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FINANCIAL REPORT FOR CITY OF CAMDEN 1* fc fo the People of Camden: — A In accordance with our policy of keeping the public informed as to the finances of the city, the City Council requested the auditor who examined the city's books to prepare a condensed statement with expla nations summarizing the data contained in the .official audit for the fiscal year ending April 20, 1949. This statement follows: " . \ V Honorable Henry Savage, Jr., Mayor and the Commissioners City of Camden Camden, South Carolina ‘ V Gentlemen: i Pursuant to*your request we submit herewith Comparative Statements of Operations of the two major funds of the city of Camden, South Carolina for the fiscal years ended April 30, 1948 and April 30, 1949. These State ments have been condensed but details of the items appearing therein ore contained in the Anhual Audit Report for the respective years^ THE GENERAL FUND is used to account for revenues not allocated to specified purposes by law or contractual agreement. General Fund Expendi tures and Encumbrances for the year ended April 30, T949 exceeded Gen eral Fund-Revenues by $5,343.52. Capital Outlay, that is, expenditures which result in the acquisition of, or, additions to, fixed assets, amounted‘to $30,281.09 and was $12,065.04 greater than Capital Outlay for the year end- * ed April 30, 1948. In this connection an order was placed for a Burroughs Ac counting Machine at the cost of $3,075.00 which amount is included os an encumbrance, ft is understood that steps are being tdken to cancel this or der, in which case the excess of Expenditures and Encumbrances over Rev enue for the current year would be reduced to $2,268.52. To further ana lyze current year expenditures, Street Improvement Bonds in the amount of $33,000.00, dated December 1, 1927, due December 1, 1967, Interest at 5%, were called in June, 1948 because of the high interest rate. At the* time the Bonds were called the Sinkina Fund had accumulated assets of $15,398.57, leaving a Balance of $17,601.43 to be paid from the General Fund. This action accounts for the increase in Debt Service. The increase of $16,883.22 in Current Taxes and Penalties as shown on the General Fund Srotement is due almost entirely to an increase of ten mills in the 1948 tax levy. The slight increase in‘assessed value of property accounted for only $19.79 of the additional taxes. It is also noted that current expenses, appropriations and donations' for the current year we% less than the prior year. THE UTILITY FUND is used to finance the construction, operation and maintenance of the Water and Light Department. Total Gross Income for the year ended April 30, 1949 exceeded Gross Income for the prior year by $38,291.49. Cost of Income and General Expenses was $ 28,893.13 greater than the previous year, making a net increase of $8,398.36 in operating profits. Contributions are currently made to the General Fund by the Utility Fund and are shown as Revenues on the General Fund Statement. Additions to property ocCpunts for the two years are compared as follows: —- YEAR ENDED APRIL 30 INCREASE 1948 1949 (DECREASE) Water System 16,826.87 67,928.50 51,101.63 Electric System 47,165.18 39,436.55 ( 7,728.63) Sewer System 62,547.65 5,986.05 (56,561.60) Automotive Equipment 492.42 1,228.53 736.11 Office Furniture and Fixtures 564.70 2,611.61 2,046.91 Totals 127,596.82 117,191.24 -- - • (10,405.58) Proceeds of the Combined Public Utility System Bond Issue available during the year ended April 30, 1948 amounted to $ 198,317.13. Of this amount, $134,59Q.67 was disbursed during that year and the remaining $63,726.46 was disbursed during the year April 30, 1949. It might be said therefore, that for the year ending April 30, 1948 all addi tions to property accounts were made from the proceeds of the bond issue, and that for the year ended April 30, 1949, only $63,726.46 of the total ad ditions were made from the bond issue and the balance was financed from operating funds and short term loans. Materials and supplies amounting to $39,518.36 had accumulated in the Watecpnd Light Department Warehouse over a period of years. Perpetual Inventory records have new been establish ed to control the subsequent issue and receipt of such items. This procedure will afford a more accurate distribution of charges to the several capital and operating accounts. , x 1 Respectfully submitted, •"*HK -if'- ■ *>*■' v ■ . RAB—esc ROBERTA. BKOCE & CO. -/ -is \ Geiwral Fund Revenues, Expenditures end Encumbrances Um. REVENUES: Current Taxes and Penalties Water and Light Deportment Business Licenses Police Court Fines and Forfeitures, State Shared Revenue Other Revenue », * * Total Revenues EXPENDITURES AND ENCUMBRANCES: Current Expenses: Police Department Fire Department Health Department Street Dept. (Inc. Garbage Collection) General and Administrative (1) Sub-Total Debt Service Capital Outlay Appropriations, Donations and Other ’ Expenditures and Encumbrances "i C ' ■' 'v. : . * . . ; ^ EXPENDITURES and tNQUMBRANCES over REVENUES .. ^ Includes Charges for Water and L, 9nts furnished City by Utility Furtd. YEAR ENDED APRIL 30 INCREASE < 1948 1949 (DECREASE) —»T- M 67,170.72 63,237.79 19,231.16 9,257.50 19,930.42 6,809.67 84,053.94 62,221.75 22.157.86 10,175.25 : 23,766.52 10.410.87 16,883.22 ( 1,016.04) 2,926.70 917.75 3,836.10 3,601.20 185,637.26 212,786.19 27,148.93 32,379.27 9,047.72 6,910.97 61,096.49 31,146.49 31,353.15 10,398.61 3,849.14 56,006.63 35,544.00 ( 1,026,12) 1,350.89 ( 3,061.83) ( 5,089.86) 4,397.51 140,580.94 137,151.53 ( 3,429.41) 24,258.75 18,216.05 12,103.94 41,387.68 30,281.09 9,309.41 17,128.93 12,065.04 ( 2,794.53) 195,159.68 218,129.71 22,970.03 9,522.42 % * t ^ I 5,343.52 ( 4,178.90) • - ^, r ,Ar —rr'*/? I**- - ; ...— r- If: V' "A f r.? • ' : ft mi hi j,fi INCOME: €lectric Soles Water Sales Connections Other . T Total EXPENSES: Power Purchased Electric Maintenance Electric Operations Water Maintenance Water Operations Sewer Maintenance Sewer Operations Executive and Administrative Salaries Depreciation Interest on Bonded Debt Other General and Administrative Expenses YEAR ENDED APRIL 30 1948 1949 INCREASE (DECREASE) 207,243.78 243,349.13 36,105.35 45,057.70 47,102.89 2,045.19 6,690.54 7,263.25 572.71 ' 4,865.57 - 4,433.81 ( 431.76) 263,857.59 302,149.08 \ *38,291.49 79,897.75 14,475.25 9,739.57 6,540.96 27,251.43 #1,499.96 627.60 12,615.11 19,210.63 6,395.04 ■ ■ • ^ ‘ l jr , % J 4,302.63 192,555:93 71,301.66 96,066.78 20,344.38 9,536.92 9,049.52 27,198.30 2,353.66 2,031.97 16,169.03 5,869.13 ( 202.65) 2,508.56 ( 53.13) 853.70 1,404.37 Total NET PROFIT LESS, TURNED OVER TO GEN ERAL FUND: Cash • 54,000.00 Water and Electricity 9,237.79 Total AINEI LIGHT DEPARTMENT 11,549.10 ( 1,066.01) 22,536.51 3,325.88 8,332.91 , 1,937.87 13,449.01 ( 853:62) < |9,893pi 8,398.36 222,449.06 79,700.02 54,000.00 ♦ 8,221.75 (1,016.04) RETAINED by WATER and - - 63,23/79 8,063.87 62,221.75 ( 1,016.04) # 17,478.27 9,414.40 TT v