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Let me call your attention to another feature of our financial situation. On the 2Ist day of March, I900, the city had no floating indebtedness. We now have outside of what is included in the matters heretofore mentioned by me, the following floating indebtedness in the shape of notes and open accounts.
We have outstanding notes for $30,482.93, of which there will mature in I906 at different intervals, $20,605.48 besides interest thereon. The new sewer extensions will probably cost over and above what has been paid, the further sum of $65,000.00 of which $I2,000.00 will mature in February of next year. There will be due between now and the middle of July on the cost of the Eighth Ward fire hall, about $6600.00 and on the contract for $5,000.00 for fire engine to the American Fire Engine company, we will owe $5000.00 of which $I262.00 will mature in December of this year. There will also be a large sum to pay upon the cost of of our present extension of water works system of which $15275.57 must be paid in cash as soon is work is done. There will be one year's interest on our bonded indebtedness which interest will be of about $9I,000.00, But from this we should didicate $48546.94 because same is included in the 6 mos estimate above and two per cent of the sinking fund set aside about $36,000.00. So we may reasonably count on having come due during this year in addition to the amount of prospective overdraft of $240,000.00, the further sum of $134196.13. Now if our income from all sources including the entire taxes of I906, should be $500,000.00 and we deduct the $240,000.00 and the $134196.13, we would have left about $125803.87 to apply to the expense of operating the city government from Oct 1st 1906 to Mch 21st 1907 which will be by no means sufficient to say nothing of the expenses of running the city government from Mch 21st 1907 to Oct 21 1907 when taxes can be collected. The conditions as they now present themselves indicate that a deficit will again present itself March 2Ist,I907. It will be inevitable. The amount of it will be augmented or diminished according as we exercise economy during the present year. We must look this situation squarely in the face; we cannot change it by refusing to consider it. We have much that needs to be done. We we have which in the way of municipal improvements that needs to be done. we need better streets. We need street crossings. We need school buildings and many other things which are of urgent necessity.
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While we should rejoice that Main and Houston Streets have been paved, we should regret that a city of the size and wealth of this has not ten times that amount of paved streets. While we should rejoice that two new school buildings have been built within the last six years, yet it is to be deplored that we stand in such great need of at least four more. While we should rejoice that one more fire hall and a fire engine have been contracted for, (event though on a credit), yet it is unfortunate that we cannot now improve our fire department four times that much. While we rejoice that our sewer system and our new wells for water supply and their equipment are contracted for and well under way, yet we should regret that so much of the indebtedness of these improvements is yet to be paid out of the future tax collections. While we should rejoice that our bonded indebtedness has within six years been reduced $II4,000.00, yet we should regret that we yet owe on bonds $I,805,000.00, the annual interest upon which consumes such a great part of our revenue. While we should rejoice that our annual revenue is about $500,000.00, yet we should regret that so nearly all of it is consumed each year in paying our current expenses and interest upon our indebtedness, bonded and floating, and that such a small amount of it is left to go into permanent public improvements.
The operation of the city government is purely a business proposition. There is only so much revenue we can have to operate on. There are certain expenses that must be met. Business men should see to it that the city gets its revenue, and with equal diligence see to it that the expenses are kept to the lowest practical limit. It is by this course we can hope to have a margin or profit or a balance to apply to public improvements and the diminution of our fixed indebtedness.
Have the members of this City Council that measure of business capacity to conduct the business of the city government to a profitable end? Have we not that unselfish interest that will cause
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each man to strive faithfully to favor no man at the expense of the city, buy to with an eye single to the city's welfare, approach every question and act upon each measure? If any one has not such interest he ought to resign.
The situation presented should not discourage any one, but should stimulate each one connected with the city government to look well to his action. We have much to encourage us. Our location, railroads, packing houses, pure water, increasing manufacturing establishments, make it inevitable that this city will grow rapidly as surely as the sparks fly upward. It is now growing in population and wealth with amazing rapidity. We have an enterprising people who in the main pay their taxes readily, and many of them stand ready to go down in their pockets to pave the streets in front of their property and build good side walks. The City Council must look to securing means to pave street intersections and street crossings for sidewalks. The City Council must see to it that the children of the city do not longer have to wade mud within a block or two of the public school buildings & that our citizens do not wade mud to the very door of the city hall. We must at the earliest possible day, erect some more up-to-date school buildings. We must at an early date have at least oneadditional fire station. There are other matters of vital concern connected with the city's affairs which I will not try to consider at this time.
I have made this review of our financial situation at this time because I wish to address yourselves to the vital questions involved in it. We should so number our dues and debts and dollars as well as our days, as to apply our hearts unto wisdom. It is very to see the disaster which will come if we launch off into enterprises and undertakings which are not necessities at this time and are of doubtful propriety or profit at any time. We must stay within the pale of our necessities and must stay within the pale of the law. We must husband the resources of the city and cut off all waste and unnecessary expenditures. We must see to it that persons and corporations owing duty to the city perform it faithfully.
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J. J. NUNNALLY City Auditor, Fort Worth.
Fort Worth, Texas, Apl 16 1906
To the Hon Mayor and City Council
Gentlemen:-
Whereas interest will mature on the 5" & 6" Series bonds May 1st 1906 in New York amounting to the sum of Two Thousand One Hundred and Fifty Dollars ($2150.00)
Therefore be it Resolved that the City Secretary be authorized and instructed to draw a warrant on the General Interest & Sinking fund in favor of W.B. Harrison City Treasurer for said sum of $2150.00 interest and the further sum of $5.38 for exchange on New York making the sum of $2155.38 and that the Auditor file his voucher with the City Secretary therefore.
E.P. Maddox