New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-26
lures upon this portion of budget ac-
counts
DEFICIT FOR PRIOR YEARS.

ponds Issued in anticipation OF the col
lection of arrears Of taxes S17,645.00N
and there were redeemed s3S.526.036 of
the same kind Of bonds The deficit I'm
this transaction was $50 SS1, 036. of which
sl1.0434SS was supplied by the surplus
which. it has just been shown. was 10 the
credit of that part OF budget accounts
dealing with former years. The rest Of
the deficit. $9,S37.55S. was taken from
the surplus receipts of the current years
budget. reducing the amount OF that sur
plus from S25.O42275 to S15.204.722.
The bare fact. conclusively demon
strated by the figures taken from the
Controllers official report. that s25.-
042,275 more was raised by the issue and
sale of revenue bonds than was required
for the payment of the years budget APP
preparations makes it obvious that some
at least, of these bonds were issued in
excess of the legal limit. The applica-
ton Of the same formula-taken from
details supplied by the official reports
as was used TO determine the overissue
of the same class of bonds in 1907 shows
that the excess issue in 1908 was $780,
s53.519.
LIMIT FOR CURRENT YEAR.
The 1908 charter report indicates that
|. the Controller obtained $11O.266,Voo
from the sale of and paid out S64.O2f,-
400 for the redemption of the years
revenue bonds in 1905 so that S46.24l.-
600 of the bonds sold were outstanding
at the end of the twelve months. The
same report also supplies the informa-
1R of no
tax levy $3O.451 TO, remained unpaid
at the end of the year. and that there
we're unexpended at that date 50, IL, S91
of budget appropriations payable out OF
the taxes collected. Consequently, the
limit 10 which revenue bonds should
have been unpaid at the end of 1908
was $40. 727.S71.
It has been shown. however, that $46.-
/ 241. 600 of these bonds were outstanding
and unpaid at that time. so that of the
years revenue bonds alone S25.513.12S
We're issued and sold during the twelve
months in excess of the limit. This IS
the overissue as shown by the actual
cash transactions. but there were drawn
during the year warrants for the re-
demption of revenue bonds of 1908 to
the amount of $5.277. 400 that were paid
in 1909 out of the cash balance that
came over from the year previous. This
would make the overissue OF the years
revenue bonds in 1908 $40 236 32S in ex-
! cess of the limit prescribed in the char
ter.
LIMIT FOR PRIOR YEARS.
The total amount of taxes levied be-
fore 1908 that remained unpaid at the
end of the year was $74, 843. Az, accord
ing to the official returns. In previous
article dealing with the overissue Of
revenue bonds in 1907 The Tribune has
shown that OF the unpaid taxes at the
end of that year $42.OOO.OOO had been
deemed uncOIlectible and had been pro-
vided for by the authorization of corpo-
rate stock and by appropriations voted
in the budgets of 1907 and 1908. This
| provision for unCollectible taxes was
further increased by 1922, Al, author
ICED in the budget of 1909 to provide for
deficiencies in the collection of taxes
heretofore levied and deemed uncol-
lectible on January 1, 1905 This in
creased the amount of the uncollected
taxes that were deemed to be uncol-
lectible and that, therefore, had been
provided for. to 1892. AL Deducting
this amount from the gross taxes unpaid
of Ievies prior TO 1908, there is left 500
921, 600
The issue of revenue bonds against
these uncolIected taxes is permitted &C
/ cording to the charter provisions only TO
the extent that their sale is necessary
to provide money for payments actually
made on account of the budgets of the
various years in excess of the arrears of
taxes collected. The charter report
states that there were unexpended on
account of budgets prior to 1sOs at the
end Of that year appropriations amount
ing to $7.S9S. 191. so that the limit to
which revenue bonds should have been
outstanding at the end Of 1908 against
the unpaid taxes of levies prior to that
year was $22,027, 800. But there We're
outstanding $50, S65. 900 of these bonds.
so that here again there was an over
| issue of $685.. 100 of revenue bonds
against uncollected taxes of Ievies prior
to 1908.
This is the overissue as shown by the
actual cash transactions, but there were
drawn during the year warrants for
the redemption of revenue bonds of
former years to the amount of $500 600
that were paid in 1909 out of the cash
balance that came over from the pre-
viOus year to the credit of budget nc
counts This would make the overissue
of revenue bonds issued against uncoI-
lected taxes of years prior to 1905 S1O.-
617,191 in excess of the limit permitted
under the provisions of the charter.
The Overissue of revenue bonds against
the uncollected taxes of the current.
year in 1908 has been shown to have
been $50, 236328. The overissue of reve-
nue. bonds issued in 1908 against uncoI-
Iected taxes of levies prior to that year
that had been deemed collectible has
also been shown TO have been S1O617.-
191. These two overiSsues together
make S30S53.519 of revenue bonds that
were outstanding at the end of 1908 in
excess of the limit permitted under the
provisions of the city charter
SPECIAL HEALTH" EXHIBIT.
Hundred Adds To It's COIIeetion- mr.