The state herald., 1921-01-11


would be possIble to obtain all necss-
sary revenue with little or no increase
In the levy. I, therefore. recommend
that the State Tax Commission be
given a liberal appropriation In order
that In the future 1t may prepare
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 rs per cent increase In
revenue is recommended. With this
amendment Colorado still would have
lower rate than any other state.
The state y In an excellent financial
condition. The state treasurer reports
receipts, including transfers, Of $751;
2l6, 6,066.0S during the biennial period
which ended on Nov. 30. 1920. During
the same period disbursements totaisd
So, ,o1o, ,6Sl.11, % that the assets show
an incrsase q &2214.53e.eo The to-
tai available resources In the hands Of
the treasurer on Nov. %. 1870. were
&c, ,065, ,S8l.05. OF this sum $2,900,O 900
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. 20. 1870. was 3l.1s7 800. com.
pared with $4,45l, 800 on November 30,
1918 The bonded indebtedness was
reduced BY S2o4,6O0 during the bien-
mum Just ended. Interest earnings Of
the state during the past two years
amounted to $78S, ,162.72 while interest
payments for the same time totaled
&316,25O.3& All state bonds are held
by various state Investment funds,
with the exception Of only $41S,2
held in private hands.
The state Inheritance tax depart
ment collected the unprecedented total
Of Sl.204. .SO5.sl during the biennIum.
The cost Of conducting this department
was enly S4O.33O.76, q most excellent
showing.
The state Insurance department
turned into the state treasury q total
Of $624,Osl73, collected at an expense
Of Sol. .O1s. ! believe that attention
should be called to the fact that twice
within the past two years the insur-
ance department has ordered reduc-
ti0ns In fire insurance rates. Effsc-
tive Sept. 1, 1913. the department Or
dered q fiat 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
lscted by &325.OOO. This order now Is
being carried out by the companies.
Over Appropriations.
When the regular session OF the
Twentysecond General Assembly ad
journed 1t was found that appropris.
tions had been made which exceeded
the estimated revenue BY approximate.
ly $l,0OO.O00 However, the fiscal year
ending Nov. 80. 1920. closed with all
appropriations paid and q 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 a. . fact. The
tax levy should not be Increased II 1,
can be avoided without positive injurJ
to the state and its institutions, and
appropriations should not be made be
yOnd the estimated revenue.
Whatever retrenchments we find Il
be necessary In other agencies Of gov
ernment. we are In honor bound frs
to make adequate provision for oul
charitable. penal and corrective insti
tutions. Therefore. Il iS urged tha
the appropriations for these institu
tions be adequate to meet their rea
sonnbie needs.
Educational Needs.
The growth OF our state institutions
OF higher learning Ii fully appreciated
by the people who voted for an add
tionai mill levy to be used In their sup
port. Funds from this source. II au
thorIxed by this General Assembly. vii
not become available until early In
1922. The financial problem facing
these institutions in the period Of 1920
1921 demands your serious considera
ti0n.
State Institutions.
The condition OF state Institutions 1,
covered In the report Of the Bulge,
and Efficiency Commissioner which
soon will be before you and. therefore
II is unnecessary 10 this message to
set forth their growth and needs.
The Twenty-second General Assem-
bly, authorized tho admission OF III,
wives Of veterans TO the Soldiers ant
Sailors Home. but mnde no appropria
tion TO erect the necessary buildings
Suitable accommodations should b,
provided for this purpose ~ soon q
state finances will permit.
PretsetIsN 70 Investors.
Many 0f our people have been do.