University of South Carolina Libraries
A’■•V'W'*'**’^"T •>^- • V>f-' t •'I •I \■ -' \ '• ■ •■ ,.,,^ •' ■, . .. , THE CLINTON CHRONICLE/CLINTON, S. C. tu ■ I .• Thursday, October 2l 1932 ^SED STATEMENT FROM Cnr AUDIT I- Miscellaneous for’malarial and service Preliminary'taps and connections^ Roienaont Cemetel'j' lots . $ml FOR TOE TWO-YEAR PERIOD AUGUST 31, 1930, TO AUGUSTlSl, 1932 Notes^receivable ^Ileal and Personal PrVperty Tax—Unpaid: I Years 1926 to 1931, inclusive I Inventories—at market: < Electric appliances I Ligiit meters 2,182.74 225J5 1,573.00 9,536.72 r 83.41 4,736.01 Street si^s and marking Sewer maintenance / Total Expense. ^ j Exmsc of income over expense, ,492.18 1,191.60 { Aadit M..I. By John M. Paliii & Co., Certified Public Accountants,; Light pl.nt maintensnce material of Greenville, at Direction of City Couiicil. , | Street lighting material A condensed comparative summary of the income and expen-se of the two periodsTs as follows: . 1 INCOME Water meters I Water plant maintenance matenal 562.70 42.00 321.83 208.62 21.50 290.18 i Business licenses and penalties Cemetery lot sales , ( ■ Interest' aind i>enalties :on paving a.H?ps.«nicrrtR Police fines Profit on sale of applianres and meters Public utilities—light ancj water revenue Rent -Qif cabin&-a.t. spreel deparlment-ItAi —:r~ Real and personal property tax . —- Sinking fund investment income Street tax Taixping fees I . . Total Income EXPENSE Administraticm: Accounting service Advertishig, printing and stationery Charity and health .service Donations Election expense Equalization board Legal expend Office expense Office rent Salaries--mayor, treasurer, clerk and aldermen Telephone and telegmiih Ometery maintenance / Fire department—expense, rent and salaries (leneral expenht* Insurant -fire, group and liability Interest bonds, notes and paving certificates Police department—-exi>ense, recorder’s court, rent and salaries Public Utilities—light and w’ater plaint mtce. Public* utilities—power putfchasA^d Stn*et lighting—w'hiteway maintenance Street maintenance and garbage Prepaid insurance ' Prepaid interest and di.scount Two Years Ended j Paving assesiment assets—pledged Aug. .31,’32 Aug. 31,’301 1926 paving assessments $ 9,032.10 $ 10,432.05 Interest and penalty accrued on above 1,270.00 1,511.75 Paving fund cash in banks: 0,411..58 8.1.55.02! Available for current use First National Bank—defunct I 1,436.83 183.62 57:86 for the two years ended August 31, 1932 210,791.60 $ 36,053.50 STATEMENT OF LIGHT PLANT OPERA’HON , ,, Fof the Two Yemra—ScpL 1, 1930 to Aug. 31, 1932 Income: * y , Electric light revenue $89,490.20 Penalties ’ 379.13 Profit on sale of appliances and meters 296.15 I ^ -1. 5,407.34 3.59.87 110,,464.81 16L.I5. 9,ll92.00 073.66 106,784.48 62.00 $599.37 ’ 19.09 41,471.77 2,096.78 618.46 Total Income, per books I Expense: j Accounting service—1-3 of total 104,177.33 10.5,400.43 1.741Ji2 ’ 2,.54].06| , 1,.500.00 2.232.00 2.59.00 250.00 Total pledged to liquidate paving certificates Paving ataassuaentar-nnot pledged: — : 44,187.01 $246,845.10 $247,535.05 1928-30 paving as.sessments 1929 paving assessments—Bell street: ^ Total assessed, per lien book $1,20»).20 Total collected to date 67.58 2,981.91 Balance, Bell street paving 1,138.62 I 300.00 $ 1,0.50.50 1,011.04 600.00 02.00 480.90 359.15 900.00 7,845.00 11K.H8 2,002.12 5,244.28 / 700.80 1.2‘t2.11 05.055.80 23,830.74 ,21,720.12 V51,408.57 , V4£86.93 22,352.7*) Strt*et signs and marking 492.D^ 684.42 .Sfwer maintcnuncD 1,191.00 1 1,.589.94 Total Expcn.'C $210,791.00 $207,147.51 Excess of Imome over Expense 30,0.53.50 4«t31»7.54 ' Totals $240,845.10 ! $247,.535.05 assp:ts and liabilities-xcndensed Two Years Ended » . , ^,4 - , Aug. 31, ’32 Aug. 31, ’30 ASEETS: * Cash—general-fund — $- 030:89 $ 1,481..54^ Aeeounts receivable 9,.530.72 11,223:47; Nutes reeeivable K3.41 83.41 1 Property tax years 1925’to 1931 4,730.01 3,120.23 1 Inventories material and supplies. 1,4:{0.S3 1,018.29' Prepaid insuraiue and intere.-t 241.4H 271.15 Paving a-sessment assets pledged 41,187.01 68.771.15 J’aving assessment as;e.Ls. not pledged 'i 4.120..53 6,717.64| Sinking ‘fund investments 27,251.52 27.510.20! Permanent improvements, ete. 1.088,502.09. 1.081.160.37 1 Total Assets $1,180,720.19 $1,201.3,57.45' LIABILITIES: j Notes payable 04,989..51 72.510.26; Aeeounts payable 3,.)9U..52 8,949.74 , Aeerued interest 9,070.81 9,432.05' ('ustomer’s deposits on,light and water 429.50 1 Bonds payal»le 1 508,000.1)0 522,000.00 I<'iremen‘s fund 363.11 221.99 ! Paving eertifieutes and aeerued interest 41,202.07 68,771.15 l*r< paid 19.12 propiTty tax (not due) 300,00 Total liabilities ^ $ 028,005.12 $ 681,88.5.19, Surplus, or excess of assets over liabilities 552,721.37 519,472.26 To'als * $1,180,726.49 y $1,201,.357.46 < PERMANENT IMPROVEMENTS PUBLIC UTIUTIES AND EQUIPMENT • Two Years Ended Aug. 31, ’32 Aug. 31, ’30 Copeland Park ' $ 800.89 $ 80C.89 New City Hall lot 7,500.00 7,500.00 Rosemont cemetery 6,075.89 5,49.5.41 "Light and'watff pla»t-5~" —— Light plant * 79,184.94 75..382.79 j Whiteway extension ^ 1.5,72:1.12 15,723.12; Water plant 190,340.51 189.608..54 Sewer system 96,627.27 96,359.421 Street department—lot, barn and cabins 2,742.62 2,742.62 j Streets and sidewalks: 1 Curbing and’gutters 77,695.39 77,283.64 Sidewalk paving 49,604.59 49,427.69 Street paving 495,697.30 495,6:14.80 Street construction—not paved ^ 47,070.49 46,644.98, Equipment: « ' k — 1 Concrete mixer • 100.00 ^ . 250.00; File department r 15,024.00 14,324.00! Livestock 750.00 625.001 Office 1,027.08 1,000.00 Plant auto and truck 900.00 .500.00 Plant tools 500.00 486.47 Police department 319.00 221.00 Street department 813.00 4 1,150.00 Totals <> $1,088,502.09 $1,081,160.37! , Total available for genera] fund when collected ^ 450.00 i Sinking fund investments 1,278.81 ' Permanent improvements, public utilities and equipment 389.10 200.00 Total , 08.00 LIABILITIES 105.00 j Accounts Payable—currant monthly bills 1,373.001 Notes payable 004.42 j Accrued interest: 900-.00 j On Bonds $ 0,43.5.3^ 0,745.00 \ On notes payable 1- . 2,635.43 123.801 1,050.551 ('uHomers’ deposits on light and water 5,554.98 j fund—credit balance,, 382.70 fionds payable - 903.34 Paving assessment eertificates: 00,085.90^ (ertificates (not due) 40.800.00 Interest aeciued on above certificates 402.67 23,551.771 r-— 20,793.51 Total secured by paving assessments—pledged . 42,694.19; Prepaid real and personal property tax—year 1932 1,807.49 29,151.59 Total liabilities SURPLUS AUCOUNT • Excess of assets over liabilities, Aug. 31. 1930 $.>19,472.20 Less—prior period adjustments as follows: Correc-ting ’28-’30 paving assmts. $ 281.17 <>metery lot sale cancelled Sewer damage settlement Taxes rebated—outside city limit W'riting off uncollec'tible licenses Writing off uncollectible light and water bills Writing off uncollectible taxes 4,120, *- 27,251. 1,088,502. 53 52 09 $1,180,726.49 S 3,599 64.989, 52 51 Advertising, printing and stationery-estimated Bad debts widtten off—2-3 of total Clerks’ salaries^—1-3 of total Generial expense—1-4 of total * ■ Insurance—1-3 of total Office expense—1-3 of total Office rent—1-3. of total Plant maintenance Plant salaries—567r of total Power purchased^ Power tax Telephone and telegraph—l-^)ffice telephone 100.00 500.00 227.22 l,575i imi <430.70 119.72 - 320.00 -5,350.7^ $90,165.48 / f 7,112.00 51,468.57 07.96 39.63 Total Expense, p^r books Excess of income oy€r expense, per books Add a? income: Add as incomef^Service rendered for which no charge is 07,501.74 $22,603.74 1>.070.,81 fitreet/iighting—^whiteway manitenance—cost Cqrfent used to pump water—cost ?^urrent used to light streets—cost Curicnt used to light clerk’s office, “Clinton” sign, fire department, police department, and .street lights not metered—Testimated Total made: 1,386.93 5,736.00 5,787.22 7.50.00 t 13,060.15 $30,323.89 429 353 .508,000 -^jl Less—expense not.recorded as a charge tq light plant: •*Depreciation on light plant, including the white- 11 0^ way system — total investment $94,908.00 at 55i annually—two years 9,490.80 Bond interest on light plants bonds—two >'ears 2,000.00 Provi.'ion for sinking fund requirements—2 years 1,019.24 13,110.04 41,202 300, 07 00 $ 628,005.12 Excess of earning over expense for the two years ended Aug. 31, 1932, would be $23,213.85 if each plantcollected, at cost, for the service rendered to tlie other plant an^ to the city for public benefit $23,213.85 L_ I 80.00 548.15 44.40 .332.50 4.56.9.5 1,061.22 2,804.39 .Adjusted surplus, August 31, 1930 Excesa nf Jmsme over for the two years ended Aug. 31, 1932 516,4167.87 Surplus, or exces.s of assets over liabilities, Aug. 31, 1932 Total ’ i ' .*^52,721.37 * $1,180,726.19 Note:—*If the current u.sed to light streets, whiih is reflected above at a cost of $5,787.22, were placed on the usual “per ilight” basis at the price charged, for .'uch service in other cities, the total would amount to $14,915.r»0 I>er annum, and would increase the “excess of earnings” by $29,831.00 _ for the two years.. **Your records show the-<|ost of the light plant as $79,184.94, and the whiteway extension as $1.5,723.12, making a total of $91,908.00 on which we have tentatively computed depreciation for the two years at fi'l per annum. From an accounting viewpoint, this total is not a fair basis for depre ciation,'^because about $15,000.00 was spent in building the original light plant during 1906 and 1907. This amount and all additions and ex:e . .ions up to 1912, should be eliminated as having been completely depreciated, if the 5'/f rate of depreciation has been sustained. Howev^er, maintenance charg es, covering replaceihehls, elc.,“hlve, tP SDTiw exteiit,' restoretf-tbe iMvperty, and its present value could be established only by competent appraisers. STA'lEMKNT OF INtOMK AND EXPENSE 'I'wo Years Ended August 31, 1932 INUOMK: Profit on sale of water meters Public utilities: Light revenue Water revenue ^ ' Light and water T>enalties Sinking fund investment income Street tax Tapping fees Gross income EXPF^NSE: Administration: Acounting service, 1932 $ Advertising* printing and stationery Charity and health service Donations—Ch. of Com., Library, etc. ElacUon agpymt , ^ I^'gal expense and retainer fee Office expense Office rent Salaries—^^mayor, treas., clerk, aldmn. Telephone and telegraph > $ 9,032. 1,270. 6,411. 5,407, 290, 63 10 00 58 34! .51 72' STATEMENT OF WATER PLANT OPERATION Fur the Two Years—Sept. I, 1930 to Aug. 31, 1932 Inconu: ' * Water revenue ~ $2614115:92 ' Penalties j 189..56 profit on sale of water meters 03.72 Tapping fees 259.00 $89,490.20 26,405.92 568.69 116,464.81 161.75 104,177.38 1,741.32 1,500.00 259.00 $246,845.10 300.00 1,050.56. 1,011.04 600.00 62.00 480390 359.15 960.00 7,845.00 118il8 Cemetery maintenance Fire department: Expense Rent Salaries 366.53 600.00 4,277.75 General expense—miscellaneous Insurance—fire, group and liability Interest: On bonds 61,770.79 N. V. banks* com. for paying coupons 187.71 On notes payable, etc. 6;967.77 On paving certificates 6,'1^.53 $12,787.53 2,602.12 5,244.28 760.86 1,292.11 Total Income, per book.s Expense: Accounting s<*ivice— 1-3 of total 100.00 .Advertiring, printing and stationery—estimated 250.00 Bad debts written off—1-3 of total 113.61 Clerks’ siaaries—1-6 of total 787.50 General expense—1-4 of total' ' 190.21 Insurance—1-6 of total * 215.35 Office expense—1-6 of total 59.86 Office rent—1-3 of total ' 320.00 Plant maintenance 3,260.60 Plant salaries—44of total 5,588.00 Telephone and telegraph—1-6 of office telephone 19.82 $26,018.20 Total Expense, per books Excess of income over expense, per books Add as Income: Service rendered for which no charge is made: 165 fire hydrants at $4.00 per month. Water for flushing sewer tines, 1,000,000 gallons annually at 16c per 1,000 gallons 10,904.96 $16,013.26 15,840.00 320.00 16,160.00 ToUl Less: Expense not recorded as a charge to water plant: Current used tOepump water—at cost 5,736.00 Depreciation on water plant—total investment $190,346.51 at 2^71: annijially—two years 9,517.32 Bond interest on water plant tondsi—two years 12,600.00 Provision for sinking fund libquirements and serial bonds maturing—two years 6,028.52 $32,173.26 33,831.84 65.665.80 BALANCE SHEET Angsat 31, 1932 ASeRTS; Cadi general fund: .^vwilable for current use jhnt Kmtional Bank—defunct AteatmU Eeeeivable: , ^ IMimw UaptURS unpaid Gntip ltmamne9 due by sixteen employees god smter bills; ca $ m>»9 randi^ Sapt- h • 4,496.76 $ 605.97 24.92 282.88 189.00 5,083.15 630.89 Expense Recorder’s salary and court expense Rent - , Salaries Public utilities: Bad debts written off LighC plant maintenance Plant salaries ^ Power purchased Power tax W’ater plant maintenance ) 6,582.74 955.65 600.00 16,698.35 340.83 0,350.73 12,700.00 51,468.57 mM 3,260JO 23J36.74 Street lighting—whiteway maiotenanca Street maintenance and garage 73,188.69 1,386JB 22,352.76 Excess of expense over earnings for the two years ended Aug. 31, .1932, would be $1,708.59 if each plant collected, at cost, for the service rendered to the other plant and to the city for public benefit. Loss $1,708.59 SINKING FUND INVESTMEN'TS August 31, 1932 Interest Description Rate Due Certificates of depoait: ^ If. S. Bailey A Son Commercial Bank 4H% Commercial Bank 4%% . First National Bank—defunct $4,836.74 Interest to data bank ak>aad " ** 87J4'/ Amount $2,444.45 1,0604)0 14»0.40 lotal Leaa 64,424.06 Dividend No. 1—60%—$8412 04 / Dividend No. 2—10%— 442.41 2,654.45 1,760.63 Total oartificataa of dapoait Lydi# Cotton MBla 7% Bartal OoM Notoa: Bariaa D—1 nota (lat Jaii.^nlj) 7% 7>1>42 (Coolinoad on Next Page) 500.00 16444.48 ’ i ■ Sti* - , r I 4 4 4