Press enter after choosing selection

Our State Finances

Our State Finances image Our State Finances image
Parent Issue
Public Domain
OCR Text

We olip tho following cloar and conoisfi statement of the finaucial conditiou of our State from the recent message ot' Gov. Baldwix : Balanco of cr.Bh in the Treasury N"ov. 3J, 1870. $ 45S.307 07 Receipta for (10 montha) tho fiscal year euding Bept. 30, 1871, - - 1,510,17 83 Total, $1,005,435 8J Disbursements for ten months ending tiept. Ü0, 1871, 1,274,36414 Balanco in Tr asury Sept. 30, 1871, - $ 61)4,122 68 Heceipls lor fiacai year endmg Sept. 30,1872, - 2.181,498 21 Total, ------ }2, 675,020 88 Disbursements for the sanie period - l,ír vö,-ii6 85 Balance in Treasury Sept, 30, 1S72, $ ;j77,24 03 Receipts for the two ïnonlhs ending Dec. SI, 872, ----- 357,11015 Total, - (l,3S4,S922 Disbursements for tha samo time, 5t7,i;o3 7ö Balunce in the Trsasury Dec. 31 , 1872, $766 970 50 Theestimatedreoeiptsand oxpenditures for the tiscal years cnrting fiept. 30, 1873, und Sept. 30, 1874 aro as follows : For the year ending Sept 30,18:3, includini; balance in ueasury, tept. 80, 1872, $2,433,300 08 Expenditures for the same períod - 2,081,i04 23 Bniance Sept, EO, 1S73, - . $357,2!ló 85 ileccipts iur the year tnuing Sept. 30, 1874, 1,260,900 00 Total, -;-... $1,613,196 85 Disbuiaements for the year ending Bept. , 1874, .... 1,080,5100 Balance Sept. 30, 1874, - - $5:28, 6S5 83 Tho estimates for the present year includes the payinent of all demand3 upon tho treasury now due, and all appropriations hcretoforo made and payable prior to or within the year 1873 ; they also include such arnounts as will bo needed for tho current support of tho several State institutions, and all other appropriations now recommended. ' The estimates for 1874 are made tipon a basis of an aggrogate State tax tf ono mili on the dollar ; they also includo all appropriations herein recommended for that year. Neither of the estimates iucludo the paj-mont of other State bonds than those already matured. The innded debt of January 1, 1869, was $3,014,078 4lJ. Of this debt $1,5Ü8,785 71 have been paiil, and the sum of 313,000 hay boen plsoei in New York for the redemption oi: the sam int of six per cent, bonds, maturing on tüe firgt lny of the present month. Sinco January 1, 1869, $1,000 of war bounty bonds havj boen issued for tho payment of soldiers' bounties, uuder aot Ño. 85, laws of 1865, all of whieh have been purchased through thesinking fuud and eanceled ; [tbevittualpayment,therefore,of the bondcd debt of the State within the past f our years is 1 ,- 902,785 71, being an average annual reduotion of L-175, (396 42. The payment of interesten the funded debt within the samo time has amounted to 676,142 48. Thus the total payment of principal and interest of the funded debt amounted to 2,578,928 19, an average of $044,732 05 each year. Tho trust funds in tha hands of the State at tho close of the year 1868, wero $2,03 1,440 63 ; at tho present time they amount to $2,790,578 52, showing an inorease of $759,137 39, or $189,784 47 annually. The gross amount of State taxes for the same period for all purposes, wero $2,332,303 84, or an average per aramia of sj82,82ö 96, being 61,900 09 per year, and 217,024 35 for the entire l'our jeara less Oían has been paid for principal and interest on the bonded debt. In the statement of the aggregute of State taxes abovo made I have used the taxes le-vied in tho yoars 1868, 1869, 1870, and 1871, and coüouted respetively during the years 18S9, 1870, 1S71 and 1872. ïliere was n balance in the Treasury January 1, lsffi), ot .... $S4O,S11 00 lialunoojanv.ary 1,1873, $774,1"'2 03 Ueduct boedtü debt duo January 1, 1873. - - 313,000 00-J151.102 03 Loss cash January 1, 1873, than January 1,1368, .--.-- J183.73807 The appropriations in behalf of Stato motUutiuu lor the tour yeari, havo amounted to $1,428,633 45, a y-u,rly averrgeof 357,15S36 ; of thisaruount $66;',339 60 were for current expenses, and 765,293 94 for building and irnproveinent3, as follows: To the University fur expenses $90,000, new huil $75,000 ; Agricultural College, expensas $74,000, buildings $16,000 ; Normal School, expenses $50,000, buildings EJv3 improvemeuts 10,700; State Pu blio School, buildings $30,000 ; Institution for the education of the Deaf, Dumb and the Blind, expenses $1 50,000, buildings and improvements 105,000; Asylum for tho Insane, expenses f54,000, buildings and improvements 257,300 ; Reform School, expenses $140,000, buildings $15,600; State prison, buildings and improvements 85,000 ; new State offices $30,693 94 ; ñew Capítol $110,000; Soldiers' Home, expenses $22,000; Boíl of Honor $1,338,50 ; Geological Survey and Publications , 52,001) ; ïmniigratioa Commis3Íon, expenses 30,000. As the uppropriation made at the extr.i session of the Legislature, in 1872, for the Now Cap 'tol, are tobe expended in future years they have not been inoludcd in tho above statement. The funded debt (exclusive of the 313,000 maturi'.ig Januarj 1,) is as follows : INTEREST EEABINO BOND8. Six per cents, iltie in 1S78, - - - $4Sf). oon Rix p rrcul, SiiuUl'ana', Cnsin 1870, - 73,0(0 bix pur ccuts, duo 1883, .... 712.00U Seven per cents, War Loan, due ia 18D0. 463, 00J Total 1,728,000 CIBT BEAEISO NO lNTEKUr. Tart pnid five niillion lo'in bonus adinatableat, - - - f31,"42 Í8 Adjusled bonds, past doe. 3.C03 03 War loan nond, drairn but not iirecnted - í0 03 $34,232 7 Grand total, - .... $l,7ti2,:92 78 Unreuiitüng efforts have been mado to anticipato the paymout oí tho entiro amount of bonds maturing January 1, Rn 1 to pursfatN un ad lition il aimmnt of tut b.niU bjuomina du sovuril yenrs hotxcre, but so high hu bücom'! the civdit ot' the Stute, in tho commercial World, thxt tlio Trfdsurcr has been unble to purekasa but;i limited nmount. It will bo sec i frena tho estímatoa ef roooipts nnd cxpcndihivcs that wfll ) place 1 b('foro you, that the low ratcs of tax:vtii)n of one imll on tbe dollar for isll p'irpose.i, wülbc isufliiont tooovcr needad uppropriationd and loave a aorylua npplionble to thn sinking fund for reduction ot' tliu Stato debt. No portion of the interest bearing 1jndsbeco:ne fcouary 1S78, and as few, ifny, unmatored bonda eau herenfter bo obtainoci at their par valuó, I Rin cloarly of thit sonnd poliojr warrants tbp payment ot' a small premium rather tha adlow a largo snrplus to accumulate and reinaiii in the Tieasry. I thcreforo rocomnieiid that the State Tre;snrer, witb the advice and conptiiit of tire Grovernor and Auditor-General, oe aukhorized to nso such portion of the surplus fuuds as may now or hereaticr hc standing to the credit of the sinking funcf, in tho parchase of unmatured Iionrts, and1 at suoh ratcs of premium as may be d'eomed for the best intorests of tUe Ötuto.


Old News
Michigan Argus