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Cedar Rapids Gazette Newspaper Archive: July 11, 1974 - Page 5

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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   Cedar Rapids Gazette (Newspaper) - July 11, 1974, Cedar Rapids, Iowa                                Million Surplus Combination The Cedar Rapids Gazette: Thurs., July 11, 1974 By Harrison Wi'bt'r DES MOINKS Tins has almost hcen an unhc- year for collections. To illustrate. :i jcar legislative Fiscal Director (ierry D Rankin was predict- ing 2i! ur.er.cujr.b'.'resi bslanre in the stale treasury of SIUU million on June 30 of this year. His critics said he was over- estimating thai ine econ- omy was going !o level off. So what happened1.' The stale winds up with a balance of million. Rankin. who had been up- ping his revenue estimates pe- riodically throughout the year, says revenue for the 12-month period just ended totaled of Income, Sales Taxes, Investments Harrison Weber million, an increase on 22.2 percent over a year ago. (iruHth Hate Political o b s e r v e r s and economists find this hard to believe. Alter all, lor years the stale's economic growth rate was only 5 to b' percent. The bubble really burst a year ago when individual in- come tax collections sky- rocketed by 215 percent. That trend has continued, in- dividual income tax IKUIS ihis year are up another 20.6 percent. Individual income tax col- lections for the year ended VI71, g million compared to million the previous year. Sales tax collections have also been on the up-swing, million thi.s year com- pared to J218 million last year, an increase of lli.fi per- cent. Highest Interest A third major reason for the increase in revenue can be traced to the state's in- vestment of idle funds. Inter- est earned iast year came !o million. highest ever A year state only c.i.'nrii ttl million in ih'elr-I on ils (wie reason for Ihe big in- crease. Kankm sari, is be- cause the state is getting 1! pern .v. interest M; .-iiiii'- K money through "repurchase agreements." liankin, like so many of liiday's fiscal doo.-'ift knniv what tomorrow will bring. He's fcarhil tliat larm- ers. especially those lecdiiu In ('Stock, may be on lilt U'lgc of a (iepn-isioii. "You hear so many horror j stories alxnit farmers feeding i cattle and At today s i livestock prices there is no I'.ay a iarrm-r feeding TS3-a- rO'p on said. "V. already six mon'lis into year and a lot o: rarmers have lost a ton." This prompts Kankm to spocula'e that n-fuiuls or: iiuii- income lax are lo be up thi.s year, as. much as S2'i million, from to-s.iiil million. He looks lor a Sri-Jit many fanners 'o file the state will spend over S! how much of this increase can The state's unencumbered What about next year? 'j a" t) I A n c c o: fiii'n'' i" i i i I.nerp are so many unknown aia lormula js pcgsoa to tunds plus surplus, has grown faclors a[ lhjs u fc Ran. rc'vci.ue: -.-.iin i.p. uy Mi miihon paM >ear. kln k ahou. a wams a few 'o 'h'.rik lunation." said Kaiirim, which means he'll probably "obviously is the reason." have an estimate in a report Kut the state's fiscal director scheduled to be released next Stanley Woman In Hospital After Three-Car Crash! WATERLOO One person: was hospitalized following a! three-car accident Tues'lay at (he junction of highways 20 and 57. Sylvia Zabriesky, 81. Slanlcy, suffered a broken ankle and erations alter the car in' which] she was riding turned in front of a car traveling in the opposite direction. The car. driven by Mariam Eugiene James, 60. Stanley, turned into the path of the vehi- cle driven by Sally Jo Connor, 32, Waterloo. The collision forced the James car into a third car driven by, Lois Jean Martin, 46, Waterloo. Another passenger in the James car, Belle Morgan, 73, Oelwein, was treated and at- Allen's hospital and released. All three drivers and two other passengers in the James car were also taken to the hos- pital, with minor lacerations and bruises, but were not admit- ted. Waterloo police officials! charged Mrs. James with fail- ure to yield the right of way. Blaze Destroys Vacant School HILLS An old schoolhouse west of here on the Paul Neuzil farm burned to the ground Wednesday night. j Hills firemen received the: alarm about midnight and; fought the blaze in the aban- doned structure for several hours. A barn fire earlier this week on 'the Felton farm near Hills remains under investigation. Arson is suspected in both cases, fire department spokes- men reported. EslablistieTfn" 1B83 Gazitte Co. and published dolly and Sunday at 500 Third ove. SE, Cedar Rapids, Iowa 52-106. Caoids, Iowa. week. By mail: Night Edition and Sunday' 53.75 a month, 539.00 a year: Af- ternoon Editions and Sunday 7 issues S3 65 a month, SdO.OO a year. Other states and U.S. territories 560.00 a year. No Moil Subscriptions accepted in areas having Gazelle carrier service. paper as well as ail AP news dispatches. Smulekoffs Mid-Summer Sale on Ridgeway Floor Clocks SAVE Save Lady Lexington sale Breton sale Granada sale The only thing nicer limn owning a Floor Clock is buying one at a savings of to During our Mid-Summer Sale on Ridge way Floor ('locks you tan pick a style, pick a finish, pick a color and pick a price thai is sure lo please. Hurry in and feast your eyes on, our entire superb collection of Ridgeways. Our Mid-Summer Sale is for a limited lime only, so see our collection loihtv. Open Tonight (Thurs.) 'til 9 Save JRldaewaif ,7-7 Jewelry Main Floor July White Sale Twin size Reg. 4.99 Full size, reg. 5.99.......Sale 4.47 Queen size, reg. 9.49___Sale 6.97 King size, reg. 11.49.....Sale 8.97 Package of 2 pillow cases, reg. 4.19................Sale 3.37 Printed percales of 'Dimity' has prints and stripes. 'Romance' has a rose print. 'Dots' has decorative dots. Flat and fitted sheets are the same price. Twin size aWW Reg. 3.79 Full size, reg. 4.79.......Sale 3.68 Queen size, reg. 7.99___Sale 6.28 King size, reg. 9.99......Sale 7.98 Package of 2 pillow cases, reg. Sale 2.58 Muslin prints of Popular 'Gingham Check' comes in bright, bold colors. 'Pai isienne' is bordered with roses. Flat and fitted sheets are the same price. SMULEKOFF'S FREEPARKINGf FREE PARKING for our customers. acrei of ovBrythmg for the hoiriB n ,L n, Use me Park Shop Plan or in our new lot behind j Small Appliance Dept., Main Floor the store. Breeze through a Hot, Humid Summer with a Toastmaster Electric on Sale! 2-speed, 20-Inch Portable, NOW ONLY 16' Perfect for any room in your home. Provides instant cool. Has manually reversible, 20-inch blades, 2-speed motor and safety grill. 3-speed, 20-Inch Portable 12-Inch Breeze Box Window Fan NOW ONLY 7J NOW ONLY Has 3 speeds lo provide grealer circulation, h man- ually reversible for inlake or exhaust. Safely grill, 20-inch blades. Lifetime motor lubrication. 8-Inch Small cnouijli lo use in window or on lable Ircmon- dous portability. Ideal for any room in the house, apart- ment or dorm room. Has 12-inch blades and a safety grill. NOW ONLY I Quiet running table fan that moves where you move and pleasantly cools you with only one speed. Breeze thru summer ot this incredibly low price. 20% off all our bed pillows 20% off all 20% off sonically quitted mattress pads 20% off towels Bath towels Reg. 2.50...... Sale Hand towels Reg. 1.50 Sale 1.20 Wash cloths Reg. 204 Last 3 Days! bras and girdles 20% off Charge it at JCPenney, 1 CD-second st. S.E., Open 5 Nights A Week Monday thru Friday Saturday 9-5. Sunday 12-5   

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