USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1932 > Part 17
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Received from Miscellaneous Items 31,520.46
Total Debits
$318,143.00
CREDITS
Expenditures for Operating Accounts
$253,330.95
Bonds Paid
15,000.00
Town Treasurer-Appropriated Construction Refund
12,000.00
Interest Paid
3,772.50
Amount Transferred to Depreciation Fund 33,671.19
Amount Transferred to Construction Fund 368.36
Total Credits
$318,143.00
Balance, December 31, 1932
none
DEPRECIATION FUND
DEBITS
Balance of Account at beginning of year
$ 1,784.40
Amount Transferred from Income 33,671.19
Total Debits
$ 35,455.59
CREDITS
Amount Expended for Construction Purposes $ 18,113.17
Amount Expended for Feeder Construction Work 7,468.62
Amount Expended for Pole Renewals 2,394.69
Balance on Hand, December 31, 1932
7,479.11
Total Credits
$ 35,455.59
205
CONSTRUCTION FUND
DEBITS
Balance on Hand January 1, 1932
$ 413.45
Transferred from Operation Fund 368.36
Total Funds
$ 781.81
CREDITS
Amount Expended for Additions and Extensions
$ 413.45
Total Credits
$ 413.45
Balance on Hand, December 31, 1932
$ 368.36
SPECIAL CONSTRUCTION FUND-APPROPRIATION 1930
Balance on Hand January 1, 1932
$ 2,051.37
Transferred from Depreciation Fund 7,468.62
Total Debits
$ 9,519.99
Expenditures during year 1932 :
Poles, Fixtures, etc. Reading $ 4,550.57
Poles, Fixtures, etc. Lynnfield Center 1,780.76
Poles, Fixtures, etc. North Reading 2,320.63
Poles, Fixtures, etc. Wilmington
868.03
Balance on Hand December 31, 1932
none
Total Credits
$ 9,519.99
DATA FROM RECORDS OF PLANT
Kilowatt Hours Purchased
7,324,775
Kilowatt Hours for Reading Street Lights 422,748
Kilowatt Hours Sold 5,869,741
Kilowatt Hours Used at Station and Office
57,926
Kilowatt Hours Used for Christmas Decorations
2,386
Kilowatt Hours Unaccounted for
971,974
Coal Used-Net Tons
1,105
Average Cost of Coal per Net Ton
$4.91
Poles Added
143
Poles Removed
313
Feet of Wire Added
286,940 ft.
New Services Installed
252
New Street Lamps Installed
39
Meters Added
41
Connected Load, as of December 31, 1932
Number of Customers 5,547
Horse Power in Motors
2,275
Number of Public Street Lights
1,806
Number of Private Street Lights 13
206
READING
Number of Customers December 31, 1932. 3,021
Number of 60 candle power public street lights 557
Number of 100 candle power public street lights 14
Number of 250 candle power public street lights 148
Number of 600 candle power public street lights 74
Number of 60 candle power private street lights
2
Number of 100 candle power private street lights
3
Horse Power in Motors 1,897
Income for year $179,781.65
LYNNFIELD CENTER
Number of Customers December 31, 1932 440
Number of 60 candle power public street lights 166
Number of 60 candle power private street lights
1
Horse Power in Motors 27
Income for year
$17,551.38
NORTH READING
Number of Customers December 31, 1932 807
Number of 60 candle power public street lights 322
Number of 60 candle power private street lights 4
Horse Power in Motors 270
Income for year $ 33,681.25
WILMINGTON
Number of Customers December 31, 1932 1,276
Number of 60 candle power public street lights 497
Number of 50 watt public street lights 15
Number of 300 watt public street lights
8
Number of 600 candle power public street lights
5
Number of 60 candle power private street lights
3
Horse Power in Motors 81
Income for year $ 55,055.03
TABLE A
Year
Income from
Sale of
Electricity
Income from
Other Sources
Appropriations
from Tax Levy
Street Lights
Appropriations
from Tax Levy
Construction
Production
Distribution
Expense
Expense
Interest
Depreciation
Bond and
Note Payments
Total Cost
of Plant
December 31
1910
$25,668.87 $ 604.88 $10,000.00
$ 270.00 $13,228.57
$3,271.76 $4,429.32
$2,535.75
$3,556.00
$4,000.00
$135,992.62
1911
31,317.40
410.77
5,800.00
1,000.00
13,066.25
6,353.77 · 5,753.84
2,767.00
4,079.78
4,500.00
144,714.06
1912
37,171.93
599.07
5,000.00
5,500.00
17,546.87
5,605.41
5,605.18
3,018.21
4,143.80
7,200.00
173,091.96
1913
44,664.70
671.87
6,000.00
5,076.19
20,054.9)
10,705.42
10,214.88
3,515.40
4,788.80
6,800.00
202,518.81
1914
49,799.75
791.14
4,500.00
4,132.07
19,014.03
7,784,82
8,697.05
4,453.33
6,051.08
9,000.00
233.509.58
1915
51,603.32
640.25
10,500.00
none
18,292.78
10,329.83
7,730.32
4,640.42
6,972.28
9,500.00
254,349.09
1916
61,900.01
911.69
5,000.00
none
22,261.19
13,986.22
8,316.39
4,704.99
7,597.47
10,800.00
269,898.27
1917
67,593.64
2,422.92
8,750.00
none
30,460.16
14,557.81
11,577.08
5,070.43
8,096.95
11,300.00
285,428.2)
1918
78,096.09
1,537.86
11,000.00
none
41,006.13
13,572.51
11,311.54
6,882 24
8,529.85
14,800.00
348.871.03
1919
100,844.10
1,100.11
14,450.00
none
45,006.9 3
13,864.14
1-3,874.46
7,416.21
10,419.76
14,800.00
389,564.73
1920
126,152.11
1,094.66
11,000.00
none
56,187.7 !
17.035.95
17,142.48
7,850.70
15,507.13
18,300.00
421,048.2)
1921
135,886.69
219.20
17,500.00
none
52,738.98
24,453 15
16,594.65
7,423.10
16,767.55
19,300.00
449,540.12
1922
155,505.14
451.50
15,300.00
none
55,137.36
22,473.04
38,489.58
6,807.64
17,959.59
16,800.00
477,852.76
1923
166,783.32
464 31
14,800.00
none
62,619.57
20,247.54
15,607.11
6,437.28
19,011.08
15,800.00
505,983.28
1924
177,889.16
1,373.72
12,000.00
none
61,286.63
25,898 28
30,817.91
6,174.57
20,136630
15,800.00
530.147.23
1925
185,492.72
1,112.19
11,000.00
none
73,140.1 )
28,272 55
34,188.95
5,482.46
21,102.86
13,800.00
568,524.09
1926
201,956 03
467.05
12,000.00
none
88,478.9 .
29,349 46
31,167.10
5,100.14
22,637.93;
12,800.00
615,915.35
1527
221,343.72
599.88
13,500.00
none
67,661.31
50,863.76
34,551.95
4,763.62
24,533.58
15,800.00
651,367.92
1928
228,414.97
585.27
13,500.00
none
67,410.22
63,361.23
44,676 08
4,062.79
25,951.68
14,800.00
682,234.74
1929
245,942.45
861.14
13,000.00
none
71,418.2 7
67,309 66
49,303.18
3,440,81
27,186.35
13,800.00
729,196.45
1930
266,891.46
1,995.34
12,000.00
none
79,991.86
77,764.90
48,720.62
3,148.66
29,064.82
12,800.00
767,809.12
1931
263,259.47
4,855.99
13,500.00
none
80,091.66
84,502 49
49,164.87
3,764.01
30,609.33
13,000.00
844,355.52
1932
270,662.54
6,703.66
15,960.00
none
83,281.13
71,776.97
53,993.36
3,772.50
33,671.19
15,000.00
875,155.91
for
for
Expense
and Utilization
Miscellaneous
TABLE B
Year
K. W. H.
Generated
K. W. H.
Purchased
K. W. H. Sold
K. W. H.
Delivered to
Read'g. St. Lights
K .W. H. Used at
Stat'n. Stock R'm
& Appliance Rm.
K. W. H.
Unaccounted for
Net Tons of
Coal Used
Average Cost of
Coal Per Ton
Number of
Customers
Number of
Street Lights
Horse Power in Motors
1910
698,597
300,861
227,100
16,269
154,367
1,748.3
3.461
738
269
116 1-2
1911
771,011
367,317
244,055
15,403
144,236
1,807.6
3.341
888
382
215
1912
919,282
481,801
242,033
13,307
182,141
2,247.8
3.741
1,078
698
242 1-4
1913
1,045,592
599,893
255,744
15,283
174,672
2,680
3.941
1,263
903
272
1914
986,476
578,709
187,590
15,283
204,894
2,496.4
3.666
1,390
993
313 7-10
1915
980,688
548,607
156,505
10,403
265,173
2,298.2
3.578
1,599
1,181
381
1916
1,231,677
751,735
170,810
13,916
295,216
2,741.7
3.934
1,805
1,225
441
1917
1,291,216
812,507
168,535
12,464
297,710
3,086.7
6.348
1,964
1,295
492
1918
1,318,546
976,121
125,820
10,573
206,032
3,348.8
7.875
2,083
1,303
672
1919
2,056,834
1,358,028
172,948
189,067
336,791
3,640
7.517
2,333
1,339
886
1920
2,297,237
1,444,960
175,704
257,999
418,574
3,615
10,352
2,617
1,363
812.5
1921
2,193,092
1,471,698
178,892
146,205
396,296
3,308.4
10,171
2,939
1,473
1,120.5
1922
2,609,076
1,583,716
183,250
276,477
565,633
3,791.5
9.00
3,234
1,481
1,197.5
1923
3,039,677
3,520
2,046,848
183,935
342,189
470,225
4,577.7
8.94
3,666
1,494
1,367.5
1924
3,572,588
2,463,602
209,738
392,281
506,967
3,379.5
6.503
4,058
1,537
1,281.8
1925
4,051,182
25,495
2,848,309
241,476
383,152
578,245
6,317.7
6,358
4,472
1,572
1,395.2
1926
3,600,580
819,787
3,071,944
249,386
366,352
732,685
5,740.2
6,488
4,786
1,602
1,429
1927
406,693
4,396,397
3,676,545
261,361
58,249
806,935
947
6,609
5,017
1,635
1,630.9
1928
none
5,097,768
3,898,620
259,482
25,625
914,041
204
6,354
5,085
1,655
1,723.5
1929
103,985
6,362,853
5,240,360
278,217
56,369 1,163,488
378
6,783
5,221
1,723
2,354.25
1930
none
7,050,708
5,355,542
298,730
52,117
979,492
150
5.75
5,380
1,758
1,592
1931
none
6,885,880
5,640,426
324,162
51,932
857,870
145.8
5.04
5,487
1,762
2,527
1932
none
7,324,775
6,292,489
422,748
57,926
971,974
129,9
4.91
5,547
1,806
2,275
209
TABLE C Production Costs Per K. W. H. Based on Total K. W. H. Delivered at Switchboard
K. W. H.
Year
Purchased
Fuel
Labor
Repairs and other Total Station Expense Costs
1910
.0086
.0075
.0026
.0187
1911
.0078
.0069
.0021
.0168
1912
.0091
.0071
.0027
.0189
1913
.0101
.0070
.0020
.0191
1914
.0092
.0082
.0017
.0191
1915
.0085
.0087
.0013
.0185
1916
.0087
.0071
.0022
.0180
1917
.0144
.0075
.0015
.0234
1918
.0200
.0085
.0025
.0310
1919
.0133
.0066
.0019
.0218
1920
.0162
.0071
.0009
.0242
1921
.0153
.0077
.0009
.0240
1922
.0131
.0066
.0014
.0211
1923
.0134
.0057
.0014
.0205
1924
.00979
.0055
.00166
.01695;
1925
.00991
.0054
.00272
.01803
1926
.0285
.01034
.0056
.00212
.0200
1927
.01116
.01205
.00246
.00390
.01743
1928
.01227
None
.00170
.00225
.01622
1929
.01051
.01444
.00141
.00150
.01349
1930
.01106
None
.00124
.00127
.0136
1931
.01134
None
.00128
.00027
.0129
1932
.01107
None
.00119
.00027
.0125
TABLE D Average Cost Per K. W. H. As Defined by Chapter 164, General Laws
1912
1913
1914
1915
1916
1917
1918
Operating Costs :
.0397
.0483
.0362
.0586
.0467
.0577
.0538
Fixed Costs :
.0198
.0176
.0254
.0299
.0261
.0249
.0274
Total Costs :
.0595
.0659
.0616
.0885
.0728
.0826
.0812
1919
1920
1921
1922
1923
1924
1925
Operating Costs :
.0509
.0558
.0640
.0561
.0494
.0377
.0442
Fixed Costs :
.0213
.0259
.0330
.0278
.0185
.0138
.0131
Total Costs :
.0722
.0817
.0970
.0839
.0679
.0515
.0573
1926
1927
1928
1929
1930
1931
1932
Operating Costs :
.0448
.0395
.0414
.0359
.0344
.0368
.0332
Fixed Costs :
.0129
.0115
.0116
.0085
.0075
.0079
.0083
Total Costs :
.0577
.0510
.0530
.0444
.0419
.0447
.0415
210
ACCOUNTS PAYABLE December 31, 1932
Totals December
and Prev. November October
Condit Elec. Míg. Corp. ..
$ 9.00
$ 9.00
Edison Electric Ill. Co. . .
17,182.46
$ 8,630.44 $ 8,542.13
Electromaster, Inc.
13.93
15.74
29.67
Wstnghs Elec. & Mfg. Co.
20.15
9.85
30.00
Boston & Maine R. R.
1.50
1.50
Chase-Parker & Co., Inc.
9.00
9.00
Clapp & Leach, Inc.
3.82
3.82
Electric Time Co.
2.25
2.25
Flexlume Sign Maint. Co.
2.76
2.76
Frost Insecticide Co ..
6.50
6.50
Gen. Elec. Supply Corp.
49.52
49.52
Kelvinator Sales Corp.
...
61.05
61.05
Loman Elec. Supply Co.
36.53
36.53
W. N. Matthews Corp.
118.25
118.25
Milhender Elec. Supply Co.
323.94
323.94
Miller Mfg. Co.
12.00
12.00
N. E. Tel. & Tel. Co.
85.03
85.03
Texas Company
133.66
133.66
B. F. Waldron & Son
22.57
22.57
Webster-Thomas Co.
12.22
12.22
Wilmington News
66.50
66.50
Wendell Bancroft & Co.
.20
.20
Cummings Express Co.
. .
18.09
18.09
Francis Bros.
17.37
17.37
F. S. Hardy & Co.
14.78
14.78
Max G. Horovitz Co.
7.00
7.00
Landers, Frary & Clark
3.28
3.28
H. B. McArdle
2.00
2.00
McBee-Binder Co.
.47
.47
Railway Exp. Agency, Inc.
.90
.90
Reading Chronicle
15.05
15.05
Reading Motor Co.
12.19
12.19
Spaulding-Moss Co.
35.87
35.87
Woburn Machine Co.
1.39
1.39
Kenney Service Station
...
6.00
6.00
M. F. Charles
16.55
16.55
Good Housekeeping Shop .
2.60
2.60
Edwin L. Wiegand Co. ....
.59
.59
Comm. Mass. Dpt. Pb. Wks.
340.20
340.20
Lowell Elec. Light Corp. ..
64.18
64.18
211
Robbins & Mander Stove Co.
106.90
106.90
George H. Wahn Co.
.83
.83
Federal Excise Tax
647.41
647.41
$19,393.77 $10,894.72 $ 8,567.72
$ 68.67
FIDELITY SCHEDULE BOND-BONDED EMPLOYEES As of December 31, 1932
3 George M. Roundy
Collector
Lynnfield
Amt. $1,000.00
$ 4.00
4 Clarence L. Thomas
Asst. Supt. Distrib. Rea.
1,000.00
4.00
6 Arthur G. Sias
Manager
66
5,000.00
20.00
8 Edward O. Herrick
Service Dept. Man.
1,000.00
4.00
10 John R. Anderson
Service and Patrol.
1,000.00
4.00
16 Paul E. Lane
Rec. Rm. Clerk
6
1,000.00
4.00
18 Charles E. Tasney
Collector
2,000.00
8.00
21 Hazel K. Ainsworth
Cashier
5,000.00
20.00
22 Christine Cheney
Bookkeeper
66
5,000.00
20.00
25
Kathleen H. Merritt
Clerk
1,000.00
4.00
29
Ralph G. Babcock
Office Manager
5,000.00
20.00
30 Benjamin Downs
Meter Reader
1,000.00
4.00
32
Doris S. Parker
Clerk
1,000.00
4.00
33 Joseph B. Mc Mahon
Coll. Agt.
Wilming'n
3,000.00
12.00
34 Harold R. Metcalf
Meter Reader
Rea.
1,000.00
4.00
36 Merrill P. Reed
Service Man
1,000.00
4.00
39
S. Leslie Bertwell
Service Man
1,000.00
4.00
40
Iris L. Birnie
Stenographer
1,000.00
4.00
41 Hector Gianascol
Meter Supervisor
1,000.00
4.00
42 Lyman E. Abbott
Collection Agt. N. Rea.
1,000.00
4.00
43 Roland C. Deming
Asst. Coll. Agt.
Wilm.
3,000.00
12.00
45 Robert C. Snow
Sales Manager
Lynn
1,000.00
4.00
46 Roger W. Potter
Salesman
Rea.
1,000.00
4.00
48 Leonard C. Whittredge
Bookkeeper
1,000.00
1.33
MUNICIPAL LIGHT DEPT. REPORT OF AUDIT Year Ended December 31, 1932
To the Municipal Light Board,
Town of Reading,
Massachusetts.
Gentlemen :
Pursuant to your request we have examined the books of account and financial records of the Municipal Light Department for the year ended December 31, 1932.
66
Prem.
212
We submit the following exhibits and schedules as a result of our audit and from information furnished to us :
Exhibits
"A"-Comparative Balance Sheet as at December 31, 1932 and 1931.
"B"-Comparative Statement of Operations for the Years ended December 31, 1932 and 1931.
"C"-Comparative Analysis of Profit and Loss for the Years ended December 31, 1932 and 1931.
Schedules
"1"-Comparative Detailed Statement of Income for the Years ended December 31, 1932 and 1931.
"2"-Comparative Detailed Statement of Operating Expenses for the Years ended December 31, 1932 and 1931.
The following comments are submitted in explanation of certain accounts appearing in this report, and of the scope of our examination :
Plant Investment-$487,813.60.
The net additions to plant investment accounts amounted to $30,- 545.01 for the year ended December 31, 1932, which are classified as follows :
Structures-Garage and Storeroom 392.13
Electric Plant Steam
2,071.66
Poles, Fixtures and Overhead Conductors 24,666.28
Underground Conduits 35.60
Underground Conductors
300.00
Consumers' Meters
1,404.83
Consumers' Meter Installations
354.72
Line Transformers
1,351.55
Transformer Installations
853.93
Street Lighting Equipment
285.69
Total Net Additions $ 30,545.01 A series of test's was made to satisfy ourselves that the charges to plant accounts were proper capital additions.
Depreciation charges for the year 1932 amounted to $33,671.19, based on 4 per cent of the cost of Plant Investment as at the beginning of the year. This rate of depreciation conforms with the basis granted by the Department of Public Utilities. As it is the practice of this Department to apply depreciation directly to the asset accounts, the balances shown in Exhibit "A" represent depreciated values.
General Equipment-$17,306.22
The various equipment accounts as shown in Exhibit "A" repre- sent inventory values as of December 31, 1932. Book values were ad- justed to conform with the inventories furnished us.
213
Unfinished Contruction-$217.50
This represents the cost of uncompleted prospects as of December 31, 1932, viz :
Plans for the proposed 4,000 volt switching equipment $ 135.00
Plans for the proposed underground system to
Haven Street 82.50
Total
$ 217.50
Construction and Depreciation Funds-$7,847.47
These funds were on deposit with the Town Treasurer as at De- cember 31, 1932, and the balances were certified as correct by the Town Accountant.
As at December 31, 1932, the balance of the Operating Fund, amounting to $368.36, was transferred to the Construction Fund in ac- cordance with a vote at the annual Town Meeting.
The balances of the various funds are shown in detail in Exhibit "A".
Expenditures as shown by "Bills Approval Sheets" were examined and the totals checked to the Cash Book.
Petty Cash Fund-$250.00
The fund is used for the purpose of making change and the pay- ment of petty expenses.
A summary of our verification of the petty fund is as follows :
Cash and Checks on Hand $ 832.65
57.12
Receipts properly signed
Collector's Fund (not counted)
10.00
Total
$ 899.77
Less :
Receipted Bill Stubs
$ 649.97
Balance accounted for
$ 249.80
Shortage
.20
Balance per books
$ 250.00
Consumers' Deposit Fund-$7,340.97
This amount represents funds received from customers to guar- antee payment of bills due this Department. Verification of the above balance was made by examination of a Mechanics Savings Bank pass book which revealed funds on deposit equal to the consumers' deposit liability.
Notes Receivable-$404.85
We examined a note signed by George W. Davis to the order of the Light Department for the above amount with interest at the rate of 6 per cent per anum. This note was dated June 28, 1932 and is
214
due within a period not exceeding two years, with the provision that a payment of $10.00 on the principal should be made monthly, or the balance would be due and payable forthwith. As no payments had been made on the principal to December 31, 1932, this amount was due on demand in accordance with the foregoing provision.
Accounts Receivable Consumers'-$22,430.25
We compared individual consumer ledger balances with schedules furnished us by the Department, and the total due from consumers as shown by these schedules agreed with the route and general ledger controls.
During the year 1932, accounts aggregating $1,920.59 were charged off as uncollectible.
No direct verification was made with consumers.
Accounts Receivable Miscellaneous-$6,891.56.
This amount represents unpaid balances as at December 31, 1932, on account of sales of electric appliances, lamps, jobbing and electrical services, etc. We compared individual ledger balances to schedules furnished us by the Department, the total of which agreed with the above amount.
Included in this total amount outstanding were unpaid lease ac- counts amounting to $2,655.82.
Lease accounts were recorded on regular jobbing ledger forms with- out sufficient information regarding the terms of the sales to readily de- termine the exact status of each account without examining the in- dividual leases. We renew our previous recommendation of transferring this class of accounts to appropriate ledger cards.
Materials and Supplies-$50,348.43.
The inventories of the various classes of materials and supplies were taken by employees of the Department, which were furnished us priced and calculated. We tested mathematical calculation, but made no check of physical quantities.
The above is subdivided as follows :
General Line Materials $ 24,950.26
Station Tools and Appliances 403.56
Distribution Tools and Appliances
5,833.98
Printing and Office Supplies 1,107.96
Lamps and Appliances
17,205.63
Coal
471.71
Station Supplies
375.33
Total
$ 50,348.43
Book accounts were adjusted to conform with these inventory values.
215
Unexpired Insurance Premiums-$812.22
This represents the unexpired portion of insurance premiums as of December 31, 1932, which we computed from policies furnished us, and those in possession of the Town Treasurer.
Appropriation For Construction-$18,678.26
The Department transferred $12,000.00 to the general funds of the Town in accordance with Article 4 as voted at the annual Town Meeting.
Bonds Payable-$81,500.00
A total of $15,000.00 Municipal Lighting Department serial bonds were retired during the year. This retirement was in accordance with provisions of various bond agreements.
No additional bonds were issued during the year.
Verification of the balances of outstanding issues as at December 31, 1932 was made by comparison with the Town Treasurer's records.
Accounts Payable-$19,393.77
A list of unpaid creditors' accounts as of December 31, 1932 was compared with the unpaid invoices recorded on the books, and the to- tal was in agreement with the General Ledger Control. Included in this amount is $647.41 representing the collections of Federal tax on electric energy during the month of December.
These accounts may be aged as follows :
December Invoices $ 10,894.72
November Invoices
8,567.72
October and prior 68.67
Total
$ 19,393.77
Consumers' Deposit Liability-$7,340.97
We examined individual deposit cards and the total of the bal- ances was in agreement with the above liability. Customers whose deposits had been in the custody of the Department for six months or more received interest at the rate of 4 per cent per annum.
Other Liabilities-$730.99
The Federal tax on electrical energy billed to customers, but un- paid as at December 31, 1932 is set forth in this account.
Interest Accrued on Bonds-$679.79
Interest accrued but not due on the balance of the various issues.
Other Accrued Items-$250.00
This represents a loan from the Town Treasurer to the Depart- ment for petty cash purposes.
216
Loans Repayment-$344,400.00
The increase of $27,000.00 in this account during the year is ac- counted for as follows :
Retirement of serial bonds $ 15,000.00
Partial repayment to Town Treasury on original appro- priations for construction voted out of tax levy in previous years 12,000.00
Total Increase $ 27,000.00
Profit and Loss-$128,689.29
An analysis of this account is shown in Exhibit "C", which reflects a profit of $34,092.29 for the year ended December 31, 1932. After taking into consideration loan repayments, together with minor ad- justments there remained a net addition to this account of $7,119.03.
Operating Revenue-$286,997.80.
There was an increase of $9,989.19 in revenue for the year ended December 31, 1932 over the previous year as set forth in Exhibit "B".
Operating Expenses-$237,824.10
This amount reflects a reduction in operating expenses of $3,635.39 for the year ended December 31, 1932 over preceding year.
General Comments
From our observations of the office procedure of the Lighting De- partment, it appeared that the general work was done efficiently.
We also noted that considerable effort was expended by the Office Manager in following a definite policy regarding collections of electric Consumers' accounts.
From an examination of a list of bonded employees, it would appear that the Department is adequately protected.
It is still apparent that the Department would be benefited by the installation of a work order system whereby the classification of the cost of additions or replacements of plant accounts would be centralized.
In our opinion, we also believe that the maintenance of a properly conducted stock control system would be of great assistance. This would aid in the elimination of the present inventory adjustments which occur regularly each year, together with the fact that information re- garding stock on hand would always be available for purchasing re- quirements.
Respectfully submitted,
CHARLES E. STANWOOD & SONS, INC.
217
TOWN OF READING-MUNICIPAL LIGHT DEPARTMENT EXHIBIT "A" COMPARATIVE BALANCE SHEET December 31, 1932-December 31, 1931
ASSETS
1932
1931
Increase Decrease*
Plant Investments
111
Land
$ 2,575.80
$ 2,575.80
$ .00
113
Structures
34,697.60
35,190.51
492.91*
114
Boiler Plant Equipment
19,525.04
22,312.91
2,787.87*
115
Prime Movers & Auxiliaries
8,163.73
9,324.27
1,160.54*
116
Turbo-Generator Units
12,470.49
14,345.32
1,874.83*
125
Poles, Fixtures and Overhead Conductors
239,419.94
230,757.11
8,662.83
126
Underground Conduits
20,659.03
21,261.27
602.24*
127
Underground Conductors ..
15,069.67
16,010.07
940.40*
128 Consumers' Meters
37,178.55
38,343.30
1,164.75*
129 Consumers' Meter Install's.
6,483.03
6,527.53
44.50*
130 Line Transformers
41,171.30
42,584.80
1,413.50*
131 Transformer Installations .
4,819.57
4,257.14
562.43
132
Street Lighting Equipment
14,016.95
15,703.40
1,686.45*
133
Consumers' Premises Equip.
145.37
162.53
17.16*
TOTAL PLANT INVESTMENT $487,813.60
$490.939.78
$ 3,126.18*
General Equipment
150 Office Equipment
$ 10,704.75
$ 8,491.56 $ 2,213.19
152 Stores Equipment
580.88
659.58
78.70*
153 Transportation Equipment
3,021.75
4,029.00
1,007.25*
154 Laboratory Equipment
1,378.03
1,395.56
17.53*
155
Miscellaneous Equipment ..
1,620.81
1,858.18
237.37*
TOTAL GENERAL EQUIPMENT $ 17,306.22
$ 16,433.88
$ 872.34
201 Unfinished Construction . .
$ 217.50
$ 135.00
$ 82.50
TOTAL INVESTMENTS
$505,337.32
$507,508.66 $
2,171.34*
...
117
Electric Plant-Steam
31,417.53
31,583.82
166.29*
218
Current Assets :
204-2 Construction Fund
$ 368.36
$ 413.45 $
45.09*
204-3 Petty Cash Fund
250.00
250.00
.00
204-4 Construc'n Fund Spec. '30
.00
2,051.37
2,051.37*
205-1 Depreciation Fund . .
7,479.11
1,784.40
5,694.71
205-2 Consumers' Deposit Fund
7,340.97
6,978.75
362.22
206 Notes Receivable
404.85
.00
404.85
207-1
Accounts Rec .- Consumers'
22,430.25
21,517.54
912.71
207-2
Accts. Rec. Micscellaneous
6,891.56
10,139.58
3,248.02*
209-1 Material and Supplies-
General
24,950.26
31,772.71
6,822.45*
2 Station Tools & Applian's
403.56
410.09
6.53*
3 Distribution Tools and Appliances
5,833.98
5,053.89
780.09
4 Printing & Office Supplies
1,107.96
768.00
339.96
5 Lamps and Appliances
17,205.63
19,834.93
2,629.30*
6 Coal Supplies
471.71
613.67
141.96*
9 Station Supplies
375.33
436.88
61.55*
TOTAL CURRENT ASSETS
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