New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-17
SAVING MONEY FOR CITY


S3a 100, 500 by the sale of revenue pohoS-
Of this amount ST. .9o4. 600 was used TO
redeem the same kind of bonds, making
the amount derived from that source
| SD S31 500.
In the first three months of 1909, how
ever. the previous administration Dor
rowed sol .946.5 500 upon revenue bonds,
and paid out only s14.2S5.200 for the re-
demption of the same kind of bonds.
making the amount derived from that
source S37 SOL 300. 1t is evident. there
fore. that the present administration has
been able TO finance budget accounts for
! the first three months of the current
year upon S1T. s29. 800 less of borrowed
money than was used by its predeces-
sors for the corresponding three months
Of last year.
These figures demonstrate that the city
government during the first quarter of
the present year was financed upon vi
S14.S $50. less money than was used for
! the same purpose in the corresponding
period of last year. The Importance OF
this fact, which is proved by the official
| figures. is that because of the smaller
amount required in the present year and
the lower rates of interest paid upon
revenue bond borrowings the new ad-
ninistration has effected a real and
actual saving TO the taxpayers in in
terest charges alone Of $4,000 during
the first three months of the present
year. as compared with the correspond
| ing period of last year in the conduct
of city government.
Await Corporate Stock Budget.
The expenditures upon permanent i'm
provement works, paid for out Of cor
porate stock proceeds, We're S1l9lS.O3o
during the first three months Of the
present year, as compared with SO
54S, S39 paid out for the same purpose
during the corresponding period in 1893.
| While these figures show that S2.5f0.-
| S04 less has been expended during the
| first quarter Of the present year than
was expended during the similar period
OF last year, this is probably due to the
fact that corporate stock authorizations
for permanent Improvements have been
held back during the first months OF the
present year awaiting the completion or
J the corporate stock budget, the prepara-
| ton of which has been occupying the
attention of the Controller and other
members of the Board of Estimate since
the new administration assumed office in
! January last
| The figures covering the receipts and
! expenditures for city government are,
however. remarkably significant as in
dicat ting the actual saving which has
| been effected by q businssslfke admins
tration of-fhe city's budget accounts and
| the conservat tive manner in which money
has been borrowed upon revenue bonds
during the first three months in office
Of the new administration. The figures
comprising the receipts and expenditures
| Of these accounts for the first three
months in the years 1907, 1905. 1909 and
! 1910 make it evident that the saving
shown by the figures for 1910 is not an
accidental showing, but is due to the
rev and better methods employed by. the
present administration Of the finance de-
pertinent. :
The receipts epplica BILE to defra wing
the cost OF city government exclusive
Of the amounts received from the sale
of revenue bonds, were, for the first
three months in each of the years, 1907
s14511.931: 1908. s11,le7, 500: 1909, Sill
e5Isss, and 1910 s1s,s2s79s The ex-
penditures for the conduct of the city
government during the same periods, ex-
elusive Of the amounts paid out for the
redemption : of revenue bonds. were:
1907. ss1,ess,1sl; 1908, ssz,351,e74: 1909
gzr sTS -
receipts from the sale Of revenue bonds
during the first quarter of each of the
years were: 1907. s1e291, 500; 1908, s37,
55o.00o; 1909 s51 ,s46.5 500. and 1910. s37.-
. 755, 200. while the amounts paid cut fol
the redemption OF revenue bonds during
the same periods were. 1907. S14743, 500;
1908. s7.e71.575; 1909, s1soS5.200 and
1910. s17.924.0Oo
An examination of these figures shows
that during the first three months OF
1907 s4.54s.o00 MAS raised by the sale OF
revenue bonds to supply a deficit as be-
tween receipts and expenditures for the
cost of city government of 6,726, 252;
in 1908. S29,s7s.425 was raised to supply
a deficit of s23.e54.474: in 1909. So. 66i.
500 was raised TO supply a deficit of s25.-
4a1.e2s. and in 1910. s19,SS1. 800 was
raised to supply d deficit of so1,60e,242
Forerunner Of More Saving.
The very creditable showing which the
cash transactions of the CITY demon
strate for the first quarter of the present
ear supply convincing evidence of the
saving that may be expected at the END
Of the twelve months from the sound
and efficient manner in which the city
government has been administered fol
the first three months
In a series Of articles upon Hidden
Chapters in City Finance, published fr
The Tribune Just prior 10 the municipal
elections in November last. 1t was demon
strated that wasteful methods of Dor
I rowing money upon revenue bonds ir
snticipst ton Of the collection of taxes
for budget purposes were imposing q
constantly increasing burden upon the
taxpayers in interest charges. besides in
juriously affecting the city's credit
II was shown that revenue bond in
terest bills had increased from s1732,61s
in 1905 10 over $4,000 900 in 1909. A great
part Of this enormous increase was due
TO the failure of the previous admins
tation 10 fund that part of the revenue
bond debt which represented money Dor
rpved upon revenue bonds in snticipa-
LIZ