No. 4.

LEGISLATURE, 1855.

AUDITOR GENERAL'S ANNUAL REPORT.

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AUDITOR GENERAL'S OFFICE,
Lansing, Mich., Dec. 31, 1854.)

To the Legislature of the State of Michigan:

In obedience to the requirements of law, I have the honor to submit the following Report of the condition of the finances of the State:

As was intimated by the last Report from this office, the surplus in the Treasury at the close of the fiscal year, Nov. 30, 1854, exceeds a half million of dollars. In addition to this, $46,205 51 of State Bonds have been surrendered, and paid, out of surplus moneys on hand.

Deeming it most beneficial to the State to use the surplus funds in liquidating State indebtedness, I have purchased all the Bonds offered, at their par value-the present laws prohibiting the purchase of them at a higher rate. I recommend an amendment to the laws of 1848, giving the power to the Fund Commissioners to purchase our State indebtedness at its market value, and in this way dispose of the large surplus now on hand, and prevent its again accumulating. In this way the credit of the State will be preserved, her unexampled prosperity continued, and one inducement for wasteful and extravagant expenditures of the public money removed.

RECEIPTS AND EXPENDITURES FOR THE YEAR ENDING NOVEMBER 30, 1854.

The balance in the hands of the State Treasurer on Nov. 30, 1853, exclusive of amounts to meet outstanding warrants upon the General and Primary School Interest Funds, was,

Expended.

$375,625 70

Received.

*Bal'ce Ch'ged State Treas. Nov. 30, '54, 552,856 10

Totals,

$986,325 67 $986,325 67

To this amount add $147 98 for outstanding warrants, which will make $553,004 08, the amount in the hands of the State Treasurer Nov. 30, 1854.

EXHIBIT OF FUNDS.

The foregoing table shows the several funds belonging to the State, all of which will be treated of under their appropriate heads.