Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1919-10-18
C|TY'SF|NANCES
|. DISCUSSED HERE
Comptroller MOrgenson Tells Of
New Conditions Prevailing Here

City Comptroller Olaf ]. Morgenson
speaking at the Republican meeting
in the Auditorium last night, gave
lengthy and explicit explanation of
the conditions in which the Republt-
cans found the city finances when they
assumed office three years ago and
the condition prevailing today. The
comptroller said he had no hesitancy
and needed to make no apologies In
saying that no corporation would per-
NIT such condition of its finances to
exist as was the condition of the city's
accounts here prior to the present adj
! ministration gaining control. The fin
, ances of this city, Mr.. Morgenson
said, are now In commendable con-
dition, especially when compared with
those of three years ago. Loose me-
thods, the speaker said, had prevailed
in the handling of city accounts for
many years, this applying especially
to the sinking fund commission.
Mr.. -Morgenson divided his talk
into two parts, the hrst haVlng TO 40
with the general account of the city
and the latter with the sinking fund.
'Fhe finances of the city today" he
declared, "are such as l believe they
have never been before" A balance
of nearly 100000 now exists, he
said, the balance at the close of 1918
being $194,6Q7.77 as compared to
/ balances
in 1913 and $4,000 or $4,000 i'm
1914. 1t is the policy of the present
| administration, Mr.. Morgenson said,
to see that all taxes are paid and
that the proper rate of interest is
charged. "This year." the speaker
, continued, the city has borrowed
but 100000 at 6 per cent. in antici-
patton of taxes whereas previously
between 100000 and 100000 has
hnrrnIuad in
terest money amounting to about
| $4,000 per year is saved the CITY,"
The collectors office and the other
city departments finances are now
| being conducted efficiently, and re-
ports made promptly, the speaker
said, it having been necessary when
the Republicans took over the city
\ administration in December, 1916, to
| keep the books open until the mid
die of May, 1917, before the books
could be closed.
With the present system reports are
available on the second and third of
the month, the comptroller added,
thus making it possible to present the
reports to the Aldermen az their first
meeting of the month.
: There is no large burden of tenn
porary notes at present, the comptrol-
ler asserted, having now but $4,000.
|
to secure money in order that the
burden might be spread over a num-
ber of years.
Referring to the sinking fund, Mr..
| Morgenson said that although that ac-
I count was now in healthy condition
the fund was shriveled up and the
| money sunk in it three years ago."
The speaker told of the audit made
in 1916 with the result that the recon-
niendation was made that the city
sinking fund books be put in proper
| shape and a sinking fund commission
| be appointed.
When the Republicans started to
work on the sinking fund account Mr..
| MorgenSon declared, it was found that
$4,000 worth of bonds had been is
| sued with no due date attached to
| them. Bonds amounting to $45, 500,
he continued, had no signatures on
them and there was not more than
| 100000 in the fund when there
should have been 100000. "A hobby
of the Democrats" he said, was low
taxes. These low taxes are being
paid for today as the result of money
| not having been placed in the sink
| ing fund when it should have been de-
| posted several years ago.
Today both the SAP, 900 worth of
| bonds with no due date and $45,500
] in unsigned bonds, Mr.. Morgenson
said, have not been put in shape and
up till October l, 1919, there is $649,-
| 6SS.54 in the sinking fund, available
for the retirement of bonds as they
+, mature. In 1918, he said. about $780,
! 900 worth of bonds were retired and
| thus far this year 100000 have been
1 dealt with similarly.
| In order to show how the sinking
| fund balance has increased each year
| Mr.. Morgenson said that the amount
| in the fund-at the close of 1917 was
/ $420, ,467.02 and in 1918, $598,79S.40.
In closing Mr.. Morgensen asserted
| that another three or four years OF
the kind of financing which was being
done in this city when the Republi-
cans entered office would have result
,, ed In bankruptcy.