The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-04-24


|ssstIeeI improvements ....... 24S.75o
terH0rks ..... $4,000
Surrent notes .....s... ..... $500
From this to be deducted the
singing fund Of s41.127.57. which
seslla saFe the balance Of indebted
ness sssg08l22.As.
8 he haEeiua purchased the electric
TIg1t and ice plant, and the total cost.
5aeIuding TTHat has already been paid
aid thai which has been contract
ed f6r and the amount estimated to
nisH,s sasgrsgates $54s,oSs.62, consist
as fplleWs:.
81 for Iight & ice plant s2a4.52s.s2
Isa estate added TO plant 10.50e.o0
Naehfnery purchased -. 49,, $4,000
EsAihaated cost Of bldg :. 100000
rais s5so,4as.s2
alknee estimated for materials etc.
not sab purchased, s15,657.38.
49n This we have paid 1921, ,65S.7S.
aFhe balance to be paid is s23S,770.54
yEg hfsVe not sold the authorized
hSaH issue of $3.50. 600. When that is
viii pay the note Indebtedness
s586,500 which was borrowed in
anfisigation Of the sale Of the bonds
THIS will leaveNa a balance from the
sale of Rends Of $1,000. This sub
traeked from the balance we will have
tos pay to eamplets the plant will
leave s175.27o.54.
ne have cash on hand at this date
S2a,187s5a This spbtracted from the
7D.554 Will leave balance OF
S152,0S3. 10, which viii have to be
slsajd out of the current income. This
Sl5z, ,eSss. 10 Will not have to be paid
bow because when we purchased the
aiaehnery there was only a part to
paid upon delivery and the balance
when the machinery was ercted and
;sm Operation. Therefore we will not
have to pay s1e@.012 of this amount
untn after October 1st, by which time
Ee should receive a large portion
from the current income and what
balance we Will need we can easily
horroY from the banks. as the amount
viii not be very large.
The current income in excess Of the
expenditures for the fiscal year end
ing June 80, 1918. was s59,274.91; for
the fiscal year ending June 80. 1919,
was s65,232.S0; and to April l. 1920,
was s7a,691, ,09. From this will have
TO be deducted the fixed expenses
from April 1, 1920. to June so, 1920,
less any income from licenses. taxes,
water rent. lights and ice to June so
1920. This excess. income over cur
rent expenses for the three years, that
sis. fer the fiscal years 1918, 1919 and
TO April Il, 1920. aggrlaates s204.-
1880, and if We estimated it will
take the s4.19S.eo in addition TO COL
iectsons which will come in between
April / and June 30th. 1920. for the
current expenses this Yill leave a to-
tai Of 100000 excess Of income for
this period over the current expenses.
z ] am satisfied it can be safely estimat-
ed that this $4,000 can be paid easily
out of the current income within the
next two years.
Not only was the 100000 above re
ferred to saved ont Of the current in
come over fixed expenses and used for
permanent improvements. but in ad
dition to this we have paid out Of the
current income the city'S interest and
msafIments on the street bonds,
which aggresate $4,000, and in addi-
ton to this, we paid out Of the cur
rent income over and above the $780,
600 worth Of bonds sold TO pave the
streets approximately $4,000. and in
addition to this we have extended the
M
a considerable sum for this purpose
and in addition to this. we have laid
aside as a sinking fund to retire the
bonds at maturity approximately Sill
coo.
When I was first elected mayor
there was no sinking fund laid aside
for the redemption Of any Of the city
bonds. but we have since laid aside
approximately $4,000 for this pur-
pose. all of whici, came ont Of the
current income of the city If VIZ
were able to pay all Of these item;
out Of the city's current income. II
addition to that. accumulate the $500.
600 above referred to. which has beer
used in permanent improvements
such as the extension OF wafer lines
sewer lines and in purchasing ma
cfinery for the electric light plant
then r see no reason. even if the gov
erument of the city is not mapas get
in the future by any more competen
business men than has been i'll ths
past, why we should not be able tt
pay back the s152,90o above referred
to out OF the current income withir
tbs nest two years
TO the minds OF some over-conser
4gatiye financiers the city's finapcia
condition may seem alarming. but t.
the progressive business aud forward