The Wrangell sentinel., 1955-10-14
THROUGH THE SENTINEL TELESCOPE
City Finances

There may be a few holes in the streets, but there is none ln the Town of Wrangell's financial status. The town is as well off as any town in the Territory, and great deal better off than most of them.
 When the old Council wound up it's business for the year last Tuesday night, it found that after paying all its bills to the end Of the towns fiscal year, Sept. 30, it had a neat total in all funds of $oO,1S257 Of this amount, there was $3,523.33 in the gener- al fund, which derives its income from property taxes, license fees, and other miscellaneous items; $S,9793S in the light fund which is supported by the revenues of the municipal power and light plant; $14,S45.63 in the water fund, receipts from operation of the water system, and $22,774.21 in the health and education fund which is supported by the city sales tax.
 Against this on the debt side, the town has yet to pay off $13S,- 900 in school bonds for the new addition to the school. This comes out of the health and education fund, or the sales tax, which bnings in approximately $29,0O0 a year. Not only must this fund retire the school bonds but it must make up the hospital deficit which runs approximately $1O,- year. At the present rate of tax this can be accomplished.
 Then, before you grab a shovel and rush out to fill those holes and charge it to the city, there is a little item of approximately $140,000 which must be paid over the next 20 years for the new water system. First payment, due at the moment, is $2,52496. An nual payments after that, with interest, will be about $7,000 The average net income of the wa ter fund, which is earmarked to meet this debt, after operating costs, is approximately $5,OOO, in dicating the water department needs little more revenue.
 The city has no other outstand- ing debt. Its "red warrants, or borrowed money, have all been paid back to the red warrant holders.
 Meanwhile, the light depart ment appears to be affluent with its $8,979.38 in the kitty. How ever, any expansion of the light plant to meet growing demand for power, either diesel or hydro-elec- tric, would mean additional fin oncing other than the small re- serve now in that fund. The Har- stad engineering report showed cost of new diesel engine for anticipated demand at around $1OO,00O and initial cost for go- ing hydro-electric at about $9OO,- 900 which is close to a million simoleons. HsN
 The general fund, made up by the general tax levy, is breaking even at the present rate, 20 mills.
 Wrangell is financially solvent and the only holes are in the streets
 Cant Satisfy a Politician
 It's difficult to. satisfy a politi- elan as the Alaska Legislative Council is discovering. The Coun- Gil, a creature of the Territorial Legislature, is made up of Legis- lators appointed by the President of the Senate and Speaker of the House and, according to the act, are supposed to be equally divided as to parties. With the death of Senator Howard Lyng of Nome, a staunch Democrat, recently, Senator James Nolan, as Presi- dent of the Senate, appointed Sen- ator Charles Jones of Nome, an equally staunch Republican and personal friend of Senator Lyng to replace Lyng on the LegisIa- tive Council. The wall from the Democratic politicians could be heard all over the Territory, ,"why appoint a Republican, The Legislative Council was made up of the following: First