tax collections). The ex-
penditures as listed are $1,000
more than the probable collec-
tons. As previously referred to
this fund is now short of the re-
uuired sinking fund the sum of
| $27 1858.
| RECEIPTS, DISBURSEMENTS.
/ Under this heading the auditor
gives statement Of the operating
expenses Of each Of the departments
of the city, and at the bottom adds
the following comment:
You win note from the forego-
ing history Of the operating re-
I ceipts and Disbursements that the
commissioners source Of revenue
IN addition to their own collec-
lions has been the net amount
turned over to them BY the old
administration, viz: s59.456 so,
and this was not sufficient to
meet the expenditures, as liabil-
ity was incurred amounting to
S24 e46.37- For the future there
viii not be the LARGE bank balance
IN draw upon, as the anount on
deposit on October 1. 1915 for
this fund was Ss.559.66. and So
958.06 Of this amount is in the. !.
Pensacola State Bank, and col
lection doubtful The only source
of revenue then viii be collec-
tons made, and II these are ex-
ceeded by expenditures the city's
liability viii continue b increase.
For the estimated receipts and
disbursements for the next fiscal
, year ending Oct. 1, 1916, ire
; fer to exhibit G.1. The probable