THE CUBA REVIE W 



Cuban Budget for 1922-1923 



The current revenues and expenditures of the Cuban Government are regulate 

 by a budget, the estimate of which is submitted each year to Congress by the President 

 not later than November 15 for the fiscal year beginning July 1. 



The budget for the fiscal year ending June 30, 1923, was presented to Congress i: 

 November, passed with alterations and modifications by both houses, and approve 

 by the President on June 19. This new budget is of particular interest because o 

 the deficit that the Treasury has been facing and the need of reorganizing the Govern 

 ment finances upon a sound basis. It represents another step in official budget reforr 

 and predicates a definite policy of retrenchment, especially when it is considered i' 

 conjunction with the financing of the previous administration, which involved th 

 expending of sums aggregating approximately three times the present annual receipts. 



It must be remembered, however, that the budget only provides for regular expense; 

 and that there are many special appropriations by laws of Congress, so that the tota 

 authorized expenditures of the Government in any given year exceed the budget figures 

 When the actual revenue exceeds the estimated revenue a surplus is created, whic) 

 partially or wholly offsets the excess of actual expenditures over estimated expenditure; 

 but if the revenue remains as estimated or falls below the estimate, and if the surplu 

 provided in the budget for extraordinary expenses is inadequate, as is at present th 

 case, the deficit thus created constitutes a part of the floating or unbonded debt, i 

 one of Cuba's most pressing financial problems and is variously estimated at fron 

 $60,000,000 to $140,000,000. A foreign loan, an international bank loan, and an issue o 

 short-term notes (each to be paid off from special taxation) have all been suggestei 

 as possible solutions. 



Revenues and Expenditures 



The budget of 1922-23 estimates the total revenue for the fiscal year at $55,638,80 

 and the total expenditures for the year at $54,852,102. The expenditures are divide^ 

 into fixed budget liabilities and general expenses, the former amounting to $14,278,69 

 and the latter to $40,573,409. From the balance of $786,699, $600,000 is to be se 

 aside for harbor improvements, leaving $186,699 for extraordinary expenses. 



The new budget law was published in the Gaceta Oficial of June 22. 1922. I 

 provides for the following revenues and expenditures: 



REVENUES 



Customs receipts, including sums to be set aside for the fixed budget $29,000,0C 



Receipts from port charges 1,200,0C 



Consular receipts l,60O,0C 



Receipts from Communications Department 2,000,0C 



Receipts from internal taxes 14,038,80 



National lottery 4,000,0C 



Special receipts from the loan, including sums to be set aside for the fixed budget. . . . 3,800,0C 



Total $55,638.80 



EXPENDITURES 



Fixed budget Habilities : 



Payment of interest, amortization, etc., on a loan of $35,000,000 $2,145,0C 



Payment of interest, amortization, etc., on a loan of $10,000,000 810,75 



Payment of interest, etc., on a loan of $16,500,000 1,030,00 



Payment of interest, etc., on the bonds of the internal debt in circulation 571,17 



Payment of the interest on the $30,000,000 bond issue of the internal debt 3,289,98 



Payment of the interest and amortization on the $7,000,000 loan applied to the 



internal debt 753,86 



Legislative services 2,178,6C 



Judiciary services 3,499,33 



President of the Republic 182,38 



Department of State 1,340,70 



Department of Justice 253,66 



