The amendatory act of 19th March, 1849, has rendered almost nugatory the provisions of the former acts requiring such rents to be returned for taxation, and unless some more effective legal provisions can be adopted, the whole law requiring rents to be returned and taxed should be repealed. The multiplication of long leases under which real property is in effect tied up in perpetuity, and large incomes are secured without the payment of any tax or charge thereon, would be highly detrimental to the welfare of the State; and if no permanent law can be devised for levying a fair and equitable tax upon such rents, and compelling their recipients to bear their just proportion of the public burdens, good policy, and the highest interests of the people require that the right thus to encumber and entail the most valuable portions of the real property of the State, should be regulated and restricted by efficient legal enactments. II. ESTIMATES FOR 1850. RECEIPTS. Proceeds of tax on general list of 1849, $430,739,385 at 3 mills on the dollar, including delinquencies of 1848, and forfeitures collected Tax on Banks and Insurance companies-- Interest on Surplus Revenue held by the counties, 5 per cent. Tolls on State canals - $1,275,000 00 $7,000 00 6,000 00 --- 6,500 00 19,500 00 60,000 00 57,500 00 800,000 00 40,000 00 250,000 00 40,000 00 50,000 00 12,000 00 60,000 00 $2,664,000 00 Dividends upon canal and turnpike stocks owned by the State -- Principal of Surplus Revenue repaid Sale of canal lands- National Road tolls Western Reserve and Maumee Road tolls School and Trust Funds, sections 16 and 29, &c. Total amount of receipts during the year 1850 Add balances of the several funds in the Treasury on the 15th EXPENDITURES. 555,435 40 $3,219,435 40 Appropriation for expenses of Convention For the expenses of the State Government including Legislature, State Common School Fund- $225,000 00 75,000 00 40,000 00 200,000 00 Repairs of Canals and Public Works, and expenses of Board of Public Works 450,000 00 Western Reserve and Maumee Road-construction and repairs-- One per cent. on Surplus Revenue payable to counties under act Estimated amount of disbursements for the ordinary expenditures of the State and payment of interest Balance estimated 12,000 00 50,000 00 8,458 30 $2,185,375 21 $1,034,060 19 Sinking Fund Of this balance the following sums are applicable to the purchase or payment of State bonds during the year 1850, viz: Land Funds now in the Treasury 66 $40,840 45 74,208 55 Surplus Revenue 66 200,587 85 $315,636 85 Add estimated receipts of 1850 over the expenditures - 478,624 79 Amount applicable to the payment of the State debt during the year 1850, exclusive of the sums now in the hands of the Fund Commissioners Estimated balance in the Treasury on the 15th November, 1850, exclusive of sums applicable to the redemption of State bonds $794,261 64 $239,798 55 In making the estimates for the year 1850, it will be seen that the receipts for the Canals and Public Works of the State, are placed higher than the sums which have been heretofore received from these sources. The tolls upon some articles of export will probably be less than have been received for the two or three years past, but it is believed that the general increase of population, wealth and business of the State will more than supply the deficit in any one production. The payment by the counties of Surplus Revenue, is the only other item in which there can be a material difference between the receipts and the estimate. The whole of this fund will be due on the first of January, except the sums held by a few counties which accepted the condition of the act of 13th March, 1843, upon which the payments were to be extended to 1852. It is believed that the payments to this fund will exceed the estimate rather than fall below it. The expenditures for the repairs of the Canals and Public Works of the State, must necessarily depend upon contingencies which will render any estimate uncertain. But a liberal sum is allowed for these purposes, and if no extraordinary repairs are required the expenditure will be less than the estimate. The money now in Treasury and in the hands of the Fund Commissioners is sufficient to reduce the State debt more than half a million, a reduction of $30,000 is therefore estimated on the interest of the debt payable in New York. If the estimated appropriations are made it will be necessary to increase the general revenue fund by temporary transfers from other funds in the Treasury, or by other means to be provided by the legislature. The appropriations from the General Revenue as estimated, are― 340,000 00 $215,000 00 60,000 00 275,000 00 $65,000 00 enue Fund---. Estimated amount of appropriations payable out of the General Rev The estimated receipts are, proceeds of one-half mill Deficit, being amount to be supplied by temporary transfers or other means To meet the deficit in the general revenue, and to provide means for carrying forward the work on the new State House, and for the additional expenditures which will doubtless be required in the organization of the government under the new constitution, it will be necessary to increase the levy for general revenue, to fourfifths of a mill on the dollar. If the appropriations exceed the estimates the rateof the levy must be increased in proportion to the addition to the appropriations. III. DETAILED STATEMENT OF THE RECEIPTS AND EXPENDITURES OF THE SEVERAL FUNDS, AND OF THE BALANCES IN THE TREASURY. GENERAL REVENUE. Statement of the receipts and disbursements of the General Revenue during the year ending 15th November, 1849. RECEIPTS. Taxes of 1848, paid through Auditor's Office State tax collected on real and personal property on duplicate of 1848, and paid into State Treasury Delinquent taxes of 1847 collected by County Treasurers. Forfeited taxes collected by County Treasurers Tax on Lawyers and Physicians - Foreign Insurance Companies -$1,174,177 79 5 30,548 52 1 1,705 80 2 32,215 89 9 -$6,649 55 4 1,930 83 5 Pedlers' licenses 6,098 11 9 Amount credited to the General Revenue, including Canal Tax and Common School Fund collected 3,409 35 0 591 26 0 681 33 0 61 03 8 -$1,270,271 62 5 61,751 41 9 -$1,332,023 04 4 TRANSFERS AND DISBURSEMENTS. Transferred from General Revenue to Canal Fund in Department of Public Works, being propor tion of taxes collected belonging to Canal Fund- $940,612 33 Transferred to Common School Fund -- 51,792 37 Amount of transfers $992,404 70 0 Balance belonging to the General Revenue for payment of appropriations $339,618 34 4 Bills drawn for appropriations and paid at the Treasury during the year 1849 307,166 41 0 Balance of General Revenue remaining in the Treasury on the 15th November, 1849 $32,451 93 4 COMMON SCHOOL FUND. Irreducible Stock. Proceeds of salt lands paid into the State Treasury previous to the 15th November, 1849 - -- Paid into the State Treasury by the Superintendent of salt lands during the year 1849,- Amount of Irreducible Common School Fund-- $39,306 31 2 1,717 74 0 $41,024 05 2 No interest has been paid on this fund into the common school fund for distribution since the year 1845. Common School Fund for Distribution. Balance in the Treasury, November 15th, 1848 $70,473 02 5 Surplus revenue interest paid by counties, five per cent. 68,131 59 2 Common School Tax, Auction duties, Pedlers' licenses, Foreign Insurance Companies, and Tax on Lawyers and Physicians transferred from General Revenue-- 51,792 37 0 Tax paid by Banks ---- 53,862 58 0 Tax paid by Insurance and Bridge Companies incorporated by this State Balance remaining in the Treasury, November 15, 1849-45,894 17 7 There has for several years been a large balance of the common school fund in the treasury after the distribution of the two hundred thousand dollars as provi ded by law. There has been no interest charged on the common school irreducible fund, or on the surplus revenue repaid by the counties under the act of 13th March, 1843, since 1845. The amount arising from the tax of one-fifth of a mill, levied upon the Grand list, and from the tax on Lawyers and Physicians, Pedlers' licenses, Foreign Insurance companies and Auction duties amounted to $101,050 71. Only $51,792 37 of this sum has been carried to the Common School Fund, the balance being left in the General Revenue Fund; and it is estimated that there will be a surplus of $60,000 00 belonging to the Common School fund for 1850, which will be left in the General Revenue under the provisions of the act of 6th March, 1844. It is believed that good policy, and the highest interests of the State, require that the Common School Fund for annual distribution should be increased to three hundred thousand dollars. The addition of one-fifth of a mill on the dollar to the State tax would, with the other revenues belonging to the fund, make it equal to three hundred thousand dollars per annum; this subject is recommended to the favorable consideration of the General Assembly. SPECIAL SCHOOL AND TRUST FUNDS. Statement of the several special school and trust funds of the State, showing the amount of irreducible stock belonging to the several districts; the amount paid into the treasury; and the amount paid to the several districts during the year ending November 15, 1849. Virginia Military School Fund. Amount of said fund loaned to the Fund Commissioners prior to the 15th November, 1848 Amount paid by the Register during the year- Amount of interest accruing on said fund up to January 1, 1849, Balance in the Treasury, November 15, 1848 Amount paid out during the year Balance remaining in the Treasury, Nov. 15, 1849-- 1 United States Military School Fund. Amount of said fund loaned to the Fund Commissioners prior to the 15th November, 1848 Amount paid during the year Total amount loaned to the State Amount of interest accruing on said fund up to Jan. 1, 1849--- Interest overdrawn 2 $136,895 71 7 2,043 58 0 $138,939 29 7 $8,213 74 0 3,714 29 3 3,610 90 0 $15,538 93 3 11,928 03 3 $3,610 90 0 $119,887 80 6 146 96 8 $120,034 77 4 $7,189 25 0 7,517 25 0 $328 00 0 |