ABSTRACT
§ 1. All public authorities, in varying degrees, own property and conduct economic enterprises. Net money income derived by a public authority from its property or enterprises is an addition to its net income, and the receipt of such income makes marginal taxation less, and marginal expenditure more, desirable than would otherwise be the case. Thus the receipt of such income justifies a public authority in taxing rather less and spending rather more than it should otherwise do. Often, however, a public authority's property and enterprises are burdened by debts to private persons incurred in respect of their acquisition or development. In such cases debt charges, both for interest and sinking fund, must be deducted from receipts, before the public authority's net money income from these sources can be estimated.
