GOVERNOR ALFRED E. SMITH’S REPORT TO THE PEOPLE OF THE STATE ON ITS FINANCIAL CONDITION - JUNE 8, 1928

Sep 21, 2026

Uploaded by Theodora

Governor Alfred E. Smith’s report dated June 8, 1928 explains state finances to the public with detailed figures. It describes how the State raises money through current revenues (taxation, fees, fines, interest, trust funds) and through proceeds from the sale of State bonds. The report outlines existing bond indebtedness, sinking-fund resources, projected income for 1928 appropriations, expected expenditures, and the resulting free cash surplus for July 1, 1929. It also addresses cost increases for items such as highways and bridges, education, debt service, and state hospitals.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages12

Reading Time30 min

AccessFree to download

Report purpose and structure

Current revenues and capital investments

Bonds and indebtedness

Current revenues, appropriations, and cash surplus

Cost increases and major expense categories

97-84077-23 N.Y.(State) Gov.(1923-1928:Smith)Gov.Alfred E.Smith'sreport to the people... [Albany] [1928] # COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD Reproductions may not be made without permission from Columbia University Libraries. ## RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: mmREDUCTION RATIO: 10:/MAGE PLACEMENT:IAGIA 1 DATE FILMED: 8 INITIALS: TM TRACKING\#: FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. GOV.ALFRED E.SMITH’SREPORT TO THE PEOPLE OF THESTATE ON ITS FINANCIALCONDITION JUNE 8,1928. 308 乙 x2 ady Gwsuyuit9. GOVERNOR ALFRED E.SMITH’S ## REPORT TO THE PEOPLE OF THE STATE ON ITSFINANCIAL CONDITION JUNE 8,1928. 一 The purpose of this statement is to make direct report to thepeople of the State giving in detail the story of the appropriationof publie money for the support of the government.Financialreports of the operation of government in the form usuallyprepared by accountants are not understandable to the averageeitizen.For that reason,I attempt to put the report in such formand language as to make it easy to see what becomes of the moneyof our taxpayers. The State gets its money in two ways: (a)Current revenues from taxation,license fees,fines,penalties,forfeitures,interest on bank balances,revenues of trust funds,ete.,ete.All of this is referred to as eurrent revenue and is usedfor paying the ordinary operating expenses of the State; (b)From the sale of State bonds,the proceeds of which are usedto finance permanent improvements ealeulated to be of service tothe State years after the bonds have been retired,and in businessare usually referred to as capital investments. We will deal first with bonds On July 1,1927,the State owed its bondholders $341,059,00000Since July 1,1927,we paid back to the bond- holders…… ……… … 3,742,00000 Sinee July 1,1927,bonds were issued forGeneral State Improvements and State Insti-tution Buildings,amounting to $22,500,000.00. Therefore,on July 1,1928,our total indebted-ness to our bondholders will be…… … 359,817,00000 To meet the above indebtedness,the State willhave in its sinking funds on July 1,1928.... 100,120,02792 (Money in the sinking fund is equivalent tomoney in bank drawing interest.Annualdeposits made to this fund from the receipt oftaxes will meet all the bonds at their maturity.) 4 We will now deal with eurrent revenues.On July 1,1928,the actual and estimatedincome from taxation and other income pro-ducing resources available to meet the appro-priations made by the Legislature of 1928will be…… … … ……….246,109,02828From this we will have to pay out for theexpenses of the State the amounts appro-priated by the last Legislature… ……232,643,70110Taking the amount of our expenditures fromour income,actual and estimated,we willhave a free cash surplus on July 1,1929,of..13,505,32718(This is money that the State has or willhave in its possession against which there areno claims or liablities of any kind whatsoever.)In addition to the above free cash surplus,wehave relieved the taxpayers on real propertyto the amount of approximately…… …….12,500,00000I would ask the people of the State to eompare the above figureswith the gross misrepresentations put forth for political purposeseither in speeches or in written articles.The financial operationsof the government are easily misrepresented.One of the purposesof this statement is to render it difieult to make political eapitalby eoneealing the faets. We constantly hear of the inereased cost of the government,always eoupled with the suggestion that there is something ofpolitieal advantage in driving up the appropriations.Nothingeould be further from the truth.A la

FAQs

What is the purpose of the statement in the report?

The report aims to make a direct public account by detailing how appropriations of public money are used, and to present it in language understandable to average citizens.

How does the State obtain money according to the report?

The State gets money through current revenues from taxation, fees, fines, penalties, forfeitures, and interest (including trust funds), and through the sale of State bonds used for permanent improvements.

What does the report project for July 1, 1929?

After comparing income and required state expenses for 1928 appropriations, the report states there will be a free cash surplus on July 1, 1929, with no claims or liabilities connected to it.

Sep 21, 2026

Uploaded by Theodora