Omaha daily bee., 1908-12-11
END OF The STATES DEBT
Auditor Searle Estimates it Will Be
Paid by July of Next Year.
TAX LEVY CAN THEN BE REDUCED
state Omcers Make Reports of Past
Biennium and Recommend
LeEislatiOn for the
Future.
(From a STAFF Correspondents

LINCOLN, Dec. 10.-(Special)-Th esti-
mated receipts for the biennium made by
State Auditor Searle, including the receipts
OF the temporary school fund, amount to
$S6o4, Is, and the expenditures estimated
for the biennium amount to $6, 499, ,9S7 95,
leaving a surplus of $154, ,405.23. The receipts
are estimated on a collection of 95 per cent
of the general fund levy and on other
funds actual collections. According to Mr.
Searle the floating debt of the state will
be wiped out by July l. 1909.
Following is the statement Mr.. Searle
will have in his biennial report. which Is
now in the hands of the printer:
At the close of the last biennium Novem-
S per 90 1905 the floating interestohesrin ~ a.,
vember 30, 1908. the same amounted to siss, :
4lS72, showing q decrease of S1,l4S 1899 for
the Sheldon bin has retired $3.50, ,12ss5 Of
the debt, and the balance of the decrease
or $5l2,O 81 arose from increased valua-
tions and new property listed This has
been brought about by the operation of the
new revenue law A large majority of the
| county treasurers report that under the
present system over 80 per cent of the tax
levied is collected.
the fiscal period commencing April l, 1909,
and ending March 81, 1911, is 81, ,3S9 92S. Ga.
| This estimate is based on IS per cent of
the probable levies of 1910 and 100 assum-
ing that the assessments and levies for
these years will not differ materially from
the total assessments and levies for the
year 1908. This estimate, being based so
nearly on 100 per cent basis, necessitates
heretofore have been based on IS per cent
instead OF 81 per cent, but we have done
away with that basis owing to the provis-
| he collection OF the total amount levied.
| although S5 per cent was a good average
! 'rder the old law
T1,1 N,Wo 81 al af oN arNx a
in the state for the year 1908 was 1891 1885,
| 464.05, and the levy for general fund pur-
poses was ~ mills. The results OF the
workings of the new revenue law are more
gratifying each year. We find more equit-
| able assessments and more property re-
! turned for assessment each year.
To the estimated income from levies OF
] 1909-1910 has been added a conservative esti-
! mate of the income from back taxes and
miscellaneous sources Against the esti,
! mated general fund Of 81 9S9 92S "a are plac d
! the estimated requirements for the biennial
! period commencing April l. 1900. amounting
! to s5,l91, ,426.09, charegable to the general
| fund
AS usual the estimated expenses for the
| next biennium exceed the estimated re-
ceipts, in this instance by SOL ,497 45. II will
| be necessary for the legislature to carry or
heretofore had and keep the expenditures
| within the provisions of the law. The last
| four years experience has demonstrated
the wisdom OF the new revenue law and
| under It's workings the state has been put
on a sound financial basis. The old in
| debtedness has practically been paid of
and the expenditures kept within the re
| ceipts, all without excessive and burden
some levies TO provide for the needs Of oul
/ growing state
! Thanks TO the Sheldon act passed by tn,
| efforts Of the present governor when HI
was a member of the state senate the
| floating Indebtedness will be cleaned up by
! July l, 1909, when out taxes may be reduced
another mill. This, with the reduction o
1 the 1903 levy, will make our state taxes
! very light.
| Source of Income.
The following table shows the estimated
! receipts Of the biennium:
/ General fund levies for 1903 and
lJlU Is, lu 20 -
/ General fund collections on back