18 JOURNAL OF PROCEEDINGS [Nov. 10

balance of the current fiscal year principally from sales and use
taxes.

The Comptroller of the Treasury has given me a revised estimate
of surplus as of June 30, 1951, after giving effect to warranted
adjustments as follows:

1951 Adjustments

Estimated Surplus June 30, 1951 (Revised)......... $1,545,425.27

Comptroller's Balance Sheet, Sept. 30, 1950.

Plus: Estimated Increase in 1951 fiscal year
Revenue over original estimates:

Sales and Use Tax.................. f4,500,000.00

Income Tax ........................ 1,316,500.00

Alcoholic Beverage Taxes............. 700,000.00

All Other .......................... 250,000.00

—————— 6,766,500.00

Revised Estimated Surplus June 30, 1951, before tax

reduction .................................... $8,311,925.27

Less: Estimated Loss from proposed sales tax reduc-
tion effective Dec. 1, 950, 52% of $7,000,000.00...... 3,640,000.00

Revised Estimated Surplus June 30, 1951, after tax

reduction .................................... $4,671,925.27

You will bear in mind that the effect of the tax reductions now
proposed will of course be carried forward through the fiscal year
ending June 30, 1952, with the result that the estimated surplus
as of June 30, 1951, in the amount of $4,671,925.27 will at the end
of the following fiscal year on June 30, 1952, be reduced to
$709,055.02.

The picture for the fiscal year 1952 is as follows:

1952 Adjustments
Estimated Revenues 1952

1951 Revenue Estimates (Fiscal Digest) $73,153,328.75
Plus: Estimated increases over 1951

Sales and Use Tax..... $4,500,000.00

Income Tax .......... 3,999,500.00

Alcoholic Beverages .. 725,000.00
All Other ............ 500,000.00

———————— $ 9,724,500.00

Estimated Revenues 1952 Fiscal Year.............. $82,877,828.75

Estimated Total Available........................ $87,549,754.02