Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-01-07

table. 775.7GS. IS
ss4, S5S .,
Total disbursements as per
Auditors vouchers No. 1920
to 622i, inclusive, 5000 81
Cas-, on hand January l,
1890, $780,
Notwithstanding the advance in la DO /
and materials which increase opera'-
ing expenses for a municipality as wei.
as for commercial and manufacturing
firms. the city OF Augusta closes very
financial record Of which no citizen
need apologize. Before closing cur
books VIC reduced our temporary loan
~ 500" leaving outstanding only go
Ht.'D, tho srnal est amount by far that
the city has had at the close Of any
yea t"r long 'i1e. Nj,
or aiin las been to follow a bust
4ssS .1coai.,rn both n the collection OF
ir"' ~ '."s til" ,'itt. as vel, as to make
ri"n1t; ,lsr':sat. OF al Just claims
be - vi 'c n atihcrng 10 the fer:ner.
fcr . VHr' vars, tie mun'eipal OIL
Gers h:tEr Iylse!v refused: 20 follow an
cd ciS IN Il susTending sewer assess
to the yiaW, ti.at ire property reached
by her' sewer would be immediately
benefited. and therefore the asse sment
should be n.ade upon the sn.m' letion Of
sound is shown by the fact, that of ali
fhe sewer assessments levied since i9lS
there i:mairs unpaid iust So, AMI the
city IS Guaranteed that payment on tn.
18th Of this month.
" would be REASONABLE to expect II
taxes in February. the tax doe . vo Id
be an. increasing amornt, hut 1,woul !
since March list. 1917. we have made Il
net reduction through collections. u
more than 100000.
Our annual deposit of 5000 TO- our
have sdded $4,000 to our cemetery trus,
fund deposit both Of which are draw
ing 4cs. .tt i7 No.. --a
At the annual school meeting in Mav
the citizens voted to have butt rev
grammar school building at capito.
Park. and further directed the mag
and city treasurer to Issue bnn g Of. tie
city amounting to $6O.U0O, to i'rovi' e TN
funds. The mayor and treasurer car
ried out their instructions and the Issue
rate. IT was later found that building
operations would not be started before
another spring. and we considered "
advisable, not to requeFt the purchasers
therefore through an agreement salts
factory to both the bond purchasers and
the city. the exchange will be post
poned until later date. We have en-
teEeO IH1S lSSuS upon Itlc4SHy uOukS sAo
an increase in our bonded debt. as
either party may al. any time demand
the exchange. and that demand being
legal would have to be honored yet, 20
offset the bonds, we have cash due OF
$4,000 to balance the account. ~.
On October 1. the kenpebfc. bridge
bonds amounting to $s5.ooo0o became
due, yet at no time since their issue In
1894 had any money been set aside for
their maturity. The city therefore on
October lst, 1913 refunded the issue. and
issued the new bonds on the serial
plan. which provides. fpr, naypnent each
year until they are all paid Tor. This
is certainly a stepin the right direction,
and believe that correct, and sound
finance, demands that bonds should not
be issued for term OF years In exc ess
Of the probable life OF the utility which
makes the bond necessary, and an an:
nual payment plan should be followed.
The financial condition OF the oty Is
sound. and its notes. and securities find
a ready market among the hest insti-
tutions Of lew. England, and. we close
our books with a. surplus Of about 81
tuO0O' unexpended. from our years bud
Respectfully submitted.
- WILBERTiS S. WILSON, 4
s q 4 T. CITY treasurer.