New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-02-28
TAX MILLIONS UNPAID.
: CONDITION MAY FORCE MORE
BORROWING.
CIRCUIT TO LAY BEFORE BOARD OF EST
MATE COMPLETE STATEMENT OF
CITY's FINANCES.

FINANCIAL STATEMENT.
Constitutional debt limit of 10
Pc bon e of rea, estate. January
vi f is$S ;.SS5sss$ Z Z :?
INCOME FOR 1902.
Margin %SeSs d ;ass.
Special revenue bonds held ms i. ,,o nor go
R i@sssa%e% Bond; issued for 1000 ooo 90
r. ssHa led sinking fund rev 1000 600 90
TEN sn" esr cent cent increase in reni 900 o.
estate valuations ..-...-... .,ooo,ooooo
Toto, s4aa15,97S %
plus average collection of 900 ooo ~,
arrears -'ooo'oDov
ro,,, .... s44sI5.97o 81
I,e e9t"t neccssary conservative 900 ~
margin -----'''. -,oo,
Leaving sum for dis ,-,,ro--o-
bursemeut S'fE''"'''""'
Controller Grout. after exhaustive over
hauling of the citys finances. will present TO-
DAY at the meeting of the Board Of Estimate a
report showing that the city may this year
safely and conservatively issue corporate stock
TO the extent of S37,315.975 81. Some of the
more important findings of his report are put
into concise shape at the beginning of this
article This is the report the Board of EST
mate needs before making appropriations
The Controller invites special attention to the
enormous volume of unsolicited annual taxes
which he says is follows:
Tor is9s and prior. s. oS 600 goo ee
FOR 1900 l521s212 90
~ots, $50 500 84l 20
This sum does not include S14oooOoo Of ar
rears Of personal taxes. two-thirds Of which IN
the judgment Of the Controller, are uncollecu-
be. OF this volume Of uncollected taxes the
Controller says:
This is a condition which cannot be allowed to
continue. unless the city is willing TO face the pos
sbility that substantial sum will thus be added
pacity Persistent efforts TO collect will however:
svoid this dcgty in the NAH but d APP aBRPT ghe6
s s ss Pe 10 Be- 81 d deS Pc fhe city 6
The Controller gives good deal Of attention
10 the arrears of assessments for street improve
nnents and the like for which the city had adj
yanced the money and trusted property owners.
There has been great hardness of recent years.
MI Grout says, in the levying and collection OF
these Improvement assessments He finds that
improvements costing $6,119.590 67 have been
completed, for which assessments have not yet
been laid OF this the city has advanced S4,-
BIZ 100 81 For improvements under way the
city has advanced 50. 05s, ss4 70. and incurred
liability included in the debt 70 the extent of
S47s1 $40 43.
The remedy for png up these arrearases.
which directly affect the debt mourning capac-
ity Of the city, lies, the Controller says. with
The borough presidents and other officials. Oh
this point he says:
Inc eorough pFgsroes sore local iT9proVements
should promptly certify 70 the Board OF assessors
of each asseSsable Improvement COM
pieted by the former Sewer and Highway depart
. rnents. and the cost Of any now pending as soon
as the work can be completed; the Board OF As
N SCISSORS should levy the assessments as speedily
possible, and the Board OF Revision OF Assess
rneTts should permit the appeals made to II
20 be a OF delay. while upon the Depart
Hent Of Finance rests the duty OF prompt collec-
ton. resorting 10 the hateful course OF sell
ing the property Of deinquents If necessary. |
may say for the department intrusted 10 me that
taking steps TO perform this duty as early
as possible. only as to the arrears Of assess
rnents but the much larger and even more
dangerous arrearages OF taxes which have been
Permitted accumulate
ConcerningI expenditures for 1902, with prac-
ticaily So. 100000 10 draw on. the Controller
says the amount OF money already authorized
Cor expenditure ISIS 900. TAB 81; partly author
lied 3.441.005 81.
Some of the titernshare as follows: