The Clinton chronicle. (Clinton, S.C.) 1901-current, October 27, 1932, Image 6
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