Newark, N. J., Water System Profits
The Newark, N. J., Water Department earned a net profit of $99,182 during the year ending December 31, 1913, according to a report submitted by President Charles L. Kraemer to the Board of Works. This is in contrast to a loss of $17,428.83 at the end of the previous year. The statement of earnings and expenditures during the year follows: Net sales of water and miscellaneous operating income $1,281,849.93; deduct operating expense accounts, $409,21 1.40, and interest and sinking fund payments on funded debt, $782,673.53, and add miscellaneous revenues. $9,217. Dr. Kraemer, in submitting the balance sheet to the board, emphasized as important, that the board had spent $315,000 in extensions during the year, and that the cash in bank has increased to the extent of $122,000. The president explained that it was practically impossible to comment on the reason for the increased earnings owing to the rearrangement of the accounting methods. It will be at least another year, the president added, before the board will be able to draw comparative conclusions on the new system. “At the same lime,” Dr. Kraemer said “I would inform you that the increase in the revenue from sales of water is $65,928.88. The decrease in the operating expenses is $76,000, which, with the increase in the sinking fund requirements of $28,000. practically explains our profit of this year in the amount of $99,182. It must become evident that these results are not only due to the accounting system but to the efficiency with which the department has been reorganized and conducted during the year.