6 REPORT OF THE COMPTROLLER OF THE TREASURY

$8,961,000.87 is the amount we have to start the fiscal year be-
ginning July 1st, 1944, over and above all obligations existing at
that date.

The surplus increases or decreases as revenues exceed or fail to
equal operating expenses. I am giving you below some figures to
show how forecasting of revenues worked out for the fiscal year 1944:

The budget originally submitted to you at the
1943 Session estimated general funds revenues
for the fiscal year 1944 as...................................... $27,865,200.00

The revisions made by the 1943 Session and the
March 1944 Special Session, including the re-
duction in income tax effected by the Board of
Public Works in increasing the tax credit from
33-1/3% to 50%, reduced the estimated re-
ceipts to................................................................... $24,250,046.00

The actual receipts of general funds revenues for
the fiscal year 1944 were...................................... $26,370,174.78

I also give you estimated figures for the fiscal
year 1945 to compare with the first two figures
given above for the fiscal year 1944:

The budget originally submitted to you at the
1943 Session estimated general funds revenues
for the fiscal year 1945 as...................................... $27,867,700.00

The revisions made by the 1943 Session and the
March 1944 Special Session, after taking into
consideration the credit to be taken by income
tax payers being on the basis of 33-1/3% re-
duction for this year, reduce the estimated
revenues to.............................................................. $24,998,546.00

In the light of our experience as to actual revenues for the fiscal
year 1944, further consideration will have to be given to revising
estimates of revenues for the fiscal year 1945, and this will be the
subject of further study by this office and a statement to be furn-
ished to the Governor in connection with the preparation of the
State budget which will be submitted to the 1945 Session. The
statement will also cover estimates of revenues for each of the fiscal
years 1946 and 1947, the next ensuing biennium.

I believe it would be interesting, at this point, to give you com-
parative figures, in totals, showing appropriations and expenditures
from general funds for operating expenses, as follows:

Appropriations—general funds—fiscal year 1944 $32,284,306.85

Expenditures fiscal year 1944 .. $27,955,336.98
Obligated balances at the end
of the year .............................. 2,338,276.96

Reversions during the year...... 1,990,692.91

Total........................................................... $32,284,306.85