The New York herald., 1922-04-24
Reservations and Commit
ments for Improvements
Cut Down Total.
CONSTITUTION is CITED
Comptroller Defends His Stand
Against Attacks by Al
bany Committee.

Comptroller Craig places the city's
unreserved borrowing margin for fur
thcr appropriations by the Board of
Estimate at s137.14S,311. The total
debt limit on April was $l92,4S0.500,
but against that are checked reserva-
tiovs and commitments for bonds,
transit and other improvements
amounting to s55,3S2, 1s9 and the diff
ference is the actual amount now
available for public improvements.
The total debt incurring power OF
the city within the debt limit Is 10 per
cent. of the assessed valuation-of tax
able real estate, which for tl.is year
amounts to S1,o24,a99,1s3. From this
debt are excluded the county bonds of
the five counties, the debt for water
supply and for revenue producing
transit and dock improvements.
The Indebtedness, within the debt
limit. is placed at ss3o,51S,sss. and the
ference Is the si92,4s0,5o This in
dcotedncss included these items: Gross
funded debt az Of January last. S1.67S,-
S-5.150: for county, water and transit
bonds. $33S.177.279: sinking fund hold
inss for redemption OF the debt, $574.-
of7,9f5. and other funded debts, includ-
nS contract liabilities. street opening
improvements and land liabilities. $6o,-
S5S.557.
Deductions From Debt Limit.
The s55,332,1s9 deducted from the
total debt limit includes $6237,796 for
dock improvements. $45,67I7T7 for
school and other general purposes and
severa, transit contracts and $3.416,616
for certain stock and. bond issues
The city's method Of figuring is dis
puted by the legislative committee that
investigated the municipal finances last
year, but the Comptroller's statement
will be accepted by the Board of Estf-
mate unless assailed in the courts. This
means that the Hylan administration can
proceed to spend the S1S714s.311 In any
way 1t desires. In explanation OF his
figures the Comptroller says:
THE debt referred to In the State Con-
stitution includes all long term bonds
and corporate stock notes issued and
outstanding. together with all amounts
unearned and amounts unpaid on the
estimated total cost Of contracts for pub
lie improvements in progress, and the
estimated costs of all lands acquired for
public purposes where title has vested
in the city but in which the proceedings
have not reached final determination.
These debts contract and land liabiIi-
Ves) aggregated on April /. 1922, $685.
$S,157. Consequently in financing these
ojigations as they become payable the
city could borrow nearly $4,000. 900 by
means OF corporate stock or corporate
atock notes without decreasing the debt
limit or debt incurring power OF the city.
ON January /. 1918. the city's debt
limit was s50.270.155.96 and its unen-
numbered margin available for addi-
ticnal authorization was S1S.419,07S.91.
These figures compare with the debt
limit OF April i. 1892. OF $780,. .4So, 500. 90,
and an unencumbered margin of SI37,-
l4S.311.20.
THE statement OF the city's funded
debt Is designed TO present the total out
standing amount OF bonds which have
been issued TO finance undertakings that
arc largely or in part self carrying. The
total amounts of water bonds, rapid