El Paso herald. (El Paso, Tex.) 1901-1931, 1919-08-22

still have to be made on the various
bond issues, but the tax levy Tor the
general fund can be decreased by the
| amount paid by the waterworks into
the city treasury.
Would Reduce Tax Rate.
We propose paying into the city
treasury monthly instruments which
Up 10 April /, 1920. VIII amount 10
[ So 900. This sum is sufficient TO nay
the interest and provide for sinking
fund instruments on the SS75,0O0 now
carried. by the city, and also 70 pay
onehaf years interest and sinking
fund charges on the proposed 100000
bond issue.
The amount paid by the water
works department results in reduc-
ing the tax about 10 cents for the
present tax levy year-
As based upon the budget we ex-
poet during the next eight months
OF the present fiscal year TO nave
monthly balance Of about $4,000 per
month. which viii provide sufficient
funds to make the payments we pro-
pose making the city After this year
we expect TO have a balance sufficient
to take care Of all the waterworks
debt and also to provide adequately
funds TO make the payments we pro-
pose making the city. After this year
we expect to have a balance sufficient
to take care Of all the waterworks
debt and also to provide adequately
for the. reserve for depre ciation on
the waterworks-
Reduction WOuId BE Soon.
Third-That a ? IL cent reduction
in water rate be made beginning with
September 8, 1913 The budget esti-
mated revenues and monthly cash ball
ances. are based upon a . = cent reduc-
ton in the present water rate. and It
is recommended that this reduction 60
into effect September 1. 1918.
Fourth-That the monthly fire by
drant rental charge be increased from
s4374 to S5-374. This represents
monthly increase Of 81 per hydrant
The estimate for increased fire by
drant rental charge is based upon cal
culations submitted IN exhibit No. 3.
Suggest Budget.
Fifth-That the board of directors,
or the mayor and council. adopt
budget for the waterworks depart
ment for the remaining months Of the
present fiscal year and hereafter At
the beginning Of each fiscal year. This
is recommended because the final re-
sponSibility OF the waterworks de-
partmeut rests with the board OF d.
rectOrs. and the expenditures should
be subject to their review and control Z
The BUDGET offers the medium Of con-
trolling these expenditures before they
are made, and the review Of them
after they are made
It is hoped that the board OF d. .
rectors will pass on the budget here .
with presented. with the view OF CIV /
ing the WaterWorks department a J
definite policy and program upon I
which TO work
II Is also recommended that the I
amounts approved by the board Of ]
directors serve as appropriations to /
the various accounts. which cannot /
be oVerdrawn on the whole, except /
on their approval II is suggested that {
transfers from account to account he /
made on authority Of the superinten-
dent Of the waterworks and the al /
derman in charge.
Would Create Reserve.
As a means OF keeping the board |
OF directors. or mayor and aldermen I
constantly informed as to waterworlls I
ment will on the 18th OF each month 4
send to the city hail statement such 4
as appears OF the first sheet Of the 4
budget submitted herewith
SiXth-That provisions be made by 4
resolution 70 put in effect the recon- /
mendations made
We feel that the above rscommen- /
dations regarding the assumption OF 4
the waterworks debt by this depart i
ment. regarding the creation OF an /
adequate reserve for depreciation for !
the WaterWOrks department and re-
garding the preparation and submis- I
sion OF an annual budget TO the board 4
OF directors are matters so funda- 4
mental to the efficient management OF 4
the waterWorks epartment>that they 4
should be controlled by resolution In 1
this m nner. what we believe to be 4
good principles of management will be 4
perpetuated-
Accompanying the recommendation /
is q detailed statement OF the water \
company's finances.