Financial report of the Palestine Zionist Executive · 1929-01-01 · 16 (1929) · p. Seite 11

Brought forward 32.381.055 As against the changed budget of 535.500.000 the income from the Keren Hayesod from regular and special remittances amounted to 490,098.887 The shortage of income from the Keren Hayesod amounted to Making a total of: 45,401.113 LE : 77,782.168 This deficit was reduced by amounts collected out of investments of previous budgets, loans, etc., to the extent of 11,576.491 LE: 66,205.677 leaving a deficit of as a result of the activities during the budget year. 8. The year 5687 already started with a deficit of LE. 71,522.317. This deficit was further increased during 5687 by LE. 66,205.677 as above In addition to this there was a deficit in the Education Department of LE. 12,490.770 chiefly due to claims from teachers for arrears of salaries of previous years accumulated as a result of the fact that estimated income from the Yishuv in previous years was not realised. The teachers held the Palestine Zionist Executive responsible for these arrears and an award of arbitration was given in favour of the teachers. It was further considered necessary after a thorough examination of the guarantees and the debtors of all departments which were centralised in this years accounts to reserve a round sum of LE. 25,000—to cover probable losses in the collection of the outstanding balances. The total deficit appears therefore in the balance sheet with LE. 175,218.764. 9. The balance sheet of the Palestine Zionist Executive per the 30th September 1927, shows on the liabilities side: Debts to banks LE. 53,266.779 Bills & obligations for fixed periods 113.459.494 Unpaid commitments on a/c of budgets for 5686 and 5687 29,303.214 Creditors and earmarked sums 112,072.586 Education Dept. reserve 13,354.612 Reserve for doubtful debts as above 25,000.000 Carried forward LE. 346,456.685 11