FINANCE. The budget of New York is eons more than three times that of any other American city, and greater than that of any other city in the world. The actual income for 1001 was $115,740,596, including $1.285,821 received from the State for schools. of this amount, $76.886.091 was collected from property taxes; $5,557,593 from liquor licenses; $5,048,758 from special assessments; $8,050,900 from water rates;' and $2,57 1.584 from docks and wharves. The total expenditures for the same year were $102,946,573 for maintenance and operation. and $53,451,000 for construction and capital outlay other than loans repaid. The principal items of expenditure for maintenance and operation were eehools, $19,731,629; interest on debt, $13.693, 155; police department, $10,199,206; tire depart ment, $4,739,993; hospitals. asylums, almshouses, and other charities, $4,754,380; wate•-works, $3,000,990. The principal items for construction were: streets, $8,109,494; schools, $.5.471.460; ferries and bridges, $4,458,739; water-works, $3,450,870; docks and wharves, $3,322,938. There is a bonded debt of $426.174,523 and a floating debt of $6,306,472. Against this indebtedness there is a sinking fund of $121,340,920. The city's legal borrowing limit (exclusive of the water debt) is 10 per cent. of the assessed valua tion. The basis of assessment is legally 100 per cent. of the value of both real and personal
property. The valuable franchises which have been granted to private companies return an entirely disproportionate income to the city treae ury.
The expenses of Greater New York are much larger than were the combined expenses of the various component municipalities before con solidation. The increase in the first year after consolidation amounted to $15,000,000. This is due largely to the creation of more salaried offices and to increases in salaries. The salaries paid are the highest prevailing in any city of the world. There is a board of estimate and apportionment, consisting of the Mayor, Cmnp troller (elected by popular vote), president of the board of aldermen, and the five borough presidents (the presidents of Manhattan and Brooklyn having two votes each), which an nually submits the budget to the board of alder men. The hoard of aldermen cannot insert new items, increase the amount speci tied, or vary the stipulated terms and conditions; but there are certain items which it may reduce. The financial department is in charge of the Comp troller, and is divided into five bureaus. All officers in the department except two, one of whom is the city chamberlain, or treasurer, are appointed by the Comptroller.