The Birmingham age-herald., 1924-02-04
SAY CITY PROPERTY
 UNDERVALUED
Board, In Summarizing Survey, Points To Fig
 urges In Transfers

urges In Transfers
 Birmingham's need of greater revenue, Fas clearly shown by the facts assem- Pled in the recent public school survey, he board of education declares in |ur1mary of it's fourth and concluding Fhapter of recommendations, which discusses the financial ability of the Fity versus the needs of the schools.
 Increase in total expenses of Bir- bingham from 1912 to 1922 has ex- feeded the increase in revenue by more han $50,000 annually" the board says.
 Property values are assessed too low, n the opinion of the board.
 Estimated Costs
 ''The estimates of cost of the recom-, nended new school sites as compared with the assessed valuation of these |ites. the prices recently paid by the bounty for a new court house site and
 general knowledge of prices and as- essed values tin the city, help to con fity is not assessed for more than 40 per cent of its true value, although the aw says it shall be assessed at GO per tent," the report asserts.
 Property now is assessed at $33 per T GOO of assessed valuation. If 3-mill ax were added, says the report, this would be increased to $36 per $1 1000.
 Birmingham, since 1904, has spent bnly $3, 760, ,296 in bond money on it's Ichools. Only $255, 5,147, or CT per cent, has been spent on negro schools.
 The city's constitutional bonding init is per cent of assessed property values. School bonds do not count against the debt limit. At present 5,OOO, 900 in bonds could be voted for other than school improvements, it is Itated.
 Boards Summary
 High lights of the boards summary bf it's survey are given herewith:
 The value of the school property in 922 was approximately 46 per cent of he total value of the city property, ex- elusive of pavements, curbs, sewers, Eiaducts, etc. From 1912 to 1920 it had ranged from 37 to 35 per cent of he total. The first material increase vas in 1920. From 1912 to 1920 it had been about $1;50O,0OD In 1920 it in- creased to about $1, 1,750,0 900, in 1921 to about $2,000,00 and in 1922 to about B, ,000,0O0 The average increase per year since 1912 has been about s152,0 900.
 The constitutional limit for the issue pf bonds is z per cent of the assessed valuation of property, or SIG, 0,206, ,952 n 1923. Nearly $5,000,O00 in bonds are now issuable within this limit, not including issues of school bonds. School bonds are not counted against the debt init. An additional tax levy will be required, however for the proper re- irement of this debt if incurred.
 Since July 1, 1904, Birmingham has issued $3.S0O, 900 in. school bonds. The Municipalities taken into Birmingham in January, 1910, had issued $394, 900 between 1904 and 1910. These bonds mature between 1924 and 1852 and bear per cent interest, except $250, ,000 st 1 F per cent.
 Voted I'm 1916
 On xanril 19, 1916, $2,000,000 of seiiooi bdssfks were voted, and the issue atharizkA on March 20, 1917. Due to lle dhfavorable conditions of the bond nnrket only $250,000 of these bonds were sold, being purchased by the city pf Birmingham from its sinking fund. y, ,00000e was voted to take the place hl these bonds yet unsold, but now marketable, would help materially in raring for the immediate needs of the schools if their sale were authorized or bpproved.
 Of the total receipts in school bond und since July IS, 1904, of $4, ,154,- 59.67, $21 ,33S.34 was received from the municipalities taken into Birming- ham in 1910. The par value of bonds included in this amount is S3,S00, ,000 Premium on bonds of $49 9,53S, interest bn bank balances of $S1 ,613.1S, miscel- aneous, sale of old property of $23,- P24.02, accrued interest on bonds of ZS22, ,17653, donation by the American Cast Iron Pipe company of $25,04S.75 zand transfers of funds make up the bal Rnce.
 The total expenditures from the bchool bond funds from July IS. 1904, o August S1, 1923, have been $3. 760,- I R96.26. Of this amount, $1 ,527 ,S63. .S2, pr 39 per cent, has been for white high Fehools; $1, ,59S, ,107 .SS, or 421a per cent, Tor white elementary schools and ESQ., e64.17, or 2.1 per cent, for warehouse l building, total of $3, ,206 ,935.S7, or hbout 85 per cent, for white schools. A general and incidental expense of k29S, ,213.10, or s per cent, of the total includes items of transfer of funds, pay {nents for furniture and bond discounts amounting to about $292 900. Only k255, ,147.29, or 6.7 per cent, has been Rxpended on negro schools. Unexpected Balance
 The unexpected balance on August B1, 1923, in the school bond funds was $393, ,S63.41. After deducting the bal bnce due on contracts awarded and Payments for miscellaneous work not Included in these contracts, the actual balance on November l, 1923, was $5, ,737. .06, without provision being made for the furnishing and equipping of the hegro Industrial High school now un- Der construction. Birmingham pays in taxes for each S100 of assessed valuation of property &o the state of Alabama 65 cents, and Eo the county $1.15, total of $1.S0. It's own taxes of $1.50 per $100 make 3ip the $3.SO total on each $100 of assessed valuation of property. Of the amount this paid to the state, county hnd city, 30 cents, 45 cents and 50 &ents respectively, are for the school unds, a total of $1.25 per $100 of assessed valuation. On the assessed kaluation of property in the city for 922 of $144, ,151, ,226 this would amount to $1,801 ,890. The actual amount of he state and county appropriations for schools in the current year, 1921-22, xas SIS2,24O and the city tax levy was $71S,O55, a total of $1,500,295, The pportionment of state funds to Jeffer- bon county in proportion to the num- Der of children of school age therein nd the appOrtionment of the state and Eounty funds by Jefferson county to the Fifty of Birmingham after deduction of
 per cent for overhead expenses, in Proportion to the average daily attend lnce in the public schools, accounts for most of the difference in these two to- nls nf &1 2n1 0Qn and S1 h0n OoS