GOVERNMENT AND FINANCE

NEW GLASGOW / STELLARTON / WESTVILLE / TRENTON

NEW GLASGOW

New Glasgow was incorporated as a town in 1875, and is governed by a mayor and six councilmen. The town owns in real estate and other property amounting to $775,000. The water plant alone is valued at $366,100. The taxable real estate was valued in 1915 at $4,083,235,000; the tax rate for 1914 was $1.85 per $100, and for 1915 was $1.70 plus .10 for war tax. The taxes collected in 1914 amounted to $66,450.04, and those uncollected were $19,275.73, of which over $17,000 were collected in 1915, while the total revenue from all sources amounted to $162,918.48, increasing to $219,804.30 in 1915. At the end of 1914 it had current assets to the amount of $52, 757.10, and liabilities amounting to $25,808.33, leaving a balance of $26,948.77, while in 1915 the current assets were $92,099.33, and the liabilities $59,733.11, with a balance of $32,366.22, figures revealing an expanding financial growth.

The town's bonded debt is $673,750, for the payment of which sinking funds amounting so far to $51, 440, have been created, towards which it deposits a sum sufficient annually, and which, with interest, retires the bonds at maturity. Of the bonds, $366,100 (or more than one-half) must be debited to the waterworks, which are self-supporting, leaving an actual debt of $307,650 to be paid out of general taxation, a small sum considering the town's present assets and wealth, which in the past eight years has increased in taxable real estate, personal property and incomes, from $1,759,550, to a total of nearly $5,000,000, or almost three times the valuation of 1907.

STELLARTON

Like New Glasgow, Stellarton has a mayor and six councilmen and is well governed. Property values are constantly increasing. The rate of taxation is very low, being $1.30 per hundred dollars for general, and seventy cents for school purposes. In 1915 the assessed valuation or real estate, personal property and incomes totaled $1,116,050, an increase of nearly 50 per cent over 1909 and almost 500 per cent over 1900 when the property of the town was assessed at $237,365. At the same time the estimated value of real estate and personal property owned by the corporation has increased from $120,000 to $171,384, the value of the water works alone increasing from $61,000 to $83,174, and the school property from $17,000 to $40,700.

The town has a debenture debt of $154,500. Its sinking funds at the close of 1915 amounted to $17,714.80 to which about 2 per cent are added yearly, which with interest retires the bonds as they become due. Of the bonded debt, however, $84,000 are water debentures, which are being paid out of the earnings of the department, the surplus of which amounted in 1915 to $3266.43 leaving an actual bonded debt of only $70,500 to be paid out of general taxation, or more than $100,000 less than the listed property of the town - figures which show that it is in a sound financial condition.

WESTVILLE

The business of the town of Westville is ably administrated by a mayor and six councilmen. The total valuation of the real and personal property, with incomes in 1915 was $1,029,900, while exemptions amounted to $32,300.

The rate of taxation for 1915 was $1.50 per $100 for general and school purposes. The receipts of the town from all sources during 1915 were $97,041.84, out of which all expenses have been met, with a small amount to its credit.

The town's total assets in 1915 were valued at $125,460.45, against which it had a bonded debt of $88, 500, and for the payment of which the sinking funds are so far $10,135.49, and to which two percent is added yearly to pay the bonds at maturity. Of the debenture debt $71,000.00 are charged to water works and sewerage, the interest of which is paid out of the earnings of the department.

TRENTON

With the incorporation extending back only to 1911, Trenton has a short government and financial history. It has a mayor and six councilmen. Its property was valued in 1915 at $1,171,515 and its tax rate is $2.50 per one hundred dollars. While this rate seems somewhat high, it is necessary because property is assessed at about 25 per cent of its real value. The total taxes for 1915 amounted to $18,744.65. Its total receipts, including sewer, water and school bonds, were $52,452.73 as against $46,427.17 in 1914 $23,284.68 total receipts in 1913 and $12,290.73 in 1912.

The town has issued debentures amounting to $70,000, of this amount $45,000 are water debentures. The school bonds so far amount to $5,000, and $20,000 has been appropriated for sewer construction, while $30,000, has been authorized to pave Main Street. Its water works, sewers, school buildings and other property, both real and personal are valued at about $88,172.68 a magnificent showing for a town not five years old, and which started in business with a debt of $500.00.