560 



NEW YOEK. 



during the year ending September 30, 1877, 

 amounted to $25,055,818.69, and the payments 

 to $26,219,436.25, leaving in the Treasury, at 

 the end of the fiscal year, a balance of $5,759,- 

 434.22. The several funds from which these 

 aggregate results are drawn are the Canal 

 Fund, the Free School Fund, the Elmira Fe- 

 male College Educational Fund, the General 

 Debt Sinking Fund, the Bounty Debt Sinking 

 Fund, the General Kevenue Fund, the Long 

 Island Railroad Company Sinking Fund, the 

 Common School Fund, the Literary Fund, the 

 United States Deposit Fund, the College Land 

 Scrip Fund, the Cornell Endowment Fund, and 

 the Military Record Fund. The receipts into 

 the Treasury on account of the general revenue 

 fund during the year were $5,603,432.85 ; and 

 the payments, including $805,647.31 transferred 

 to the bounty debt sinking fund, amounted to 

 $5,935,808; deficiency of the revenue, Sep- 

 tember 30, 1877, $332,375.16. The balances 

 due from county treasurers September 30, 

 1877, on account of taxes of 1876, amounted 

 to $755,879.81, to which is to be added $770,- 

 598.22, the amount paid on account of 1877 

 appropriations, included in the tax levy of last 

 year, payable into the State Treasury in April 

 and May, 1878. Deducting from these sums 

 the above deficiency of $332,375.16, and the 

 balances of 1876 appropriations unpaid and in 

 force September 30, 1877, amounting to $189,- 

 637.66, the result is an actual surplus, Septem- 

 ber 30, 1877, of $1,104,465.21. 



On the 30th of September, 1876, the total 

 funded debt was $23,315,898.58, classified as 

 follows : 



General fund $8,092,288 



Contingent fund 5,000 



Canal ' 10,091,660 



Bounty " 10,187,000 



Total $23,315,893 



On September 30, 1877, the funded debt was 

 as follows : 



General fund. 

 Canal " . 

 Bounty " . 



$926.694 



9,900,*60 



130,000 



Total $10,957,054 



The actual reduction of the debt during the 

 year by cancellation was $12,358,843. 



Deducting the unapplied balances of the sink- 

 ing funds, the total State debt September 30, 

 1877, amounted to $8,707,663. The balances 

 in the sinking funds on that date, including 

 money and securities, were as follows : 



General fund $849,047 81 



Bounty " 1,270,84371 



Canal 161,61189 



Total $2,281,00241 



Among the expenditures from the public 

 Treasury during the year were $3,529,797 for 

 educational purposes, of which $3,082,834 were 

 the proceeds of a direct tax of 1 mill for com- 

 mon schools. The expenditures by the State 

 for the support of asylums and hospitals for 

 the deaf, blind, insane, and idiotic, were $369,- 



020, as follows : deaf and dumb, $131,745 ; 

 blind, $88,335 ; insane, $112,940 ; idiotic, 

 $36,000. These amounts do not include the 

 large sums appropriated for building purposes 

 to the institutions which have been in prog- 

 ress during the year. 



The assessed valuation of real estate in 1877 

 was $2,376,252,178; personal, $379,488,140; 

 aggregate, $2,755,740,318. The total valua- 

 tion in 1867 was $1,664,107,725, showing an 

 increase in ten years of $1,091,632,593. The 

 increase in valuation of 1877 over 1876 was 

 $289,473,045. The State tax for the current 

 fiscal year is 3 mills, which will yield $8,726,- 

 511. The levy for schools is 1 mill ; for gen- 

 eral purposes 1 mill ; for the new Capitol 

 and other buildings J mill ; for canals mill ; 

 total 3 mills. The rate recommended for the 

 ensuing fiscal year is as follows : for the gen- 

 eral fund 1 T 5 ^ mill ; for schools 1 mill ; for de- 

 ficiency in canal debt sinking fund mill; 

 total 2f mills. This is the lowest annual rate 

 of the last sixteen years, and shows the rapid 

 progress which has recently been made toward 

 a sound and healthy condition of the State 

 finances. 



STATE SEAL OF NEW YORK. 



The most important event in the finances 

 of the State during the past year was the ma- 

 turity of the bounty debt. This was created 

 by several laws passed in 1865. Their object 

 was to provide the means necessary for the 

 payment of bounties to the volunteers, to re- 

 pay towns and counties for bounties paid by 

 them, and to prevent the exercise of the power 

 to create debt by localities, which power had 

 been granted by previous legislation. The 

 amount of the debt to be created under these 

 laws was limited to $30,000,000, and it reached 

 its highest figure September 30, 1866, when it 

 amounted to $27,644,000. A sinking fund was 

 provided to pay the loan in twelve years. The 

 debt was gradually reduced until September 

 30, 1876, when it amounted to $10,137,000. 

 The loan matured April 7, 1877. Free purchases 

 were made in January and were continued un- 

 til no more could be procured short of payment 

 in full. The debt has been paid as fast as 



