New-York tribune., 1921-03-20
Craig Reports
Al Million Cash
Balance Jam /
Gross Volume of Business
in City Con,ptroller's
Office During Last Year
Was S1,789, ,7l8, 900
$4,000 Accounts Carried
Total Tax Receipts We're
Sl96, ,O83, ,O26, Part of
Which Was From '10Levy

day issued summary OF the financial
transactions of thx city for the year
1920, showing that the year closed with
cash balance in the city treasury and
sinking funds amounting to S40.SS6, ,94i.
The Comptroller's statement follows:
"The gross volume OF transactions
in the Comptroller's Office. during last
year aggregated -S1s7s9.Tl8,s9o. The
gross receipts were $905. 783, sac and
the gross payments SS83,9S5,14S. The
average volume of business, therefore,
including the many payments from
city treasury accounts into sinking
funds, and vice versa, was approxi-
mately $5,965, 200 daily. The cost of adj
ministering the Department of Finance
for the year 1920 was much less than
one-tenth of ! per cent of the gross
financial transactions of the city. all
Of which necessarily go through the
Comptroller's office. The cost of adj
ministration was S1.567 .403, while the
gross transactions aggregated, as al
ready stated, $1.7S9,718,990.
Net Receipts $76s,547,1s3
"The net receipts Of the City of New
York during the year 1920, after elimi-
nxting all transactions between sink
ing funds and city treasury accounts,
we're, in even dollars, $768,547, 1888, and
the net payments were $746, 1913, 400.
Tie year closed with cash balance in
the city treasury and sinking funds
amounting to $40.S66,94l. During the
year the city borrowed, by means of
short-term revenue bills in anticioa-
ton Of tax collections, $261, ,225, 900.
and Of these there was redeemed and
taken up before the close of the year
as taxes were collected $198, 8,454, 500.
The rate Of interest on these borrow
ings rose from 4z per cent to 51a,
40 and ultimately 6.s9 per cent.
"OwiHg to the emergency appro-
the year to provide for increased sala-
ries to the teaching staff of the Board
Of Education and to the police. fire.
men and practically all other en-
ployees OF the city, to meet the ex-
traordinary requirements for the pen-
sion funds of the Police and Fire de-
partments, which heretofore had been
provided from excise taxes, and to pro-
yide for the costs, aggregating $780,
600, of the removal of snow and ice in
January and February of 1920, to-
gether with other supplemental appro-
priAtions which were required during
the year, the Comptroller was COM
PEELED to borrow $36,392,90O by means
of special revenue bonds, of which ap-
proximately $30,O00,0OO will be re-
deemed by appropriation in the tax
budget Of 1921, and the remainder will
be taken up from the mill and half
special tax levied blythe state.
Borrowings s76,204, ,O4s,44s
"The aggregate borrowings during
1920 by means of corporate stock notes
aggregated s2o4, ,049,443, but very
large part of these were only in the
nature of renewals. Therefore, after
taking up s174,530,000 of renewals of
corporate stock notes the net borrow
ings during the year by these certifi-
Gates OF Indebtedness aggregated $685.,
2SS,44S. The interest rates of these
notes were closely similar to the rates
me city paid on its revenue bills; that
IS from AS up to 5.99 per cent.
There are nearly $4,000 accounts
carrled in the receipts and ..disburse-
ments' divisions and in the central
tlvlslon of the Bureau of Accountancy,
transactions of the city's financial op-
erations. During the year there were
fully 100000 vouchers registered in
the division of disbursement for audit
and payment, necessitating fully 100000
entries. To pay these vouchers there
were over 1877 900 warrants prepared,
q which fully 10 per cent were charge
apie against more than one account. OF
sne payroll warrants 5,400 required
nearly 100000 entries in different codes
o. accounts, and there were approxi-
mately 100000 salary checks prepared
"a the pay division Of the Department
q FINANCE during the year 1920.
There were $500 contracts regis
1efed and various kinds of adjust
ments were made to nearly 10000 ex-
lsting contracts during the year
mere were fully 1,400 papers filed for
neaS, claims, etc, a great many Of
winch consisted Of third-party orders,
sucn as assignments, writs, etc
From January /, 1920, to December
-, ls20, the receiver Of taxes collected
SlSo,5o2,SS1 from the taxes levied for
see year 1920. and in addition thereto
tp,soo,l45 OF the preceding years levy;
ssst is, OF the levy of 1919. The cost
y u administration of the tax receivers
vhce IN Manhattan and the other four
~ sssossoughs aggregated altogether $24l,
s1S'zz, or cne-eighth of / per cent.
Itemized Statement
The following tables present the net
sceipts and disbursements of the city
cur1ng the year 1920:
IaSescollected. SECS. .sa7,sss.17
sSe ~, sments
-coiiected 49,. 845s665so