The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. State and local expenditures

Collection:: Economics Books

12 THE FISCAL PROBLEM IN MISSOURI Before considering expenditures for debt redemption it should be pointed out that the amounts so expended may result in double counting when a period of years is con- sidered. If funds received from the sale of bonds bearing a maturity date of 1928 were used in 1923, for example, and if the expenditure was shown under the proper classification, then the inclusion of the redemption payments in the later year results in a duplication of the amount originally ex- pended. This is a form of duplication that is difficult to avoid, and it seems preferable to include payments for debt redemption in order that as complete a picture as possible may be obtained of the aggregate fiscal transactions. It should be remembered, however, that when bond proceeds are used during the same period in which the bonds are retired, double counting results if debt redemption also is included as an expenditure. Since borrowed funds are in many instances commingled with funds from other sources, it would be practically impossible to make allowance for this form of duplication in computing the gross total of expendi- tures over a period of years. The figures for debt redemption in Table 2 represent the retirement of outstanding bond obligations. The repayment of current debt items is not construed as debt redemption. Reference to the table indicates that the state expended $14.7 million for debt redemption during the period 1923 through 1928. This amount is equivalent to a considerable proportion of the bond issues of the state during the period. The combined expenditures for debt service were appre- ciably larger in 1926, 1927, and 1928 than in the three years preceding. For the six-year period interest and debt re- demption accounted for slightly more than 10% of the gross total state expenditures. Distribution of Net Expenditures between Maintenance and Capital In the years 1913 and 1918 the net expenditures of the Missouri state government were predominantly for main- tenance. Capital outlays in both years amounted to less than 109% of net expenditures. During the period 1923 through 1928, however, capital outlays were relatively of

Access restriction

Copyright

fullscreen: The fiscal problem in Missouri

Monograph

Chapter

Table of contents

Download

Monograph

Contents

This page

Image fragment

Citation links

Citation recommendation