Elmira Water Profits Shown By Water Department Audit

Elmira Water Profits Shown By Water Department Audit

During the past two years the water department of Elmira, N. Y., has earned a net profit of $107,816.13. Two expenditures made, one of $15,606.60 for dismantling a pump at the filter plant, replaced by new apparatus, and another of $4,010 for rcliniug a small reservoir which were not considered in the calculations by the accountants when fixing the foregoing profits as they were carried on the department’s books as extraordinary charges when included add more than $20,000 to the above amount. More than $9,000 is allowed for depreciation by the accountants drawing off the statement, and figures show that $87,919 has been spent for improvements to the service. A resume of the business for the two years ending April 30, 1917, as presented by the auditors, follows. For the year ending April 30, 1916: Operating revenue, $186,512.63. Deduct pumping, storage, filtering and distribution expenses of $35,354.20; taxes, $10,187.22; administrative and general expenses, $9,302.67; reserve for depreciation, $7,295.76; a total of $62,139.87, leaving net operating income of $124,372.76. Add to this: Proportion of premium on bonds credited to profit and loss on account of retiral of bonds, $608.64. Earnings before charging interest on bonds and extraordinary repairs are then $124,981.40. Less interest on funded debt, $67,987.50. Leaves net earning before extraordinary charges, $56,993.90.

For the year ending April 30, 1917: Operating revenue, $201,784.24, Deduct pumping, storage, filtering, and distribution expenses, $45,825.57; taxes, $1,309.81; administrative and general expense, $10,319.55; reserve for depreciation, $7,918.96; a total of $65,373.85 leaving net operating income of $136,410.35. Add to this, proportion of premium on bonds credited to profit and loss on account of retiring of bonds, $53.85; earnings before charging interest on bonds and extarordinary repairs arc then $136,904.21. Less interest on funded debt, $66,525; leaves net cariungs before extraordinary charges $70,439.21.

Surplus account, April 30, 1917: Net earnings before charging special expenditure, year ending April 30, 1916, $56,993.90; year ending April 30, 1917, $70,439.21. Total, $127,433,11. Deduct extraordinary charges, year ending April 30, 1917: Proportion of cost of rclining reservoir, $1,010,38; proportion of cost of Worthington pump dismantled, $15,606.60. Total, $19,616.93. Surplus carried to balance sheet, $107,810,13. In their statement accompanying the balance sheet as they present it, the auditors explain that they believe it correct, but they draw attention to the disputed item of charges against the city, and leave the placing of the account dependent upon outcome of the suit between the water board and the city.

No posts to display