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The Daily Gazette
Wilmington, New Castle County, Delaware
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The city government will operate on a cash basis until July 1 next, as the Union Bank refuses loans. Projected $90,000 in revenues must cover $16,800 monthly expenses, requiring strict economy and halting improvements. Democratic Council has administered prudently, ensuring a $25,000 bank balance and no floating debt on January 1.
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From present indications there will be a balance in bank on the first of January of at least $25,000. To this may be added about $60,000 from next year's water rents, and $10,000 for receipts from the Auditor's books and other transient collections, and it will make a total of $90,000 which the Council will have to run the city government with until the first of July. This will be equal to $15,000 per month.
The unavoidable expenses for these six months, will be as follows: Interest, about $6,500 per month; public schools, $5,000 per month; salaries, about $3,300 per month; water department (at the lowest estimate) $1,000 per month; light, run, cleaning streets, and other miscellaneous expenses, (at the lowest estimate) $1,000 per month. Total. $16,800.
At this rate the funds will be sufficient to run the city up to the middle of June after which no funds will be required until the first meeting in July, when the taxes for the year will be well in hand. But it will also be seen that to secure this desired end, the closest economy will be necessary. All improvements will have to be stopped, and only such work performed as cannot be dispensed with. No extension of water pipes or opening and grading of new streets can be done until after July, and those who suffer for such improvements must content themselves with the knowledge that they cannot be effected without money, and that the Council will not have the money in hand for the purpose for several months.
For the past year and a half the affairs of Council have been very carefully and wisely administered by the Democratic majority. They have been unusually economic in their management, and will have, on the 1st of January next, what no previous Council could show for years back-a balance in bank and no floating debt.
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Domestic News Details
Event Date
January 1 To July 1 Next
Outcome
city government to run on $90,000 cash basis for six months at $16,800 monthly expenses, sufficient until mid-june with strict economy; improvements halted; $25,000 bank balance and no floating debt on january 1 due to democratic council's prudent administration.
Event Details
City government must conduct affairs on purely cash basis until July 1 next after Union Bank directors refuse loans on notes. Current revenues to meet all municipal expenses until July taxes. Projected balance of $25,000 on January 1, plus $60,000 water rents and $10,000 other collections, totaling $90,000 or $15,000 monthly. Unavoidable expenses: interest $6,500, schools $5,000, salaries $3,300, water $1,000, miscellaneous $1,000, totaling $16,800 monthly. Funds sufficient to mid-June with closest economy; stop all improvements, no water pipe extensions or new street grading until after July. Democratic majority has administered carefully for past year and a half, achieving bank balance and no debt.