New-York daily tribune., 1856-09-04
THE CITY FINANCES
| ANNUAL REPORT OF THE CONTROLLER.
| CONTROLLERS OFFICE, City Of Ne~.York,
July 81, ls56.

IN.
CONTROLLERS OFFICE, CITY Of Nex.York.)
c, July 81, is56. {
Tbs report Intend ed 70 embrace the nanoal omar
stion- OF the City Government FOR twelve mont.
commencing on toe first o. July, l-jj and py,eaing
to the hrt of July $50; thus covering -ix months Of
t1e year lso1, anu the same nuuOer OF months of the
wear l-j6.
The fnarciaI operations of the City Government
NAV be classified as follows
l. The mary expenditures f,r the support of the
Citv Government, which are paid almost entirely by
>. The receipts and expenditure. on account Of the
c;.v debt These embrace the revcnIe aiising fro II
water rents of the Croton Aqueduct snd al revenues
from the rents of piers, mar cts and public property
of ,y,ry cescrptOD with interest on mortgages for
"a Of real ts.a't &C
3. The receipts and payments accoun, Of assess
mort. and awaics in openrg streets public nj .ces
Nc There are the awards and Mt, 10 tie by
commissioners sppointtd for the purpose By ths Sl.
nremc Court, and which confirmed by the Court
These paymsnts are made out OF the appropriation for
streets ope ming.
4 Recei pts ard payments on accoun. of Assessments
on the property holders for regulating gra ling flag
ging and paving streets, hAirg sunkeu nt3 aud fen
chg those which vscart. Contracts 70. this wo k
ave made by the Street Department: payment. are
mae from the Treasury, and the expenses are levei
on the property holders, by in the Street De-
nartmett Accounts, under these different heads are
paid from The appropriation for street paving
( The receipts and expenditures for the construc-
top Of sewers. TIE CIctOn Board, by the act Chap
9-3. of tie Laws Of -io, is empowered to N AXE al
Contracts for the construction Of sewers TIE ex-
rerse s provided for by assessment on the
erv be- nefteo by the construction Of the se yer
The pie.ent year there is distinct approp iation of
:9ss 600 for this object, and accounts have been
op.neo with each con'race ID for. lieret oore
psyme nts fer sewers have been made from the appro
prstlon in the Street Department for "stieet
paving.
6 The receipts and payments on account Of Revenue
Bonds. Revenue Bonds are is,Iod, and a temporary
debt is thus created, IN anticipation of he
derived from the arnusl taxes This node Of sup
porting the Government by bor wing, until the taxes
can be collected, is provided for in each ordinance
rnakirg the ANIMAL appropriation as follows:
The roeI : hereby authorized to borrow from time 70
time on the credt Of Corporation in cipaou is
revenues ard 10 exceed in such such
be to meet he expenditures uIder the
srrrorristi6as for the current year"
4I'nocr this ordnance IL Controller has borrowed
on Re Bonds, since the rst of January last the
sum of s5 765 anticipation OF the tax 4h ch by
law should be ready for collection the rst of Sep
| te,nber and from which the Revenue Bonds viii be
rembursed ss they fall due. TIE city has paid Off in
the twelve moDihs preceding first ct July, s2l0 coo
of the Revenre Bonds Of 1853, aud 900 OF those of
ls56-thus paying 34 200 900 of this temporary debt.
The charter of 1880 limits the sum to be borrowed
in any one year to the revenues of that year. The 10Th
| section Of the charter Is as follows
srcrros 10 The Common Council shall not have authority
70 borrow ay OF whaeSer the credit OF the
loan shall be msds uniess a1thozed by special
ect Of the Lea'a'uIe
| The Revenue Bords are based on the revenue de.
rived from the annual sxes, and hence the tax levy
which exceeds seven millions Of dollars establishes
| yery broad basis for borrowing on Revenue Bonds
The expenses Of the city proper are paid iudscini-
nstoly from moneys obtained by the issue of Revenue
Bonds and those coming into the Treasury from taxa
tor The Controller, for example, in November,
1sJ5 makes up an estimate tor the support OF the
Government for the caerdar yearof 1886. The pro-:
vision Of the tex laws require about eight months OF
tie calendar wear before the taxes begin to come in
and Iue or ttn ontfs before very large sums are re-
celvsd herce the necessity of using Revenue Bonds
to anticipate large portion Of the O', i25, - which
will begin to come into the Treasury in SePtemb r,
ard considerable portion of which w NOT be realized
by the payment of taxes during the calendar year. AZ
the clore Of the year 1855 there IN arrea 81 Oo
| 100 20 of tue sum cvied IN the preceding Jul y.
The current expenses Of the calendar year OF 1856,
when the Year closes, will have been paid by abont
s5 OOO procured 10y the issue of Revenue Bonds,
IA before stated, and about S2OOO,OOO derived from
| the paymtnt of taxes.
1t il slso -sary TO look beyond the ootings of
statement No. | for the extent of the burdens au-
ruay boroe by the tax payers. Beside the payments
Ou account Of the exptnsc of the CITY Government OF
| S4ls3 537 II as shown in that table, the following
sum- ~ addition, given in statement No. ., a.
Trust Funds" but which sum. are also derived from
| I.