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F May 7, 1927 WINNETKA TALK 37 FIVE YEAR FINANCIAL PROGRAM IS OUTLINED Council Discusses Plans Su b- mitted by Village Manager H. L. Woolhiser A statement prepared by H. L. Woolhiser, Village Manager, showing a proposed five year financial program for the village of Winnetka, was dis- cussed at the meeting of the council Tuesday evening, final action thereon being postponed until the next meet- ing. In interpreting the financial pro- gram, whereby $214,434 is the estimated surplus in village funds at the end of the five year period, Mr. Woolhiser points out that it should be borne in mind that this includes depreciation reserves of the electric and water de- partments, as well as funds which may be necessary for immediate capital ex- penditures in the year following the end of the five year period, and work- ing capital. It is estimated that this reserve should not be less than $175,000. Status in 1931 The financial status of the village, therefore, in 1931, whereby {funds might be available for grade separa- tion or any other improvements neces- sary at that time, would be as follows, under the program: Net bonding power Surplus in funds $285,000 214,434 $499,434 Deduct reserve for deprecia- tion, working capital and water and light capital re- $175,000 quirements Net amount available . $324,434 The financial program is based on the following assumed conditions : 1. The quadrennial reassessment in 1927 will result in an average increase in land values of 20 percent, due to increase in certain zones such as acre- age property recently subdivided, new- ly annexed territory and business property where values have increased under the zoning ordinance. No gen- eral increases in land values in estab- lished sections of the village are con- templated in the calculations. 2. The only general obligation bonds to be issued during the five year period are the proposed library addi- tion bond issue of $75,000, and the out- standing filtration plant bonds will be retired as provided in the bond issue ordinance. Tax Rate 3. The tax rate for village purposes will be levied each year at the max- imum amount for the following pur- poses : Corporate 1.33 % Public Benefits 200% Library 180% Garbage 133% Police pensions 030% Fire pensions 040% Total 1.913% To this rate must be added the rate for retirement of library and filtration plant bonds with interest, which rate depends on the assessed valuation for any particular year. 4. Receipts from general taxation include tax revenue from the rate shown, applied to the assessed valua- tion shown, assuming 96% collected, with $16,000 added each vear as Win- netka's share of the road and bridge tax levy of the township. 5. The refund of hydrant rental previously made to the Water fund, by the General fund, will be discon- tinued after March 31, 1927, on the theory that the water department should receive and retain $1,600 each year for hydrant service, for fire pro- | paid from the "Betterment Fund" in- 13. It is assumed that the use of tection purposes. partment do not include the equipment of a laboratory. 7. Expenditures of the Works, police and fire are held at approximately present amounts, with the assumption that there will be no important increases, either in character or quantity of service rendered, or of wages and salaries during the period covered. | 8. The special item of general Fund expenditures for public benefits, rep- resents that portion of public benefits Public cludes completion of the new village 6. Expenditures for the health de-|hall and fire station in 1926-27; gar- [dental power will departments | ents in addition to the foregoing. increase bage incinerator plant and the annual | imately 20% each year. cost of miscellaneous public improve-| 14. (Continued on page 60) electric current for lighting and inci- approx- The amounts shown as surplus Have You Heard of The "TUCK A WAY" expenditures which it" "is possible to FFT ro YY LL) DO dis 9.4 yyy yyy pay out of .2% levy for this purpose. . 9. A special fund, designated as the Ye F "Betterment Fund" has been set up to our urniture > o--& 1 which is credited receipts from he . ; electric department, consisting of 8% O ( ; ) dividend payable annually on the book 1n ur are value of the property of the electric . i department. will take all worries from your mind. 25 years of | Improvement Fund experience assures you of a most perfect job. 10. Expenditures from the "Better- ----- ment Fund" cover public benefits in We solicit your patronage. excess of the public benefits tax, grade " ) separation studies and other improve- ments, which ordinarily would be fi- . nanced by the issuance of general Upholstered Furniture obligation bond. Made to order 11. The amount shown for public f ; benefits, financed from this fund, in-| Furniture Repaired cludes estimated amounts for the com- Mattresses Renovated pletion of the Center street mmprove- : ] ment from Elm street to Tower road Slip Covers made to order 4 and also south of Winnetka avenue | 4 and also the extension of Lincoln ave- | Antique and Periodical Furni- ) nue from Elm street to Oak street. 5 . : The amounts shown for grade separa- ture given special attention. 1 tion cover the estimated cost for legal | . l 3 and engineering services for studies | i Z 3 in connection with the grade separa-! Winnetka Upholstery & Furniture Co. b tion problem and the franchise of the || , Chicago, North Shore and Milwaukee || T heodore Spacek, Prop. . railroad. 10 Carlton Annex Ph. Winn. 614 12. The amount for improvements, asassa Te a ITT Tremors aa " Buy Your mn Winnetka from Richardson prompt and efficient. 726 ELM STREET 24 HOUR SERVICE Every new car needs service and when you purchase your CHEVRO- LET from us, you get this service in 24 hours--and no long trips to make in taking your car to a service station. Richardson Service is RICHARDSON'S GARAGE FRED T. RICHARDSON, JR. PHONE WINNETKA 25 EE , .