New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-31
LoCAL MISCELLANY.
CITY FNANcEs FoR ONE YEAR.
CONTROLLERS KEILY's REPORT FOR TIE YEAR End
ING AUGUST /.

CONTROLLER KEILY's REPORT FOR THE YEAR BND-
ING AUGUST /.
The Controller is required by law to make
an annual report Of the eity's financial work for the
year two months before the election Of charter officers
Controller Kelly completed yesterday his report for the
wear ending August l. 1873. The cash balance In the
city treasury put at 81 122055 Az the total receipts
having been S67 4O3294 81. The total bonded debt
less sinking fund.- August 1877, 1882 96092 ~
on August l. 1873. 1t was S127,7O2 446 "a showing
decrease Of S3945 45 90 In regard 10 the refundmg
of the city debt, Controller Kelly. after speaking at
length OF the Of the actpassed at the
OF the Legislature OF which the principal points were
recently given In THE TRIBUNE. says
Another provision OF the Funding Act operates as
cheek upon extrayagant expenditures which WOMB 10.
issued pursuant to any statute authorizing the sae'
aud which, by the provisions OF such statute are pay-
HE from taxation except revenue bonds, will be pro-
vided for by annual tax sufficient with me aceu
laton OF interest 70 pay them at ther maturity; ~ ~
believed that this will operate as an eHcctual
restriction upon schemes for spending me puDe mOhS
for purposes other than those Ieq9Ted py 5He
with its atendant corruption and aud has heretofore
nnre tsxaiop could be issued FOR long periods under
the authority olaw without special observation OF the
community.
The report gives the amounts already expended by
NevYork upon the Brooklyn Bridge and those remain
ing of the original appropriations IL says further;
The amount of bonds authorized, but still remaining
nnissued under chapter 300 Laws Of @ Se
CHARGED with interest on the bonds Issued the
peiiOD of the bridge which s TO be withheld IRON ne
payments ON that account The interest the bonds
heretofore issued by the City Of New-York under the
aforesaid act 1873, amounted on August L. 1873 10
S13O563 &C. Two acquisitions Tor S0OOOOO eaeh DaVe
been upon the Mayor aud Controller by the trus-
tees the bridge for which the bonds nave not Deen
issued. IL evident that the amount provided oy law
for the completion OF the bridge is insufficient Tor th
means WILL therefore. beTequred In view OF tbs lao'
and the legal questions now pending IN regard 10 ING con
strucuon OF the bridge 1t has been deemed adysane py
authorities OF this city TO withhold further issues OF
bridge bonds at this time.
The report continues
The tax levy for 1878 has not yet been confirmed by
the Board OF Supervisors, but II IS esated tbaJ Ihe
rate OF tax will certainly not exceed 255 per cent
tax levy will probably not exceed Us OUSeoo 20 against
$40 as last year, showing decrease IN taxes OF
S1l70052 20 for 1873 The total amount OF assessor
RtOns real and personal estate IN 1877 US
O93 and 81 3S7 775 IN 1S7S,a decrease OF ~ O49o
While the valuations OF real estate nave IN
creased 6S5 in the last three years, principally
Al moi wholly on account of the of buildings
aud S629, $50 personal estate OF residents, te Na
tons OF personal estate Of nOnresdents have deceaseu
81 75S 127 ana OF bank shareholders Sl99O0I9I Ihls
great decrease in valuations OF bank shareholders is az
tributed by the Commissioners or Taxes ana Assess
ments in their report for 1875 to the reduction OF the
capital banks and the Abandonment OF business
by others. In the year 1876 the Commissioners OF
Taxes were compelled, under CONSTRUCTION OF law not
previously enforced. arising from judicial decision, 70
Increase the assessed valuation OF banks ana the result
has been withdrawal Of large amount OF bank ca
The annual appropriations for the expense Of conduct
ing the CITY Government, within the cOntfOl OF Inc
Board of Estimate and Appointments have been re"
dueed from time TO tme whenever IL could be done con
sstently with the efficient performance OF the pubic
service Every item of expense included IN the depart
ment estimates over which Board OF Estimate ana
Advertisement possesses by law any power ana as
cretOn viii be closely scrunized ana reduced OF avs
pensed with entirely II possible, IN making future ap-