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Financial Statistics for Cumberland


Click on the MEDIA ITEMS below for more information

   



Financial Statistics Cumberland, Maryland

WASHINGTON, D. C, April 27. —

The Department of Commerce, through the Bureau of the Census, announces that the cost of government for the city of Cumberland, Maryland, for the fiscal year ending March 31, 1921, amounted to $813,533, which was a per capita cost of $26.80, consisting of expenses of general departments, $12.40; expenses of public service enterprises, $3.97; payments for interest, $1.45; and for outlays, $8.98.

The total revenue receipts for 1921 were $719,588 or $23.71 per capita. For the fiscal year the per capita excess of governmental costs over revenue receipts was therefore, $3.09.

Sources of Revenue.
Property taxes constitute the greater part of the revenue of cities. In Cumberland they represent 63.2 per cent for 1921, the per capita being $14.99.
Earnings of public service enterprises operated by the city represented 14.6 per cent of the total revenue for 1921, and business and nonbusiness licenses, 0.7 per cent.

Indebtedness.
The net indebtedness (funded and floating debt less sinking fund assets) of Cumberland was $58.61 per capita for 1921.

Assessed Valuations and Tax Levies
In nearly all cities the property subject to the general property tax varies in the reported basis of assessment, though in most states the law requires that property be assessed at full market value. For this reason the best measure of cost to the property owner is the per capita tax levy. The per capita levies for Cumberland for 1921 were: Total, $25.37; City corporation. $9.45; School district, $6.84; State, $3.25; and County, $5.83.
In all of the data shown for this city the transactions of the independent school district are included.




ID:
accu027

Creator:
Cumberland Times

Date:
1922-04-28

Collection Location:
Allegany College of Maryland

Subject:
Cumberland (Md.) press coverage; Cumberland (Md.) Chamber of Commerce

Coverage:
Cumberland (Md.), 1920-1930

 
 
Western Maryland Regional Library
100 South Potomac Street
Hagerstown, Maryland 21740

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