The Ordway new era., 1921-01-14


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 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
a lower rate than any other state.
The state is in an excellent financial
condition. The state treasurer reports
receipts, including transfers, of $751;
248, ,05S03 during the biennial period
which ended on Nov. 30, 1920. During
the same period disbursements totaled
S2S, S,973531.17, SO that the assets show
an increase of $2,274,5 ,526s6. The to-
tai available resources In the hands of
the treasurer on Nov. 80, 1920, were
$40 1855, ,331.O5. OF this sum $2,2OO,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. 30, 1920, was "a, 300, COM
pared with $4,451, 800 on November 80,
1915 The bonded Indebtedness was
reduced by 1924, 500 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
$315, ,25O.33. All state bonds are held
by various state Investment funds,
with the exception of only $41S,2O0
held in private hands.
The state inheritance tax depart
ment collected the unprecedented total
of $1,294, ,3O5.s1 during the biennium.
The cost of conducting this department
showing.
The state insurance department
turned into the state treasury a total
of 1924, ,044.73, collected at an expense
of S67 ,01S. I believe that attention
should be called to the fact that twice
within the past two years the insur-
ance department has ordered reduc-
tions 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 S3S2,00O. On Sept. 1,
1920, another order was entered di-
recting the fire insurance companies to
reduce their total of premiums col
lected by $325,OOO. This order now is
being carried out by the companies.
Over Appropriations.
When the regular session of the
Twenty-second General Assembly ad-
journed it was found that appropria-
tions had been made which exceeded
ly $1,OOO,0O0. However, the fiscal year
ending Nov. 80, 1920, closed with all
appropriations paid and surplus on
hand of $557, 900. It 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 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
ernment, we are in honor bound first
to make adequate provision for our
charitable, penal and corrective insti-
tuti0ns. Therefore, it is urged that
the appropriations for these institu-
tions 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, II 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-
tion.
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 to erect the necessary buildings.
Suitable accommodations should be
provided for this purpose as soon as
state finances will permit.