The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-10
EHEFINANCES OF TIE STATE
Estimatesofthe Necessary Expenditures
for the Next Three Years.
Report ofState Auditor Riee-.RecOmme nda-
tfons and Suggestions to the Legisla
ture-The Outlook for Taxation

his annual report with the Governor 1t bears
evidence Of careful work in the compilation.
The statement of the financial transactions is
very comprehensive, and IN the matter of its
arrang cement it is altogether one of the most
ereditable reports that has ever come from the
Auditors office
THE STATES FINANCES
Tho statement of the financial transactions
shows that at the beginning of the fiscal year
the amount of cash in the State treasury was
S503, 10, Of Which there we're balances to the
credit Of the different funds as follows: Common
school fund 49, 217 o. school revenue for tuition,
$134 15245; college fund, $17, Sizes; college fund
interest ST. 64073 unclaimed estates, SIS, 075.39;
escheated estntes 81, 365.97 swamp land fund,
1886 25rsnking fund, in excess of bids 50, oSS,
81; new house fund, $324, 65.
The receipts from all sources during the year
we're: To the general fund, 81, 522 9a5.70; school
revenue for tuition, ST. 943, 312 70; college fund,
e9,116 60; college fund interest Sc, 67S.3s I'M
claimed estates, $l,375. n; sale Of estheated
lands, under the act of 1883, 300; sale of
swamp lands, 1885, 20: sale Of forfeited college
fund lands 81, 513; sale of university lands 49,,
157.25; State debt sinking fund, $356.0S new
State'house fund 1904 1874 %; permanentendow-
ment fund Of Indiana University $22. G39; az
gregating 1878, 465.os. Dsducting 1924, 2S6. 90
of the school revenue tuition fund, and $lo0 coo
of the new State-h house fund, the net caehre
ceipts, during the year. were %, AS, ITS 90. Add
ing to this the cash balance at the beginning of
the year, the total receipts to the treasury were
SO, e53, 105.2S. The net cash disbursements, dur
ing the year, amounted to 1881 898 SO, which
leaves balance of $431 206 50 in the treasury at
the beginning of the current fiscal year. OF
this balance there is to the credit of the
general fund, $26. e3617; common school fund,
$3.2lI22; school revenue for tuition. $167 0990S
college fund, 81. 6S6 g. college fund interest $4
1866; unclaimed estates, SIS, S03 rs; escheated
estates ST., 276.5 49, swamp land, $2636 %; sinking
fund lin excess of bidsl, 50 OBS 50; new State
house, 1854 9S9 "a; permanent endowment of In
diana University, $22 026 ~; sale of escheated
lands, 81. $685.; sale of swamp lands $243; sale
of forfeited college fund lands, So 1888 81 sale of
university lands, $2i069.5O; State debt sinking
fund, $356.05.
The foreign indebtedness of the State aggPe-
gates 1907 825 -, and the domestic indebtedness
81 244. 322 making the total of the State debt
$4,876, Cos. a. A recapitulation of the disburse
ments shows that the total current expenses of
the State government were 81. 1876 1876 81 class-
fed as follows: Executive and administrative
$40, 969.70; benevolent institutions. 1867 433 90;
penal institutions, $17S, 240.56; judiciary, $22l,
O44 3d. educational Institutions, $50 Ga 9s; agri
cultural societies, 81, 500 public printing, $2l
b0301; miscellaneous, 1896, 339 SO.
ESTIMATES FOR THE FUTURE
If the valuation of property for taxable pur-
poses remains the same during the years 1886
and 1887 as now-$797 942, 655-and the present
tax levy of II cents on the 500 valuation is con
tinued, and the reeeipts from all other sources
remain the same, which Mr. Rice thinks proba
tt.e, he says that the total amount of revenue
collected for each of the years will be SLAP,
36l 46. He estimates that the current expenses
including $780, 900 in 1885 and 1887 for the Leg
islative sessions, will be ST, 1886, $50 CO. which
would leave yearly balance of 1888, 424,86 This
estimate the Auditor states, does not include for
extraordinary expenses. He says that the in
coming Legislature will necessarily have to pro-
vide for certain outstanding indebtedness, Gre
ated during the past year, growing out Of expen
dltures made necessary by law, and which have
been left unpaid for want of proper authority TO
meet them This outstanding Indebtedness ag
gregates $57. 500 of which $40, 900 is on account
Of Purdue University; $4,000 the State Bureau
of Statistics; $26, 500 for public printing
and 5000 for Supreme Court expenses.
Deducting the amount of this outstanding in
debtedness from the estimated surplus of $3.50,
424 IS, it would leave the cash balance $25 924 Sc
For 1887 the balance will be larger by 800 OO0-
allowed for Legislative expenses-as in that year
there will, in all probability. be no legislative
in the treasury balance of 1925, 924.86. This
estimate is based on the assumption that taxes
and revenue of all kinds will be promptly col
lected, and that the business and conditions of
the times will enable the taxpayers to respond
to the demands of the taX-eollectors.
ADDITIONAL TEMPORARY LOANS.
1T is evident Auditor Rice says, ''that steps
should be taken to meet the extraordinary ex-
penses already ehargeable upon thepublie treas
-,
the State house fund and other additional ex-
penditures that the General Assembly may
create. If these additional charges are to be
continued, would respectfully suggest that the
proper officers be authorized by law to make ad-
ditional temporary loans, from time to time as
necessity requires, to meet the outlay. If it is
thought advisable that loans should be made
without at the same time provision is made for
such income as would meet such additional in
debtedness, then steps can be taken bp the Gen
erai Assembly to levy small tax for the eFea-
ton of a sinking fund that would, in the course
Of several years, iquidate the entire tenn
porary loan" The amount of the present
TEMPORARY loan, payable at any time
at the pleasure of the State is $5a5, 900.
If it should be decided that an additional lean
is necessary to secure means fer the completion
of the improvements under contract, the
balance required. the Auditor estimates, would
be about $4i5, OOe, which would make the total
81 ,000,0O0.
''If the General Assembly should conclude to
levy tax for the purpose of liquidating this
debt. say of cent on the $780, on valuation of
$780, 00O. 900, itwould result in an annual eollec.
ton Of $4,000 This could be applied entirely
the Auditor suggests. 'in the payment of the
$585,00 now payable at the option of the State;
and il semi-anuual payments were made, which
would reduce the amount of interest payable
annually and also prevent such sinkiny fund
from remaining idle in the treasury. it would
result in the liquidation, almost Of the $685. 600
in seven years. The levy derived from 1-cent
tax could be applied altogether in payment of
the principal, as the University tax provided by
to the State, would be sufficient to meet the
accraing interest on these temporary loans. In
this connection ! desire to suggest that the law
authorizing the temporary loan should be so
the mn thc q tnl-a sail Z