New-York tribune., 1915-02-22
Has Now $50, ,729,9l7 Limit
for New Improvements,
Says Prendergast.
FINANCIAL POSITION
GOOD, REPORT SHOWS
Total Payments Were S539,94l'-
Tsp. S. c. Cost So, ,4S4, lo3
in Salaries Alone in 1914.

New York City is not broke nor
anywhere near il. Instead OF facing
bankruptcy, as according to the popu-
lar belief he is, Father knickerbocker
can slip his hand into his pocket az
anv minute and draw forth roll con
tanning $l91573l2. There is also AZ
cents in change All the money IL
available for spending.
The annual report OF Controller
William A. Prendergast. made public
Yesterday, showed that the city
finances we're not in the deplorable
state attributed to them by many. Dur
ing the past year. according to the state
ment. the city's debt incurrng power,
which is 10 per cent of the assessed
valuation Of taxable real estate. in
creased $5,4l9.5S9
Twelve months ago the city's margin
was s5l.373,7 81. Now the city many
increase its debt for certain prescribed
undertakings by s56,792.9l7. or the
total debt incurring power, SSO4 ,9o5'ssl'
all but the amove amount mas been
laid out.
The nineteen odd million dollars
which the report shows to be on hand
as spending money is the unreserved
margin which the Board OF Estimate
and Apportionment may use 10 carry
through any OF the new proposed pup
lie improvements TO which II has not
vet committed itself.
The total receipts for the last year
amounted to SOAP, 753,52+ and the total
nayments to s539941,157. Payments
between funds. which is similar to the
act of taking money from one pocket
and placing it in another, were not
included in the above statement
The city's income, derived from
taxes, assessments, water rates, COCKS
ferries. rapid transit subways and ms
cellaneous sources, was Sl9I,oo2'ols'
From interest on bank balances, cash
payments by the Brooklyn Rapid iran
sit Company and the lnterborough on
account Of new railway construction,
etc. the city received $4.812,084.
Receipts from the public for loans,
according TO Controller Prendergast's
report. were S340,258,92O. OF that
amount SI47,645,22 was for revenue
bonds issued in anticipation of taxes,
Revenue bonds worth Sl35,564,533 were
redeemed during the year.
Corporate stock notes sold TO the
public last year amounted 10 Sll9,-
725.775. With the exception Of S57,-
100000 sold to the Morgan syndicate
in September. practically all the cor
porate stock notes were redeemed dur
ing the year. For new construction
work the city spent s74,745,4l8.
For help the expenditures amounted
to $1O5, ,629 ,448, paid to employees. The
payroll for educators aggregated S@4,-
1852. The Public Service Commits
sion cost the city S2,4S4,l83 in salaries.
The total contract outlay in 1914 for
the new Catskill water supply was
S13,2O0,251, and for subway construc-
tion s2O.540,771. Construction of high
ways, sewers. etc, by the Borough
Presidents departments cost ST.
4lt.746.
The report also indicated that the
city's gross funded debt on December
81 was Sl,307,020,221, an amount in
excess of that of the preceding year
by S82,146,589. The total, however, in
! Guided an exempt funded debt of S315,-
! 575,393. The total funded debt was OFF
set by cash and securities forming
several sinking funds to the amount of
/ $349, ,237 .621.
/ The increase or more than S5,000,000
| in the debt-incurring power was gained
| by decreasing during the year the con-
stitutional funded debt by sl,097 1862
and by an increase in the assessment
roll for 1914.
The unspent s56,OOO,OOO of the city's
, Gebt-incurring power of more than
( ssO4, 100000 may, according to the Con-
troller's statement, be apportioned ss
follows:
For rapid transit, s5,5s1, ,s54; for
dock, port and terminal improvements,
| S14,369,035 for various other improve
ments Of city properties, Sl7,684,714;
FOR purposes which the Board of Estl-
mate may determine, Sl9,157312.