and institutions to plan their expenditures on a basis of 80 per cent of availability of the appropriations made.
Since that time, estimates of revenues have been revised downward as information on actual tax yields has become available. I need not remind you that automobile registrations for 1932 stand today 30,000 under the corresponding date for last year. This decrease of approximately ten per cent cannot fail to produce a corresponding, if not an accentuated, decrease in gasoline consumption; hence, in gasoline revenue--the biggest single source of state revenue.
The State has experienced substantial decreases in the collection of inheritance taxes and schedule B license taxes, and some decrease in the franchise tax. The fifteen cent rate on property for the six months' school term will show a large shrinkage. With the tax year half over, only one-fourth of this levy has been paid. What the income tax will produce is, of course, as yet unknown, but under business conditions prevailing throughout 1931 it cannot fail to show a substantial decrease from the estimates made a year ago. It may be interesting to observe that our revenue from incomes declined only twenty-five per cent last year, while Federal revenue from incomes was declining forty-three per cent.
In short, the state general fund revenues, which were originally estimated to yield $27,500,000, are now estimated to yield only $23,750,000. In other words, our general fund revenue will fall short of original expectations in the amount of about $3,750,000.
We now have outstanding two general fund notes, one in the amount of $2,500,000 and one for $3,800,000. We cannot borrow further in New York in 1932. We must realize, therefore, that the State shall have to meet its fixed charges and carry on its operations for the rest of this year out of its revenues.
May I talk to you for a moment in a broad and