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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. General summary

Collection:: Economics Books

330 THE FISCAL PROBLEM IN MISSOURI A comparison of the net state expenditures of Missouri with those of eleven other states in the same section indicates that during the period 1923 through 1928 only Minnesota, [llinots, and Ohio had expenditures greater than Missouri. In relation to net total expenditures Missouri expended less for maintenance purposes than any other state used for com- parative purposes. Highways accounted for a larger propor- tion of total state expenditures in Missouri than in any of the eleven states. Since highway expenditures in Missouri were predominantly for capital purposes, the low proportion for maintenance is attributable largely to the highway function. [t is estimated that the gross expenditures of all local governments in Missouri amount to $163.6 million for the fiscal year ended in 1928. Of this amount the four largest cities, including school and other special districts therein, accounted for $90.6 million.! Education and highways are the most important local governmental functions, judged from the standpoint of the volume of expenditures. State AND LocaL INDEBTEDNESS The history of state indebtedness in Missouri may be logically divided into four periods. During the first period there was no state debt of significant size at any time. The second period, which began soon after the middle of the nineteenth century, was marked by borrowing for internal improvements, particularly for railroad development. The third period was characterized by a conservative policy, in accordance with which the indebtedness incurred for internal improvements was liquidated. In the fourth and present period, Missouri has taken a more liberal attitude toward state borrowing. The constitutional limitations on the bor- rowing power of the state government, imposed in 1875 when the present state constitution was adopted, were amended in 1920, in order that funds mightbe obtained through borrow- ing for highway purposes and for the payment of a soldiers’ bonus. In 1922 the state began to borrow on a large scale, and the net bonded debt of the state increased from $0.70 per capita in 1918 to $7.96 per capita in 1923 and $17.98 per 1 Exclusive of payments for debt redemption.

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