The Birmingham age-herald., 1924-03-08

& The report of the committee investigating city finances in connection with the proposed bond issue for public improvements is worthy of careful consideration by all who are inter- ested in community welfare. It is gratifying to note that the committee found that Bir- mingham's present sinking fund is sufficient to take care of interest on outstanding bonds and provide for principal on maturity, with q margin of $750,OO0 This indicates that the city's financial condition is sound, and that proper attention is paid to the impOr- tanee of the public credit. The committee ad- vised that further bond issues be not predi- cated on estimates of future increases in val nations, since the future will require addi- tional bond issues to care for its increased needs and development. The committees fur ther suggestion that future bond issues over and beyond the city's present funding ca pacity be fortified by an adequate sinking fund is wise and practical. This is ill line with The Age-Herald's position in advocacy of setting aside adequate surplus or sinking fund to care for interest and principal of all securities outstanding or issued in future. { The finance committee wisely left to the reconsideration of the general committee the distribution of the bond issues The finance committee confined it's work to ascertaining the city's financial status and how far and under what conditions the city may safely proceed in floating additional securities. There seems to be some difference of opin- ion as to whether the library project and fire department expansion and completion of the auditorium might endanger the whole bond issue proposal. There are many who favor the library project as an intimate and important part of the public education. The amounts proposed for fire equipment and completion of the auditorium are compara- lively small. One of these projects is an investment assuring reasonable returns. The other must necessarily be taken care of promptly whether by participation in bond issue or; otherwise. There is ground for the view that under these conditions, their in- |clusion in the bond program would have little |cr no effect on the vote.
 The schools present the most important consideration of all, and should be given first place. Whether or not the amount proposed for the schools be considered small, it must 1e remembered that the improvements to be made will consume time. All the money cannot be spent at once, and 1t IS evident that m additional bond issue will be neces- Sary for extension of tie school improvement program in q few years at most. Meantime the millions voted for schools will be spent
 
 in accordance with the program, and there need be no postponement of the remoter school needs beyond the time they would have been served anyhow, and additional funds will later be authorized. That is the principle upon which the finance committee recommended serial bonds.
 1t is earnestly hoped that the people of no district or community will view the bond issue proposal in the light of whether or not their neighborhood needs will be considered in the immediate future. The money from he bonds must be gradually expended as the improvements proceed. The program should be left entirely to the school administration according to their judgment as respects the most pressing needs. The whole program, of course, cannot be carried out at once. If community or neghborhood factionalism en- ters into the election, the bond issue project nay 20 by the board, and all communities would have to wait much longer for their air share of improvements. The school ad- ninistration will have to be trusted. From hat there is no feasible nor efficient alterna-