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Les diagrammes suivants illustrent la mdthode. rata 3 elure 1 2 3 * 5 6 m = "^^^^^^'^'T^r^^iifOTil'ran^^ W^BW^WtlfiH s w U.;: ni REPORT No. ir>, FINANCE AND ASSESSMENT ii:sttm.\_tp:;s, 1858. BUi!«UHm.UiiUaHHHil&^t^ I: f\^^' ,^>*\ !«<5 I gp BWBBraHHSlWiUa ■"yvmwmmMii'm !iil!MnLlMa»ffiSiililliI2PRS^ TO THE WOUSmPFL-L THE MAYOR, ALDERMEN, AiND COMMONALTY OP Tlltf CTTT OF TOHOKTO, JN COMMON COUNCIL ASSKMDLKa rpilE Committee on Finance and Assessment, beg leave [o pt^^ A sent their 15th Report, comprising the usual statement of the estimates for the year. Statement No. 1 sltews the amount received and disposed of on account of Special Ilatos Assessed in the year 1857, for the In- terest and Sinking Fund on the diiTerent loans therein stated. Statement No. 2 c.xlubits t!)^ state of the Sinlving Fund on thd 31st December last. The amount invested in Debentures to the credit of the fund at that date was 838,000, since then a further investment has been made in Municipal Loan Fund Debentures of $20,000, making the wh »le amount now invested in Debentures $58,000. No. 3 contains a statement of the Jail and Industrial Farm fund, of which $32,000, has been loaned during the past year for the construction of .Main Sewers. The receipts and expenditure on account of the Esplanade are shewn in No. 4. Tiie Esplanade proper or the Railroad track of one hundred feet in width along the front of the city is finished and paid for with the exception of a reservation of 10 per cent., or f 28,000, retained for a period of one year from the completion of the work as security for its suflicicncy and durability. The amount as sliewn in No. 5 at the credit of the Public Walks and Gardens, was for earth taken by the Esplanade Coo- I mmmmmwmmm::mw'mmmmmm' i'pppMqppi"^ from iho Jail Fund, to complete the outlets referred to, or of subjecting the iuliabitants to the terrible cflecls which would have resulted from a stagnation of all the city sewers* This will explain why the Loan wan made far so important an object, and the construction of the Jail, which has been decided upon, renders it necessary that the omount should be immediately replaced. The Council are aware that a By-law was passed during: the last year to provide the means for filling up the large space in front of the city, situated between the South side of Palace and Front Streets and the North line of the Esplanade, and a contract wa» made with Humphrey, Camp, Ac Co., for doing the work, Whcr> a considerable portion of the work was completed, and some of Uio Debentures disposed of in the English Market, the Dy.law was set aside by one of the Courts as informal or illegal, and to pre. vent the vexation and expense of law suits, the Corporation of las^ year borrowed from the Esplanade Fund the sum of .$60,000, to replace this amount Debentures are now issued and in process of negotiation. In the cases referred to, it would appear to have been a difRcuU matter to have adopted any different course iu the very anomalous position in wlacli the Corporation was placed. The amount of Debentures not called for in 1857, and those- falling due this year, for which provision is made is in the whole 94UT43.55. mmmm^^' mimmmmmm'mii 'rigitiully sit a-u: t aril.] proljaMc tr- items which may Esplanade closed i the disallowance >T the construction crnativc of taking npleto the outlets he terrible cflecls ill the city sewers* r so important an has been decided d be immediately )assed during the arge space in front 'alace and Front id a contract wa» ihc work, Whcr> 3tcd, and some of t, the Dy.law was ogal, and to pre. >rporation of last* m of .$GG,000, to ed and in process d appear to have rent course in the n was placed. I 1S57, and those- te is in the whole The interest on the Grand Trunk Debentures has hitherto been met by the Company, and so long »^ the stock is held by the city tlit> dividend will be a set olT against the interest. The interest on the E»:planadc Debentures, the Committee think is a legitimate charge on tl>e cost of the work till fuUy com- pleted. The cost of Street Lamps, $"M,000, jis a very large ittui, and increases yearly at the rate of 25 per cent. Last year the Council voted the sum of $5000 for the Provincial Agricultural Show, to be provided foroulof ilic present year's taxes, a %'cry liberal grant having been made this year by the Council of S'iO.OOO, to bo paid in Debentures for the erection of permanent buildings for Agricultural purposes, with the understanding; that it was to embrace the greater part if not the whole of the previous grant, the Committee have introduced llie sum of 81000 only, to bo provided for by assessment. The item of salaries passed some months ago U S3,*JI00 lesathan fir tl»e previous year, which i« an evidence of the desire of the Council for economy and retrenchment, and shews the importance of fixing tlie rate of allowance to all Corporation ofliccrs in tho early part of the year instead of when the rnembcrs were going out of ofijce, as was the former custom. The amount for Common School purposes including $0,400 for permanent improvements, is ^35,073, a very large sum (or the city to be obliged to assess without having aay control over the expenditure.. The estimate for the Board of Works, $ 14,000 is tvtihin the amount applied for ordinary expenditure of repafrs, cleaning, &c. Tn the estimate of receipts, the amount of taxes uncollected at the end of 1857, owing to the extraordinary commercial pressure, was very lafge, being nearly equal to the one half of the entire •t*rrtf*'i4»«*»*r ST3«W***t***" *-tTniU. wv*t»* Tfw »|'".|," n>-n^n^nHiapnpfimpipuNB|BBi||l| iQsnnnnHnMHiHRiRaBH I AMestment, tho whole of this amount with the exception uT a I out •le.OOO fi as since been paid. The losses will be about $-),{)()(> greater in the collection of the Assessment tliun ulmt w a ^ esti- mated. ihu lU: venue arising ffom the Public Markets will boincreaaetf about $3,000, and a decrease on licenses and fmes and fees at the Police Court is estimated at 84,000. The total amount of liabilities are ,,» •9614,550.6i$ which it is proposed to provide for as follows ;— Amount duo on the 3lsl Dec, 1857, on account of the revenue of that *^ year 106,785.22 Amount of Rchtal Licenses, Market Fees, dec, for 1858.. •, 62,712.00 Amount of over exprnditure for 1857, proposed to be provided for by an issue of Debentures. » • , , , , 04,663.80 $324,134. 02r $290,416.60 Leaving a balance of $290,416.66 to be provided for by assess- moot in the following manner : For School purposes 3|d. in tho cC or IJ cents in the $, on £515,000 or $3,000,000 $30,041.67 For SInkint llie Boifff nt Works is $S000 more than last year, and the cost of additional gis lamps .$5000, greater; there would not have hern any incrra«!c on the rale if it had not been necessary to vote SlUOU for thu buuu. fit of the poor, and anolbcr amount of 15,000 deHciency in Assess. nient. The dlflcrcnt items of unprovided for expeodilure of the last year as detailed in the esiimalcs, amounts to §04,630 80. A By- law has already passed the Council to aufliariso the issue of Do- bentures nt twenty years dale, to meet this amount, which bill also includes the further sum of $30,000 for the proposed building for Agricultural purposes, and $12,000 for a Bridge over the Don making altogether the sum of $126,630.80. Whatever diflerenco of opinion may exist as to the propriety or impropriety of the over expenditure of 1857, or any part thereof it must be borne distinctly in m\ id by the Council and the citizens thai if the said By-law doet not receive the sanction of the Rate- payers, Ihat a tax must be imposed of lid. in the £ in addition to the 2s. lid. already stated, to meet the said over expendilarc, and ahould the Agricultural Building and Bridge over the Don be pro- ceeded with, a further additon of four pence in the pound will be required, which altogether would raise the rale of taxation for this year to 4s. 2d. in the £ or *tl cents in the $, I I 290,416.67 The Committee have much pleasure in reporting that the reiulc of this years Assessment shews no falling olTin the aggrgate value of city property any local depreciation in properly on rental being fully counterbalanced by the erection of new buildings. If the proposed rate ef 2s. lid. in the £ is not increased by a rafusal to sanction the By-Uwfor the over expenditure of last year i )wi!|» ^■•■■imiiv!.'imin|fiiii ^wBDaMl^^ m^ u $ tlie eltfian* niay eoitgnitulftte themtelves in having ten Uxei to pay thnn t!tat of any ciiy or town of importance in Weatarn n ;r.i The usual statement of outstanding Debentures, and the yean ill u liich they fall due, together with the liabilities of the Corpora- tiou tui '.he 31st December last arc hereti appended. All of which is respectfully submitted. Committee Room. Toronto, Tih Jiiii.«, 1859. i>. i;. ui:\D, * ■9 <^ iminfnii ' ijN tng leu taxei to ince in Western !s, and the years s of the Corpora - . 1!. ui:m), • H»nnj!;r:5i!»^,i! n*n =*Trr^'""'"' XjjP ^ t^i T*"T?rF^TTTT"*'