STATE TREASURER'S ANNUAL REPORT, 1882. STATE OF MICHIGAN, To His Excellency, DAVID H. JEROME, Governor of Michigan: } SIR,-In obedience to the requirements of law, I have the honor to submit the following report of the financial operations of this department for the past fiscal year, embracing its receipts and disbursements to and from the various funds as provided by existing laws, and including a statement of the condition of the State and savings banks, organized under the banking law of the State, which have made reports to this office during the year: The balance of cash in the Treasury Sept. 30, 1881, was. Cash receipts for the fiscal year...... $1,793,362 07 2,916,084 45 $4,709,446 52 Cash payments for the fiscal year.. 2,951,513 31 Balance Sept. 30, 1882. $1,757,933 21 Of this balance there is held in the Sinking Fund... $588,000 00 The demands against the State Treasury now due are as follows: Past due bonds and coupons. Trust deposits due on demand. Semi-annual interest due Nov. 1, 1882... Jan. 1, 1883. University.Interest.. Normal School Interest. Agricultural College. Asylums-Eastern for Insane.. $14,285 97 5,516 28 10,430 00 17,700 00 8,548 60 925 88 150 00 18,787 50 The following amounts are held in trust for the purposes named: Sinking Fund.. Canal Fund... Primary School Interest Fund......... Total...... 7,250 00 57,125 00 29,900 00 75,000 00 $451,959 85 588,000 00 68,924 12 423,394 03 $1,532,278 00 We find the total demands against the Treasury are $1,532,278.00, and the balance in the Treasury is $1,757,933.21, an amount sufficient to pay all demands against it and leave a surplus of $225,655.21. Under the provisions of Act No. 200, laws of 1863, the entire surplus funds have been kept on deposit in the banks of the State, excepting an amount necessary for the current business and immediate disbursements of the department, and on which interest has been paid to the amount hereinafter set forth BONDED DEBT. I have paid during the year one war bounty loan bond, due May And three adjusted bonds due January 1st, 1863.. $1,000 00 3,000 00 Interest Bearing Bonds. Two-Million Loan Bonds, 6's, due January 1st, 1883. $590,000 00 298,000 00 $888,000 00 Non-Interest Bearing Bonds. $21,000.00 part-paid Five-Million Loan Bonds, adjustable at $578.57 per $1,000.00. $12,149 97 Total Bonded Debt. $900,149 97 There is on hand applicable to the payment of this debt: United States Bonds (with Fund Commissioners). - - $300,000 00 In Sinking Fund.. 588,000.00 In General Fund.. 12,149 97 $900,149 97 The amount paid for interest on the bonded debt during the year is as follows: Interest on War Bounty Loan Bonds due Nov. 1, 1881 and May 1, 1882... Interest on Two-Million Loan Bonds due January 1 and July 1, 1882.. Interest on Adjusted Bonds due January 1, 1863.. Premium on Bonds purchased. Total..... The State has received interest as follows: $ 20,940 83 35,430 00 261 00 200 00 $56,831 83 $60,452 60 13,500 00 $74,771 53 Making a difference of $17,939.70 which the State has received in interest more than it has paid. SINKING FUnd. The condition of the Sinking Fund is shown as follows: The $300,000.00 United States 4 per cent Bonds, technically under thecontrol of the Board of Fund Commissioners, is not shown in the Ledger account of the Sinking Fund, and does not therefore appear in the cash balance. TRUST FUND DEBT. The Trust Debt of the State is composed of Funds and amounts set apart by law for educational purposes, and must remain a perpetual debt, on which the State as the trustee of these institutions will pay interest for all time to come. It is as follows: On the above the State pays interest at the rate of seven per cent per annum on the Primary School Fund, University Fund, and Agricultural College Fund, five per cent on the Primary School five per cent Fund, and six per cent on the Normal School Fund. The following table shows the amount of interest computed on each Fund, and paid from Specific Tax Fund during the fiscal year. Primary School Interest Fund, 7%. Primary School Interest Fund, 5%- Agricultural College Interest Fund, 7%. Total... --- $197,147 95 16,713 92 33,836 39 13,957 04 3,564 92 $265,220 22 SPECIFIC TAX FUND. The receipts into this fund are derived from the specific taxes on railroad, street railway, freight, sleeping and palace car companies, fire, life and plate glass insurance companies, mining, telegraph, express, river improvement, plank and gravel road companies, amounting during the fiscal year to $676,941.09. The payment and transfers are: Interest on educational funds.... War Fund-Interest on War Bonds... $265,220 22 $20,900 83 General Fund-Interest on Two-Million Loan Bonds 35,400 00 56,300 83 261 00 40,905 06 Mining tax refunded... Sinking Fund.... Surplus transferred to Primary School Interest Fund under de cision of the Supreme Court.. 9.00 200 00 314,044 98 Total... $676,941 09 GENERAL FUND. On Sept. 30, 1881, there was a balance in the General Fund of.. $601,900 88 Cash receipts during the year. 1,790,642 21 273,264 20 130,101 99 76,566 06 34 13 -$2,872,509 47 $2,104,498 98 115,849 87 1,239 71 Total..... ST. MARY'S CANAL FUND. The balance in the Canal Fund Sept. 30, 1881, was.... 650,920 91 $2,872,509 47 Payments. Expenses. Balance Sept. 30, 1882.... The condition of the Swamp Land Scrip Account is as follows: Balance of outstanding warrants on which lands have not been $66,843 62 2,084 53 $68,928 15 4 03 $68,924 12 $31,413 46 112,440 62 $143,854 08 82,646 02 $61,208 06 During the past year there have been no Railroad Aid Bonds surrendered. Below I give a detailed list of those remaining in this office. |
