REPORT OF THE COMPTROLLER OF THE TREASURY. vii

the fiscal year, viz: September 30, 1905, there remained in the
Treasury proper a balance of $1,516,881.78. This large balance
no doubt appeals to you as being far in excess of the actual needs
of the government, and if so, might have a tendency to beget a
too liberal policy on your part. Do not be misled by the figures
themselves. Against this large balance there is chargeable
certain moneys coming into the Treasury which cannot be
diverted from the purposes for which they were received, viz:
proceeds from Bond issues, and taxes collected for both Public
Schools and Sinking Funds. Therefore, there must be charged
against this balance of $1,516,881.78 the following accounts,
with the amounts which stood to the credit of each at the close
of the fiscal year:

Public Buildings Loan.........................	. $487,802.32
Public School Tax ............................	444 796 24
State Loan of 1902 ...........................	4,428.16
Total ....................................	$937.026.72

leaving only a balance of $579,855.06 with which to meet the
other expenses of the State.

I would again direct your attention to another very important
fact—the time of this balance, October 1. Our fiscal year
begins at this time, a period at which the appropriations of the
State government become available; therefore, the demands
upon the Treasury are exceedingly heavy, made so by the fact
that the regular quarterly distribution of $200,000 of the Public
School Tax is made on October 1, and for the further ^reason
that many institutions demand their money on that date,
notwithstanding all appropriations are made subject to the
condition of the Treasury, and that the Treasury officials have
the right to make payments any time within the fiscal year
unless the Act specifically provides a different mode. Therefore
the October, November and December disbursements are always
among the heaviest of the year, so that the balance on hand
January 2, 1906, after the payment of the interest on the public
debt, say $133,000, will be far below that of October 1; indeed
barely sufficient to meet the expenses of the Legislature and
provide for the other demands of the State.