New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-15
:PRENDERGAST ON
STATE TAX NEED
Continued from psgs l

Ell. largo item Of 100000 against
The current revenues Of the state
"Tbis fact should be understood IN
measuring the financial condition ol
the state ut this time. ,i.
ain tho wear of Mr.. Suffers admins
t,ation. against commitments OF s9y,-
6T482O74, there was cash aVaiia,p,i'e
and revenues OF S64,0S2,69l.bi' d'i-
ference OF $685., l29lI:, III.
ain the year of Mr.. Glynn's admins
,ration against commitments OF ~,
4Ob .27O26, there was cash avaiiaDie
and revenues Of S64,926, IO6.lo, oil-
ference Of $5,41S. 564.ll.
an this first year Of Mr.. Whitman
administration, against what now ap,,
rear to be reasonable commitments VI
SCI .294 ,303.54, there Is cash avaiIaD.e
and anticipated revenues OF 800, ioo'-
KID SO. a difference of sl3,b3I,'oo'9o.
zone of the grave defects or state
financing is in the fact that approprla-
lions and the OUTLAWS necessary thereto
nre not measured by an equal amount
~ ascertained revenue. The New YORK
civ budget is financed by tax levy,
which. with the cash found TO De 70
The credit of the general fund, Is equal
TO the total of the budget
How State System Works.
"Tbe state apparently depends each
yoar upo ma certain amount OF It's obi
cations not maturing within the cur
TENT year and being financed out or the
revenue of succeeding years.
"At the end of the fiscal year Cf 1915
! the state carried over obligations OF
! s1g45f,1371S and cash balance OF
/ S14,37O.i2L22.
AT the end of the fiscal year Of 1914
obligations of 6.3o6.76 and cast
/ balance OF Sl0.0o9, lz"9G. At the enc
of this fiscal year it is estimated tina
/ the obligations will be Sl6,2"S,61o.ol
/ and a cash balance Of S3,863,5OO73
I "While the state is compelled to re
/ sort 10 extreme measures TO finance II:
general business, it had an excess II
/ the sinking funds on September 81
1914, over all the actuarial require
q ments of these funds. Of S27,865, I6i.oO
! This means that there has been col
lected from the people of the state
this great amount Of money which was
rot needed.
at is fortunate that the Constitu'
tional Convention is to be held thi:
.
10 treat the laws under which this un-
necessary surplus has been created in
4, a way which will obviate future un-
necessary accretions, and, n possible
tighten the burden Of taxation by the
use Of the present excess without IN
any way impairing the integrity OF the
sinking funds"
In a detailed statement Mr.. Prender.
CAST shows the present financial con-
ditions and the resources and obliRs-
tons of the state TO October l. 1916
This outline is based on actual re-
ceipts and expenditures and or esti-
mates Of future expenditures which he
regards as conservative. II shows the
total estimated obligations Of the state
as s65, S,575.s1 and the estimated
cash deficiency as s5,30S,573.32.
SAKE Doesn't Agree.
John G. SAKE last night gave out
this answer to the statement of Con-
troller Prcndergast on the condition
Of the states finances:
LET me point out that | am asked
TO reply to two documents printed
report Of the accountants and an argu'
mentative statement of Controller
Prendergast.
1.-THE accountants report has barely
a nodding acquaintance with the Gov
ernor's original estimate, and the &C
countants expressly state their esti
mate of the cash deficiency on 0cto
Der /, 1916, to be the sum Of s5,3O8,
573.32.
"As against Governor Whitman's es
innate Of sl8,000,000, the accountants
estimate Of S5,30S,573.32 is gooC
enough for me.
Mr.. Prendergast, after talking with
! the Governor, states that he is con
! vinced' that the total of S1S,000,000