New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-26

1903 was 20.236,32a. Adding this to the
amount of revenue bonds of former
years that were oyerissued and the total
excess issue during the year was 800
S53.519.
HUGE CASH DEFICIT.
The statements contained in the finan-
cial reports of the Controller for the
twelve months of 1903 indicate that
there was a cash balance of 81 3D., III
on hand in the city treasury at the first
of the year. but the same statements
also show that there were outstanding
against that balance 50, S44.942 of war
rants issued on account of expenditures
made in 1907 that had to be paid in 1908
IN addition, according to the same au-
thority, there should have been in the
city treasury at the first of the year 81
S41,O23 of the proceeds of corporate
stock disposed of in the previous year
that had not yet been transferred to the
accounts for which the bonds We're sold.
and S5.07S,999 of excise tax collections,
neither of which amounts was available
for expenditure until 1905 The cash
balance that came over from 1907 was.
therefore. 50, 322, 1874 short of the amount
required to pay the warrants issued
against it in the previous twelve months,
to say nothing of the corporate stock and
excise tax proceeds that should also have
been on hand.
The records thus show that the city
started out to transact the business of
the year with an actual debit balance of
cash amounting to $12, 242, 1871, instead
of an apparent credit balance of 81, 3d.
III. And this deficit is exclusive of a
further liability of $1S53S. 143 on ac-
count of unexpended budget appropria-
tons for 1907 and previous years at the
end of 1907.
COST OF CITY GOVERNMENT.
The charter report of the Controller
contains segregation of the receipts
and expenditures of budget accounts that
makes it possible to ascertain accurately
the moneys received and paid out in
1908 for the budget of the current year
and for budgets of prior years. There
was received on account of the years
budget S119, S27. S13. made up of $50. 463.-
$50 from taxes and refunds, SPA 262311
from the general fund and 50, 1O1 641
from the sale of special revenue bonds,
with refunds and the opening cash ball
ance Of emergency budget account added
The expenditures were S13S,O27, 1873. in
Guiding S130905 9S3 for the payment Of
budget appropriations and S7,121, 154 for
payments of emergency budget account,
the receipts of which were derived from
the sale of special revenue bonds.
zfo tod
been paid out for budget appropriations
differs from the sum stated in the char
ter report. The reason for the difference
is that in the $133,276, 334 given in the
report there is included a warrant for
$3,O00,000 by means of which proceeds
of the sale of the current years reve-
nue. bonds were transferred to special
and trust accounts to make up deh-
ciencies in the taxes heretofore levied
and deemed uncollectible on January /,
1907. AS all revenue bond transactions
properly belong to budget accounts, the
warrant transferring this amount has
been. in effect, cancelled by deducting
the amount from the expenditures of
budget accounts and from the receipts
Of special and trust accounts.
There is also another difference that
requires explanation. In the expendi-
lures of bond account, on page 104 of
the charter report, there is record Of a
payment of sd, POI. 205 FOR the redemp-
ton of revenue bonds and interest there
on" This payment included SO. 756, 800
for the redemption of revenue bonds and
81 $50, T05 for the payment of interest
and exchange. OF the so, 756. 800 paid
out for the redemption of revenue bonds
S9.S77.OO0 was for the redemption of
those issued in anticipation of the col
lection of taxes of 1908 and ST., 800
for those of former years. Dividing the
interest and exchange payments in like
proportion, 1929. GAO was for interest and
exchange on revenue bonds of 1903
and 1921, 056 for interest and exchange
on revenue bonds of former years. These
two amounts for interest and exchange
have been added to the budget expendi-
lures for appropriations of the current
year and of former years. The 1923, $40
has been added to the amount given in
rhe charter report for expenditure upon
the years budget, after deducting the
s., 900 600 warrant for deficiencies in
the collection of arrears of the tax levy
of 1906
Dealt with upon this basis, the figures
show that there was a deficit of $751;
199,324 between receipts and expendi-
lures for the budget of 1908. which had
to be supplied from the proceeds of the
sale of revenue bonds issued in antici-
patton of the collection of the years
taxes.
SURPLUS FOR CURRENT YEAR
There were sold of 1905 revenue bonds
during the twelve months $110.266.O 900,
but of this amount. as has already been
pointed out. $3,OOO.O00 was to provide
for deficiencies in the collection OF ar
rears of taxes of previous years and is
properly a receipt Of that part of bud
get accounts dealing with prior years
The amount received from the sale of
the current years revenue bonds that
was applicable to the 1908 budget was,
therefore. $1O7, 266,OOO. There were $751;
O24 400 of these bonds redeemed thus
making the net amount received from
that source $43, 241.6O0 The deficiency
which the sale of these bonds had TO