The Clinton chronicle. (Clinton, S.C.) 1901-current, September 25, 1924, Image 10
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PAGE TEN
THE CLINTON CHRONICLE, CLINTON, S. C.
THURSDAY, SEPTEMBER 25, 1924
REPORT ON AUDIT
CITY OF CUNTON
CLINTON, S. C.
August 1924
DATE: SEPTEMBER 9, 1924
TO THE HONORABLE MAYOR AND COUNCIL
OF CLINTON, SOUTH CAROLINA.
Gentlemen:
Pursuant to engagement, we have audited the disbursements and ex
amined the books, accounts and records of the “Town of Clinton” for
the period beginning September 1, 1922, and ended August 31, 1924.
We submit herewith, our report, comprising four Exhibits and eighteen
Schedule^
Commercial Bank, Clinton, S. C.
First National Bank, Clinton, S. C.
Total
NOTES RECEIVABLE—Schedule “1”
ACCOUNTS RECEIV^LE:
Pav. Ass’m’ts. Rec’ble—Schedule “2”
Mat., Meters, Taps, Etc.—Schedule “3’
Advance to Employees—Schedule “4”
Dishonored Checks—“5”
Preliminary Water Taps—Schedule “6
Unpaid W.&L. Bills—City Cus.—Sch.
Unpaid W.&L. Bills—Mill Cus.—Sch. ‘
L. & W. Bills—Current, due Sept. 1
Total
REAL & PERSONAL PROPERTY TA3
Unpaid for year 1920—Sch. “9”
Unpaid for year 1921—Sch. “10”
Unpaid for year 1922—Sch. “11”
Unpaid for year 1923—Sch. “12”
COMMENTS
CASH $61,263.32:
All bank balances were reconciled with statements from the banks
as at August 31, 1924. " ,
NOTES RECEIVABLE $401.94:
Are listed on Sshedule “1” and were presented for our inspection.
Most of these notes are long past due.
ACCOUNTS RECEIVABLE $19,765.90:
As listed on Schedules “2” and “S’” inclusive, are as per records
and were not verified by correspondence or otherwise.
The Paving Assessments, Schedule “2” and Accounts Due for Mater
ial, Meter, Taps, etc., Schedule “3” are, in most instances, long past
due and should have immediate attentioft so that you may realize on
them during the early Fall when it is easier for many people to liqui
date such indebtedness. Interest has not been computed and added
to the - recent sidewalk paving accounts as Coulicil, apparently, has
not decided the date at which intetest should begin.
The unpaid Light and Water bills listed on Schedule “7” and “8”
are only those, which, in the opinion of your Clerk and Treasurer, are
collectible.
Apparently more care should be exercised in handling the light and
water customers accounts so that when bills are not paid, the service
will be discontinued immediately.
REAL AND PERSONAL PROPERTY TAX—Unpaid $1,303.60:
Schedules “9” to “12” inclusive, reflect the individual amounts due
for each of the past four years. The tax rolls should be carefully
inspected by your Finance Committee and the items on above mention
ed Schedules either collected or written off and charged to your sur
plus account.
CITY LICENSE—Unpaid $217.75:
The items comprising the above, are listed on Schedule “13” and
should have your immediate attention as part of the amount is due
for the year 1923.
The foregoing Notes Receivable, Accounts Receivable, etc., Unpaid
Taxes and Unpaid License amount to $21,689.19. Many of the items
are old and unless given vigorous attention will never be paid.
INVENTORIES $1,483.39:
Were taken and priced by your superintendent. We verified exten
sions and footings only.
SINKING FUND INVESTMENT $6,250.00:
Consists of an unsecured note of the Fuller Grocery Company dated
November 24, 1923, due November 24, 1924 bearing 5% interest.
The Sinking Fund Investment formerly consisting of United States
Bonds in the amount of $1,250.00 was closed out June 7,1923 and re
opened November 24, 1923 with the above $6,250.00
Attention is directed to Schedule “17” which shows the extent to
which the city has failed to provide for its Sinking Fund, as stipulated
at time of each bond issue.
FIXED ASSETS $208,838.52:
The several items are reflected on Exhibit “A”, and consist of values
established August 31, 1922 which have been increased by additions
during the period under review, amounting to $51,100.40.
The values, in most instances, are approximately the original cost
plus additions. No provision has ever been made for depreciation of
the Light and Water Plant.
PERMANENT IMPROVEMENTS $255,119.63:
Street and Sidewalk paving is shown at actual cost. Curbing and
Gutters consist of values established August 31, 1922 plus additions
during the period under review.
NOTES PAYABLE $36,521.74:
The several notes are described on Schedule “14.” Notes due the
banks and Guy L. Copeland were verified by interview.
ACCOUNTS PAYABLE $1,355.17:
Are as per records and were supported by invoices on file. The
City owes at least three accounts which do not appear on Schedule
“15” as follows:
Southern Power Company 500.00:
Minute book, page 282, shows an agreement entered into where
by the City is to pay the Southern Power Company $500.00 when
the, company completes the transmission line from Lydia Mill to
the City.
L. J. & F. L. Wagner approximately $8,100.00:
The above contractors have been paid $32,500.00 on the Water
. Works Extension contract which was given them at approximate
ly $40,600.00.
George C. Odiorne about $4,900.00:
_
Mr. Odiorne has been instructed to make certain Permanent
^ . • *
Improvements and we were informed that the City now owes him
approximately the above amount for work under construction.
ACCRUED INTEREST $4,643.94:
No part of the item of $3,666.63, Bond Interest, is past due as all
bond interest has been paid when due.
BONDS PAYABLE $300,000.00:
Schedule “16” reflects complete information regarding the several
Bond Issues. Schedule “17” was prepared to state the Sinking Fundj
requirements and shows the ^amount for which' provision should be
made annually.
EXHIBITS “B” & “C”:
Have been prepared in comparative form as information and for L} cense s
guidance in estimating income and expenses for the current year
RECOMMENDATIONS:
Our report dated August 31, 1922, directed attention to the follow- r 4
ing matters which have apparently received, little or no attention:
Service Furnished City:
The Water & Light Plant receive no credit for Street Lighting,'
Fire Hydrants, Flush Tanks, etc., which service amounts to a
value of about $11,000.00 annually. If Council will agree on the' Water Meter Sales
values to be placed on the several items of service furnished, the Water Revenue
necessary entries can be made and your books will more nearly
reflect a true Statement of Operation.
The last two pages of our former report Were devoted to re
marks regarding Plats Showing Location of Water Mains, etc.,
Meter Books, etc., all of which are again suggested as worthy of
your consideration.
Respectfully submitted,
JOHN M. PALM & COMPANY,
By John M. Palm, ’
Certified Public Accountant.
Total
CITY LICENSES—Unpaid for years 1923
and 1924—Schedule “13” 1
INVENTORIES:
Electric Meters
Electric Supplies
Water Meters
Water Supplies
20,778.65
10.49
Fuel & Supplies
17442.62
144084°
16,59947 '
13,891.24
15,460.44
20,150.98
358.44
General Expense
1457.01
412.59
442.40
Int. & Discount
1460.07
2,; < 3
1,081.54
2,16740
1,769.76 ,
$ 61468.32 $
44847 $ 60,814.95
L. & W. Sal. & Wages
9,100.46
8402.65
7,851.47
8,477.85
8,408.11
$ 401.94 $
390.94 $
11.00
Live Stock Expense
2,093.75
1,675.96
1,254.45
1,113.03
1434.29
Mis. Supplies
' 145
84.59
42.92
Office Expense
82.90
51.14
67.02
$ 15,296.94 $ 23,711.97
Plant Main. & Sup.
5475.35
2,653.11
9,47844
4466.48
5,593.45 *
” 980.76
39343
Printing, Sta. & Adv.
316.52
519.84
510.85
492.27
459.87
180.00
Police Dept. Expense
741.70
82547
78341
85.79
Police Salaries
449343
4,53343
5,19146
5,937.70
5,035.55
>” 243.95
284.01
<♦
Police Uniforms
49.22
203.59
200.00
197.50
162.58
“7” 325.45
30140
Rent
552.50
670.00
512.50
605.50
585.12
’8” 13443
667.06
Sewer Maintenance
•
386.71
44.35
215.53
2,518.68
2,246.93
Street Maintenance
12,661.80
1141843
8,102.54
10,12241
10,676.52
Street Lamp Bulbs
872.96
120.59
246.77
$ 19,765.90 $ 27,604.60 $—7,838.70
Telephone & Telegraph
139.05
* 164.86
* 297.03
80044
225.37
[ES:
Water Material & Sup.
51.40
281.05
16643
$ 325.40 $
327.70
Water Meters—Purcbaaed
330.79
642.08
486.44
396.80
468.90
Writing Off:
/
187.80
Road' Machinery
1,000.00
1,089.39
150.00
393.60
Live Stock
200.00
—
200.00
$ 1,303.60 $
796.60 $
507.00
TOTAL EXPENSES
$68,466.72
$61,860.92 $68,645.37 $64,113.85 $66,753.25
217.75
217.75
$ 268.81 $
30.00
985.91
314.19
100.25.
143.00
128.42
56.15
Total
SINKING FUND INVESTMENT:
Unsecured ndte of Fuller Gro. Co.,
5% Interest
FIXED ASSETS:
Land:
W. E. Owens Property
Fannie Bailey Park—15 acres
G. A. Copeland Park—1 acre
Rosehill Cemetery
l
Total Land
Building on Musgrove Street
Sewer System
Light & Water Plant
Payments on Waterworks Improvem
Extension, under construction:
L. J. & F. L. Wagner
Rights of Way
Miscellaneous
Equipment: •
Office Furniture and Fixtures
Fire Department
Light & Water Department:
Service Truck
Tools
Police Department
Street Department:
Live Stock
' Road Machinery
Tools
TOTAL
PERMANENT IMPROVEMENTS:
Curbing and Gutters
Sidewalk Paving
Street Paving
Total
TOTALS
$ 1,483.39 $ 543.34 $‘ 940.05
$L 6,250.00 $ 1,250.00 $ 5,000.00
OPERATING INCOME IN EXCESS
of Above Expenses $ 1,750.58 $10,082.31
Add: Paving Income 39,213.84 11,755.48
$— 3.80 $12,477.41 $ 6,076.62
837.60 6,503.35
TOTAL
$109,431.14 $83,698.71 $69,479.17 $83,094.61
EXHIBIT “C” “■ *
COMPARATIVE STATEMENT INCOME AND EXPENSES
LIGHT AND WATER-DEPARTMENT
SEPTEMBER 1, 1921-TO AUGUST 31, 1924
INCOME
Years Ending Augqpt 31,
Approx.
1
$ 4,000.00 $- -4,000.00
800.00 800.00
100.00 100.00 ~
875.75
<
$ 5,775.75 $
4400.00 $
875.76
12,500.00
12,500.00
31444.54
31,651.74
19240
113,491.64
t and
104,553.60
8438.04
32,500.00
32,500.00
1470.00
1470.00
3,477.72
8,477.72
1414.06
0 615.48
598.58
2,489.80
1,91440
575.00.
451.50
451.50
45344
199.00
26444
574.55
25.00
549.55
1,362.50
800.00
562.50
1480.37
527.50
85247
52.25
61.00
1.25
Elec. Material Sales
Elec. Meter Sales
Electric Revenue
Fuel Sales
Tapping Fees
Water Material Sales
Water Meter Sales
Water Revenue
. 1921
1922
1923
1924
Average
$ 619.77 $ 313.18
325.54 $
2.53 $
315.26
171.40
36540
268.60
24,407.88
25480.03
22,666.69 •
26495.48
24,712.52
*
83.08
197.98
140.53
110.00
203.50
15745
168.57
49747
111.10
142.39
229.98
384.00
685.65
534.83
7,999.03
8,842.11
8,184.29
9478.09
8,72548
GROSS INCOME $33,195.25 $35,033.19 $32,037.10 $37,871.42 $35,084.85
Elec. Material Purchased
Elec. Meters Purchased
Fire Insurance
Fuel & Supplies
L. & W. Sal. & Wages
Plant Main. & Sup.
Street Lamp Bulbs
Water Material & Sup.
Water Meters Purchased
1921
EXPENSES
Yean Ending August 31,
1922
1923
388.04 $
1924
3.90
Approx.
Average
$ 195.77
144.71
26244
203.48
18342
• 63.42
53.42
72.67
17,142.62
14408.62
16,59947
13,891.24
15,460.44
9,100.46
8,202.65
7,851.47
8;477.85
8,408.11
5,875.35
2,653.11
9,478.84
4,366.48
5,593.45
372.96
120.59
246.77
51.40
281.05
166.23
*
330.79
642.08
486.44
$208,838.52 $157,738.12 $ 51,100.40
$ 614245.89 $ 50,000.00
37,323.51 32,221.08
156,550.23 156,550.23
11,245.89
5,102.43
$255,119.63 $238,771.31 $ 16,348.32
$554,644.05 $427,643.28 $127,100.77
LIABILITIES
August 31,
1924
$ 36,521.74
1922
28,292.76
Increase
—Decrease
$ 8,228.98
NOTES PAYABLE—Schedule “14”
ACCOUNTS PAYABLE—Sch. “15”
ACCRUED INTEREST:
On Bonds
On Notes—Schedule “14”
Miscellaneous
Total
BONDS PAYABLE—Schedule “16”
SURPLUS—Exhibit “D”
(Excess of Assets over Liabilities)
TOTALS - $554,644.05 $427,543.28 $127,100.77
NOTE:—No provision has been made for the value of dirt streets, or the
grading thereof.
Light & Water Plant and the Sewer System are shown at book value.
No depreciation having been written off. *
$ 1,355.17
$
1,023.42
$
331.75
$ 3,666.63
$
.3,458.30
977.31
949.31
164.00
<«.
$ 4,643.94
$
4,571,61
$
72.33
$300,000.00
$200,000.00
$100,000.00
212,12340
193.655.49
18,467.71
EXHIBIT “B”
COMPARATIVE STATEMENT INCOME AND EXPENSES
SEPTEMBER 1, 1921 TO AUGUST 31, 1924
INCOME
EXHIBIT “A”
CASH:
In Offk»
In Banka:
COMPARATIVE BALANCE SHEET
August 31, 1924 and'AufBst 31, 1922
ASSETS
August 31,
1924 1922
25.00 $ 21.43
ft
Bailey’s Bank, Clinton, S. C. 20,299# 5841
s (Gmtinued ea Following Column) ■
Years Ending August 31,
Approx.
1921
1922
1923
1924
Average
Elec. Material Sales
$ 619.77 $
313.18
$ 325.54 $
2.53 $ 31546
Elec. Meter Sales
171.40
365.80
268.60
Electric Revenue
24,407.88
25,380.03
22,666.69
26495.48
24,712.52
Fuel Sales
*
83.08
197.98
140.53
Interest Earned
707.03
1,100.55
1,012.42
940.00
Licenses
4,497.95
4,193.93
3,591.00
5,100.25
4445.78
Police Fines
2,491.00
1488.00
2477.50
2,073.60
2,042.50
Rent
600.00
650.00
> 550.00
650.00
612.60
R. &. P. Per. Prop. Tax
27,934.10
28465.08
27,600.89
28,694.85
28448.73
R. .& P. Prop. Tax Pen.
56.53
41.82
49.17
Street Tax
1,499.00
1466.00
1428.00
I447.OO
1,335.00
Tapping Fees
111.00
203.50
15745
Water Material Sales
168.57
497.87
• 111.10
14249
22948
Water Meter Sales
384.00
685.65
534.83
Water Revenue
*
‘ 7499.03
8,84241
8,18449
9,878.09
8,725.88
Total Op.' Income
$70,217.30 $71443.23
$68,641.67 $76,59146 $72,658.53
OTHER INCOME
•
A
Paving:
Curbing & Gutters
433.46
4,40542
Sidewalk
1425.73
3,29943
404.14
2,098.13
Street /
37488.11
8,455.55
TOTAL INCOME $109,431.14 $88,698.71
$69,479.17 $83,094.61
TOTAL EX. $32,118.43 $25,248.20 $35,270.90. $28,098.85 $30,833.36
INCOME IN EXCESS
OF EXPENSES 1,076.82 9,784.99 —3,233.80 9,772.57 4,251.49
TOTAL $33,195i25 $35,033.19 $32,037.10 $37,871.42 $35,084.85
NOTE:—The above income does not include street lighting, fire hydrants,
flush tanks, etc., furnished the city.
Above expenses do not include provision for Plant Depreciation or inter
est on Light and Water Bonds.
EXHIBIT “D”
SURPLUS ACCOUNT
August 31, 1924
August 31,1922—Credit Balance
August 31,1923—Adj. Real & Per. Prop. Tax 1920 $
August 31,1923—Excess of Income Over Ex.—Ex. “B”
$193,655.49
.70
833.80
Net Increase for Year
834.50
August 31,1923—Credit Balance $194,489.99
August 31,1924—Unp’d R.&P. Prop. Tax 1922—S “11” $ 187.80
Unp’d R.&P. Prop. Tax 1923—S “12” 393.60
Unp’d License for 1922-1923—S“13” 217.75
. Excess of Income Over Ex.—Ex. “B” 18,980.76
$19,779.91
Less:
1924 Bond Issue Ex. $ 762.08
Dis. on Bonds Sold 1,370.00
Adj. R.&P. Prop. Tax 1921 14.62 2,146.70
NET INCREASE- FOR YE^tR
AUGUST 31, 1924 CREDIT BALANCE—Exhibit “A”
SCHEDULE “1”
17,633.21
$212,123.20
NOTES RECEIVABLE
August 31, 1924
Seven past due notes aggregating (as per Exhibit “A”)
(List may be seen at City Clerk’s Office)
$401.94
$15,296.9'
$980.7i
EXPENSES
1921 1922 1923
Yean BmUag August 21,
1924
58.10
10,100.00
100.00
Adm. Salaries
Board of Health Ex.
Bond Interest
Donations, Library, etc.
Electric Material—Purchased
Electric Meters—Jhirehaaed
Fin Dept Expense 47.70
Fire Insurance
Average
Approx.
$ 8,280.00 $ 8,079.00 $ 2,600.00 $ 2,780.00 $ 2,92245
58.10
10400.00
74346
1040040
634.90
10441.66
87146
10410.41
100.09
136.74
153.18
12248
144.71
3.90
26124
196.77
20148
rfwi r
46.86
4126
18342
5*42
- *
' 'v. 1
7247
Fodewtng Column)
. .
(\ -
/
SCHEDULE “2”
’ PAVING ASSESSMENTS—RECEIVABLE
^ ' August 31, 1924
Fifty-five accounts aggregating (as per Exhibit “A”)
<List may be seen at City Clerk’s Office)
SCHEDULE “3”
ACCOUNTS RECEIVABLE
MATERIAL, METERS. WATER TAPS, ETC.
August 31, 1924
Thirty-six accounts aggregating (as per Exhibit “A”)
(List may be seen at City Clerk’s Office)
SCHEDULE “4”
ADVANCE TO EMPLOYEES
August 31, 1924
Six accounts aggregating (as per Exhibit “A”)
(List may be seen at City Clerk’s Office)
SCHEDULE “5” ~ >
DISHONORED CHECKS
HELD FOR cdLLECTION
August 31, 1924
Four accounts aggregating (as per Exhibit "A”)
(List may be seen at City Clerk's Office)
SCHEDULE “6” • ~ ,
D DW ,, MW .-^ A€C0UNTS RECEIVABLE
PRELIMINARY WATER TAPS AND SEWER CONNECTIONS
„ August 31, 1924
Four accounts aggregating (as per Exhibit “A") $243 J
(List may be seen at City Clerk’s Office)
(CONTINUED ON THE NEXT PAGE)
$180.0
$85.7