The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-31
REVENUE FUND SHY
MANY THOUSANDS
Appropriations Ordered byLea.
isiature Responsible for
the Shrinkage

With cash balance of s1,467,313.S4
| in the state treasury at the close of
| the fiscal year ending July 81, the
revenue fund contains but 1855, 1S9. 40,
or nearly 100000 less than was in the
fund at the corresponding period a
year ago, and $4,000 less than two
years ago.
The revenue fund is the fund from
| which the operating expenses of the
| state are paid, and at the rate at which
| the ordinary expenditures of the state
| are made there is not much more than
money enough in the state treasury to
| pay the next months bills.
| Under the provisions of law passed
years ago the state may borrow $780,
000 from other funds for the use Of
1 the revenue fund, and it is legal to
borrow few hundred thousand for a
| few months to meet current expenses
| rather than to increase the tax levy
! and to raise the valuations put on the
taxable property of the state
The condition of the states revenue
fund is suggestive, however, of either
| an increase in the tax levy for next
year or reduction of the appropria-
tons by the legislature, for the differ
ence in the present standing of the
| revenue fund and that of two years
ago is about the same figure as the
increase in the state appropriations
| made by the last session of the legis-
lature
State Auditor Explains
1.-The theory of the state govern
ment, State Auditor S. G. IYerson
said yesterday, Us to levy just about
the amount of taxes necessary to car
ry ON the legitimate expenses of gov
eminent. 1t is not the purpose of
either the lawmakers or the state ex-
ecut1ye department to take from the
taxpayers large sInn-say a million
dollars or more-in excess of what is
actually required for the legitimate
expenses of government, and tie it up
in the state treasury for months at
time. 1t is better to white the tax
levy down to the lowest point possible
With sound business methods and then
to make appropriations on that basis
While it is true the revenue fund
is at a lower level than it has been for
some years, there is no danger of the
state defaulting in any of it's payments.
There is approximately $350,O00 in the
fund from which all ordinary expenses
OF the state government are paid, while
one year ago at this time there was
$685. on hand in the fund The
permanent school fund also shows a
large loss for this year; there is but
s44,459.36 in the fund as against s30s.-
600 last year. This apparent discrep-
ancy is accounted for by the fact that
the state board of investment has re-
Gently paid out $350,000 in capitol COM
mission certificates of Indebtedness and
made large local loans to school dis
tricts.
Last year the revenue fund on July
81 contained s53S,00 but all the coun-
ties of the state had then reported their
tax collections on the date of the re-
port. This year none of the three big
counties, Ramsey, Hennepin and ST.
Louis has reported, and there are
missing also Beltrami and Clearwater
counties from the list. Two years ago
the revenue fund was in still more
plethoric condition, for there was to it's
credit $799,563.01.
Three Big Counties Due
while it is true that we have but
money enough in the revenue fund to
ordinarily carry us for month, the re-
ceipts from Ramsey, Hennepin and ST.
Louis, that are to come in during Au-
gust, will be of material assistance and
there will be the miscellaneous collec-
tons and the money from the Novem-
Der settlements. I do not think that we
VIII nave to borrow money from any
other fun until October, and the rail-
road taxes will begin to reach US in
March of next year. On the whole the
finances Of the state are in excellent
condition"
Little can be expected from the tax
collections of the November settle
ment with the various counties, for the
receipts are merely the uncollected taxes
from the settlements just made. In
Ramsey county 81 per cent of the total
OF taxes levied has been paid and there
remain but per cent to be paid-pro-
vided it is all collected-at the Novem-
Der settlement with the state treas
urer.
There will be a deficit when the state
has expended the amount now in the
revenue fund and the 100000 which
the state treasurer is permitted to Dor
row from other funds, and short time
loan will have to be made. This pro-
cedure is justified on the ground that
an interest charge on several hundred
thousand dollars for few months is
preferable to carrying hundreds of
thousands of dollars in the state treas
ury from month to month.
The Treasurer's Statement
The abstract of the treasurer's state
ment showing the cash on hand in the
various funds discloses total balances
of $1,461 ,313.84, as against a total of
81, 149,549.49 on July 81, 1903. or a diff
ference in favor of the funds of two
years ago of $6S2,235.75. A detailed
statement of the cash in the state
treasury on July 81, 1904, shows:
Revenue fund ..,............. $35516s 40
soldiers relief fund. ......... 22,577. AZ
agricultural college fund. ..... 70,449. 81
fundlng tax fund ........... 8S,461 .02
Permanent school fund. 44,459 Sc
General schoo! fund Ga, $3.50. OF
Permanent university fund.- 25.125 o.
Ienefai university fund. 1886. 81
Internal improvement fund 80 233 SO
INT Improvement land fund. 81, 416. 80
State institutions fund. ... 752e ~
state institutions fund interest 80 757 So