The evening world., 1920-10-02
CITY CANNOT MEET
BUDGET DEMANDSON
EVEN So TAX RATE
(Conunued)
uring in the year 1921. nIz7is.-

turing in the year 1921. Silz7ia.-
94i77.
1T is to be understood that a very
largo part Of this sum is for the
redemption OF short' term obligations
Issued TO meet expenditures incurred
during the present year under the
authority OF legislation passed at the
1920 session; and FOR work performed
during the year 20 be taken up I'M
the tax levy Of 1921 under the re-
quiremants OF the -you-go act.
'"Fhe total required for the re-
demption OF these short term obli-
cations, the payment OF Interest
thereon TO maturity and the antici-
pated interest payable in 1891 be-
fore the receipt Of taxes for that
year approximates &i6.OO0.oOO.
AS nearly as can be estimated at
this time, the receipts OF the general
fund for the reduction OF taxation
In 1891. which must be deducted from
the hnal budget in determining the
amount 10 be raised by tax, will be
about 10000 OOOt This includes the
-city's share OF the state income tax
which approximately Offsets the loss
OF liquor taxes. In the general FUND
are included also the city's receipts
from licenses, rents. interest on In
vestments. etc.
The moneys required for the con-
duct Of public business in the City Of
New York and tho counties therein
for the year 1921 arc at least S25,-
100000 in excess Of the sums that
can be raised by the municipal au-
thoritiss under the present eonsti-
tutional limitstiens upon the taxing
power"
"Can YOU give an estimate OF what
the tax rate for 1921 will beY' the
Comptroller was asked.
Il cannot answer that question until
the final budget estimates are COM
piled and the fnal assessments are
known" he replied.
But from another source II was
learned that az least So must be the
hgure OF the tax rate unless some eH-
]
Of the dihiculty--some way that would
merely pass on 70 another year the
accumulated deficiency,
That the departmental budgets will
be- cut 20 the very bone Is Inevitable,
but how even then enough money can
be raised II a puzzle. The situation
~ thisi
At ieastslil1. Is5,l2s must be raised
by. taxation 70 meet the debt service
ana state tax. That means at least
ti.Ai on every 500 OF tho 10000
I 000,000 OF assessed property.
The Departmental totals. excluding
ali city improvements, such as are
houses, school houses. police stations,
/ street repairs, park improvements,
| hospital additions, everything in fact,
/ that must he met by tax levy and
| cannot be met by bond issues under
1 tho present laws, amount 20 1884, O2a,-
/ as. This total will be reduced by
the elimination OF all proposed salary
increases over the schedules made
last August, and by the cutting down
here and there OF items OF supplies
and materials perhaps t25, 900, 900
That would bring tho departmental
totals down 20 say $3.50, 100000.
This must be met by revenues out
/ 81 tho general fund, which. % stated
| will probably amount TO 10000, 600
| Tho balance will be met by taxation.
| The law limits tho city 10 an ex-
| pendlturs OF ~ FOR every 900 OF as
( Eessed values every year for all OK
| pendltures which are not ''hn. existing
debit" that H., all expenditures for
actually carrying, on tho business OF
/ tho city
with assessed valuations Of ten
billions, the city can raise 5000, 900, 900
/ for carrying on Us business during
! 1921 by imposing the fun limit OF 81
per 500 This, added 20 tho 500
COO 600 ~ the general find win lust
about meet tho current expenses OF
= TIE city al the lowest point 10 which
Q Il can DO expected the Board OF Nstl-
naata viii nit Abe aapaelEnentaA hati-