The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-02-13
Liabilities, at Beginning of Fis-
cal Year. $l3,Oo7,600; Re-
sources. $23,983.703
READY MONEY FOR
CURRENT EXPENSES
CAUSES BORROWING
Loans From Banks Amount to
$4,000; City Win Need
100000 More Than Last
Year, Financiers Figure

With a net dent or liabilities OF via
s7s.seo and property assets alone VAL
ued at s23,sS3.7e3 the city of Rich
mond would be on easy street fnAn-
cially speaking. were Ii not for the
Lack of ready money.
This Ia shown by the fact that the
hoating debt OF the city is s7T5000.
The Boating debt 10 borrowed money.
Most OF II was borrowed pE3or to
the beginning of the financial year,
February 1, 1919, and part OF 1t since
that time. but the city Is always bor-
rowing money for it lives ahead of its
income.
The income is received from taxes
and other sourees~-as citizens who
care TO attend the public session OF
the finance committee Friday night
will find out
The city spends it's revenue before
* Is received, city Auditor Crenshaw
explains because II is Ia debt 1t is
like a man who owes money but who
has good credit. The city, like the
man with credit runs Up bills that
must be met SO goes TO bank and
borrows- Settling time comes lAteN
The city needs n ouey constantly to pay
sd aries and 10 IL does not continuously
receive It's revenue In sufficient sums
to meet current expenses 1t goes to
. the national banks In the city and hor~
will receive the returns from taxes,
licenses and other sources Of revenue.
or the present aoatins debt of S77b.-
Geo only s17b,oQo has been borrowed
since 1918 so the actual Debt OF the
city at the s7,'ra,ne Of ths fiscal year
was Sla.0S7. $50, as follows.
Debt of Cty.
Bonds *t7.e4s.e5s.
Bills payable ~-- floating deb
$500. ooo
ErookIand school board. $4,000
Total debt. si7.6ss.o6s.
i.esa sinking fund, s4.490.a6S.
Net debt, $ls.o97.soa
Now adding the s275.oVo borrowed
since the beginning of the fiscal year
and you have the net debt OF the city
today, sts.s72soo.
The s17.o4S,055 which the city owes
fo1 bonds was incurred for improve
Ynants school buildings streets and
sewers Shockos creek and similar en-
terprises.
Al the beginning OF ths fiscal year
the city had on hand, or 20 its credit
In the local banks. s*2e,Ss7.25. 1t had
received on account during the fiscal
wear s7ssa,ess.os and had dixbursso in
that period sT.47o,5s41s. II had re-
cetved revenue Of s4.2Ts,se242 from
it's usual sources OF revenue and $751;
1854 from other sources, Of which
sfs6sT 30 was from the Virginia Rail-
way and Power company In payment
for the tracks on Mayo bridge The
city built the bridge and laid the
tracks and the company which has the
use Of the tracks agreed 10 pay for
the rails and, presumably, the cost of
laying them. The finance committee
estimated it's revenue for 1917 at Ss.-
i3s.o7b. which was slightly under tho
revenue received. but the city council
got even by making appropriations
ga
there was a debt of $4,000 in the mat
ter of appropriations held over from
1918. which made tina city spend S4.-
as42s4s7 out OF Its total receipts of
ss.s11,bss0s Now as this left only
s17.soa.ss over and above everything
taken In and as s1b.S6T.ae was for the
bridge tracks the city actually was
only si.7st.7s to the good at the end OF
thu year.
which may be said to be pretty
oiose figuring for evan such experts
az the members of the CITY finance
creasing the debt Of tho city by a
matter Of less than 1000. altar pay
tnc back money the city had borrowed
last year and the year before that.
The nnanoe COMMITTEES says that II
the CITY is going TO raiae the salaries
of school teachers and other city en-
ployes. improve it's streets and buy
oil and coal to run the gas works, taxes
and all sorts OF license taxes viii have
to be increased about 10 per cent all
around. They say the city will have
to raise $4,000 more than 1t did last
year. 1t needs:
FOR streets. 100000 more than last
year.
For school teachers. 500, geo more
For the gas works, 100000.
For city employees, 100000.
For miscellaneous needs $4,000
The fret public hearing on the bud
get will be held Friday night and City
Auditor Cfenshaw says everybody IL
invited. The city auditor ts much
pleased with the statement showing
the city to have cut down it's net debt
TO s1S.o9T, S0O~--at the end of 1sl7--wiAh
assets of $23.sss,To3.
Washington. Feb. IA ss0,e0o.o0o
appropriation for housing at shipyard
plants was passed by unanimous vote
In the house late this afternoon. The
senate has approved similar bill.
Leaders expect no difficulty in harmo-
nixing them. In anticipation OF the
bill. actual work has started at two
or three yards.
blast at DUPONT Plant.
Wilmington. Del. Feb. la.--Fire, fol-