The Colorado statesman., 1921-01-15

SurN revenue with llllie OF no ihtltHN'
in the levy I, therefore, recommend
that the State Tax Commission be
given n liberal appropriation In order
that In the future It may prepare a
full and complete roll of taxable
property
Our Inheritance tax rate Is far be-
low that OF other states and revision
of the present scale which will produce
approximately 25 per cent increase In
revenue is recommended. With this
amendment Colorado still would have
n lower rate than any other state.
The state is In an excellent financial
condition. The state treasurer reports
receipts. including transfers, of $751;
24S, 05S.03 during the biennial period
which ended on Nov. 30, 1920. During
the same period disbursements totaled
SOS, 9T3, 53117. so that the assets show
an increase of 1924, 526.S6. The to-
tai available resources In the hands OF
the treasurer on Nov. 80, 1920, were
SIC, 1856 33105 or this sum S2,2OO,OOO
was In cash and the balance in state
warrants, state bonds, school and mu-
nicipal bonds and obligations Of the
United States government
The states bonded Indebtedness on
Nov. 80, 1920, was S4.1s7 800, com
pared with S4,451 800 on November 30,
1918. The bonded Indebtedness was
reduced by S2e4,5 during the bien-
mum just ended. Interest earnings of
the state during the past two years
amounted to $763, 1922 while interest
payments for the same time totaled
S315, 250.33. All state bonds are held
by various state investment funds,
with the exception of only $41S,2OO
held in private hands.
The state Inheritance tax depart
ment collected the unprecedented total
of $1,294 ,305.S1 during the biennium.
The cost of conducting this department
was only S40,330.76, a most excellent
showing.
The state insurance department
turned into the state treasury total
of $S24,O44.73, collected at an expense
of S67 ,01S 1 believe that attention
should be called to the fact that twice
within the past two years the insur-
ance department has ordered reduc-
lions in fire insurance rates. Effec-
tive Sept 1, 1919, the department or
dered flat reduction of 10 per cent
in premiums, saving the property own
ers of the state $3.50 900. On Sept. 1,
1920, another order was entered d.
rectIng the fire insurance companies to
reduce their total of premiums col
lected by $780,, 5000. This order now is
being carried out by the companies.
Over Appropriations.
When the regular session of the
Twenty-second General Assembly adj
journed it was found that appropria-
lions had been made which exceeded
the estimated revenue by approximate
ly $1,000,000. However, the fiscal year
ending Nov. 30, 1920, closed with all
appropriations paid and surplus on
hand of $557 900. 1t may be possible
that the revenue estimates submitted
to you in the report of the Budget and
Efficiency Commissioner for the pres
ent biennium also are low, but this
should not be assumed as a fact. The
tax levy should not be increased If 1t
can be avoided without positive injury
to the state and its institutions, and
appropriations should not be made be-
yond the estimated revenue.
| Whatever retrenchments we find to
be necessary in other agencies of gov
eminent, we are in honor bound first
to make adequate provision for our
charitable, penal and corrective insti-
buttons. Therefore, 1t is urged that
the appropriations for these institu-
lions be adequate to meet their rea-
sonable needs.
Educational Needs.
The growth of our state institutions
of higher learning Is fully appreciated
by the people who voted for an addi-
tional mill levy to be used in their sup
port. Funds from this source, If au-
thorized by this General Assembly, will
not become available until early in
1922. The financial problem facing
these institutions in the period of 1920
1921 demands your serious considera-
ton.
State Institutions.
The condition of state institutions is
covered in the report of the Budget
and Efficiency Commissioner which
soon will be before you and, therefore,
1t is unnecessary in this message to
set forth their growth and needs.
The Twenty-second General Assem-
bly, authorized the admission of the
wives of veterans to the Soldiers and
Sailors Home, but made no appropria-
tion IN erect the necessary buildinQ S
Suitable accommodations should be
provided for this purpose as soon as
state finances will permit.
Protection to Investors.
Many of our people have been de-
frauded by INSCRIPTIONS promoters. A