USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1934 > Part 21
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348.871.08
1919
100,844.10
1,100.11
14,450.00
none
45,006.93
13,864.14
13,874.46
7,416.21
10,419.76
14,800.00
389,564.73
1920
126,152.11
1,094.66
11,000.00
none
56,187.74
17.085.95
17,142.48
7,850.70
15,507.13
18,300.00
421,048.20
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
1923
165,971.81
464.31
14.800.00
none
62,732.83
20,247.54
27,138.65
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
32,451.22
6,174.57
20,136.30
15,800.00
530,147.28
1925
185,492.72
1,112.19
11,000.00
none
73,140.10
28,272.55
34,767.23
5,482.46
21,102.86
13,800.00
568,524.09
1926
201,956.03
3,421.99
12.000.00
none
88,478.94
29,349.46
34,513.46
5,100.14
22,637.93
12,800.00
615,915.35
1927
221,343.72
625.30
13,500.00
none
67,661.31
50,863.76
37,505.89
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
71,418.27
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
276,759.47
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
286,622.54
6,334.73
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
1933
274,696.67
3,129.93
15,200.00
none
80,244.08
56,319.49
48,573.69
3,031.04
34,892.99
12,000.00
908,052.06
1934
264,735.32
3,553.44
13,800.00
none
86,120.77
70,772.83
48,265.75
2,906.05 36,219.05 10,000.00
935,464.20
1922
155,505.14
675.94
15,300.00
no11e
55,137.36
22,473.04
21,749.07
6,807.64
17,959.59
16,800.00
477,852.76
for
for
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
146,206
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
928
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
1933
none
7,213,269
6,259,657
375,574
63,444
890,168
92.5
4.53
5,652
1,827
2,165
1934
none
7,516,389
6,522,197
407,660
69,229
924,963
91.5
5.75
5,626
1,864
1,907
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
1933
.01094
None
.00107
.00017
.0122
1934
.01120
None
.00125
.00025
.0127
TABLE D
Average Cost Per K. W. H. As Defined by Chapter 164, General Laws
1912
1913
1914
1915
1916
1917
1918
1919
Operating Costs :
.0397
.0483
.0362
.0586
.0467
.0577
.0538
.0509
Fixed Costs :
.0198
.0176
.0254
.0299
.0261
.0249
.0274
.0213
Total Costs :
.0595
.0659
.0616
.0885
.0728
.0826
.0812
.0722
1920
1921
1922
1923
1924
1925
1926
1927
Operating Costs :
.0588
.0640
.0561
.0494
.0377
0442
.0448
.0395
Fixed Costs :
.0259
.0330
.0278
.0185
.0138
.0131
.0129
.0115
Total Costs :
.0817
.0970
.0839
.0679
.0515
.0573
.0577
.0510
Operating Costs :
.0414
.0359
.0344
.0368
.0332
.0295
.0315
Fixed Costs :
.0116
.0085
.0075
.0079
.0083
.0080
.0075
Total Costs :
.0530
.0444
.0419
.0447
.0415
.0375
.0390
1928
1929
1930
1931
1932
1933
1934
259
VOUCHER REGISTER BALANCE December 31, 1934
Totals
December November
October and Previous
Prentiss & Parker
$
14.55
$ 14.55
Edison Elec. Ill. Co. ..
26,769.36
$ 9,157.88
8,780.93
$ 8,830.55
Amer. Fire Equip. Co., Inc.
4.65
4.65
E. B. Currell & Son ..
54.30
54.30
T. C. Fife
42.92
22.24
20.68
T. C. Guinan
8.48
8.48
Kelvinator Sales Corp.
85.96
25.70
60.26
Reading Chronicle ...
125.50
50.00
75.50
Robbins-Phalon Co. ...
185.51
131.34
54.17
Wm. J. Sullivan, Town Clerk
3.00
3.00
The Texas Co.
255.53
159.06
96.47
Edwin L. Wiegand Co.
3.85
2.85
1.00
Bristol Co.
9.55
9.55
M. F. Charles
15,25
11.55
3.70
Chicago Flexible Shaft Co.
4.38
4.38
Condit Elec. Mfg. Corp.
284.15
284.15
G. E. Supply Corp.
219.85
187.61
32.24
Alfred E. Goodwin ....
1.25
1.25
Hygrade Sylvania Corp.
600.13
169.21
430.92
Landers, Frary & Clark
19.88
17.18
2.70
Malone Brothers
7.81
1.89
5.92
H. B. McArdle
6.25
6,25
L. E. Muran Co.
20.82
1.58
19.24
Geo. H. Wahn Co. . ..
812.01
366.05
445.96
M. J. Walsh, Postmas- ter, N. R.
22.48
22.48
Westinghouse Elec. & Mfg. Co.
18.79
18.79
American Elec. Serv. &
Maint. Co.
70.98
70.98
George H. Buckminster Co.
307.64
178.39
129.25
Clapp & Leach, Inc. ..
571.30
201.76
369.54
Century Wood
Pre-
serving Co. . .. . .. .
861.30
672.30
189.00
Davis Emer. Equip. Co.
15.20
15.20
260
October and Previous
Totals
December November
Dyer-Clark Co. ...
33.92
23.74
10.18
Gorham Fire Equip. Co.
8.01
8.01
Graybar Elec. Co., Inc.
160.78
97.48
63.30
Max G. Horovitz Co. ..
8.12
8.12
Hughes Motor Mart,
Inc.
19.13
19.13
Line Material Co.
14.50
14.50
Malden Auto Spring
Service, Inc. ......
3.57
3.57
Premier Vacuum Cean- er Co.
5.99
5.99
Sager Electrical Supply Co.
57.00
52.00
5.00
Seaman's Elec. Shop, . Inc.
1.25
1.25
M. W. Vye Co.
35.16
35.16
Walker & Pratt Mfg.
Co.
23.00
23.00
Wetmore-Savage Elec.
Supply Co.
411.39
388.97
22.42
General Electric Co. ..
36.13
11.23
24.90
N. E. Tel. & Tel. Co. ..
273.40
138.99
134.41
Sweetser Coal Co.
$ 243.60
$
243.60
Edward Atkins
57.15
26.37
30.78
Bigelow & Dowse Co.
42.00
42.00
Buckwalter Stove Co. :
.78
.78
Christian Science Pub. Society
17.50
14.00
3.50
Dickie-Raymond, Inc. .
114.50
114.50
Elec. Time Co., Inc.
27.19
27.19
Electromaster, Inc.
112.75
24.49
88.26
Hodson Brothers .....
5.45
5.45
Lowell Elec. Light Corp.
18.53
10.18
8.35
Geo. W. Marshall
5.05
2,25
2.80
A. E. Martell Co., Inc ..
28.02
1.56
26.46
Milhender, Inc.
697.39
489.51
207.88
Rutenber Elec. Co.
10.68
10.68
Spaulding-Moss Co.
1.55
1.06
.49
Whirldry Corp.
5.94
5.94
Francis Bros.
44.38
23.10
21.28
G. H. Atkinson Co.
9.00
9.00
261
October and Previous
Totals
December November
Wendell Bancroft & Co.
1.38
.62
.76
Barry Motor Parts, Inc.
4.40
4.40
Blackstone Mfg. Co. ..
1.05
1.05
Brooks' Express
40.30
16.55
23.75
Chase, Parker & Co., Inc.
9.18
9.18
Dover Mfg. Co.
.10
.10
Hook & Coward
118.37
16.39
101.98
Laing Chevrolet Co. .
2.90
2.00
.90
Mathias-Hart Co. . ...
7.42
7.42
Sargent's Express ....
.35
.35
Sipho Products Corp. .
5.67
5.67
Sweeper-Vac Co.
10.50
10.50
Tyer Rubber Co .. . ...
13.40
13.40
Vulite Products Co. ..
5.50
5.50
B. F. Waldron & Son .
14.45
4.20
10.25
Webster-Thomas Co. .
120.21
120.21
Petroleum Heat &
Power Co.
107.91
61.11
46.80
Charles H. Dunham ..
40.00
40.00
Addressograph Co. ...
2.10
2.10
Boston Herald-Travel- er Corp.
20.00
20.00
Henry Jenkins Trans. Co.
.91
.91
Liberty Mutual Ins. Co.
487.28
487.28
Medford Buick Co.
34.77
34.77
Northeastern Co. . .
37.12
37.12
Town of Reading .
49.90
49.90
Reading Motor Co. ...
13.70
13.70
Roberts & Mander
Stove Co.
.......
13.50
13.50
Boston & Maine R. R.
7.52
7.52
Detroit Vapor Stove Co.
12.54
12.54
Fairbanks, Morse & Co.
.88
.88
262
-
October and
Totals
December November Previous
Lewis of Lynn
3.00
3.00
Robeson
Rochester
Corp.
.27
.27
Cummings Express Co.
$
2,80
$
2.80
Decatur & Hopkins ..
89.04
89.04
Eagle Oil & Supply Co.
2.13
2.13
A. C. Gilbert Co.
2.38
2.38
Martin B. Hartshorn
1,811.23
1,811.23
R. A. Lufkin
2.04
2.04
Works.
9.00
9.00
Railway
Express
Agency, Inc.
3.69
8.69
Henry Doucette
5.95
5.95
F. Clifford Evans
1.00
1.00
Frank Rossman
1.90
1.90
R. C. Snow
14.70
14.70
Petty Cash
26.45
26.45
Frank S. Eaton
.75
.75
Gallant's Elec.
Motor
Service
10.80
10.80
Industrial
Jewel Co.,
Inc.
7.66
7.66
Wilmington News
56.80
56.80
H. J. Montgomery ....
16.45
16.45
B. F. Sturtevant & Co., Inc.
2.15
2.15
Boston Easy Washer Dist., Inc. . .
.89
.89
Frigidaire Sales Corp. .
3.08
3.08
R. T. Pender, Inc. ...
1.60
1.60
Service Recorder Co. .
1.85
1.85
Wm. J. Sullivan, Town Clerk, N. R.
3.00
3.00
Boston Review
10.00
10.00
Taylor Calhoun Co. .. Des Roberts Electric
6.80
6.80
Supply Co.
5.43
5.43
Fred F. Smith, Inc.
.30
.30
$ 37,246.89
$ 15,599.82
$ 12,816.52 $ 8,830.55
North Star Plating
.. .
263
LIST OF EMPLOYEES BONDED
Arthur G. Sias
Manager
Reading
$5,000
Ralph G. Babcock
Office Manager
5,000
Leonard C. Whittredge
Bookkeeper
1,000
Hazel K. Ainsworth
Cashier
5,000
Christine Cheney
Asst. Cashier
5,000
Evelyn M. Benjamin
Stenographer
"
1,000
Iris L. Birnie
Clerk
"
1,000
Charles E. Tasney
Collector
"
2,000
Paul Edwin Lane
Receiving Rm. Clerk
1,000
Benjamin J. Downs
Meter Reader
1,000
Harold R. Metcalf
Meter Reader
1,000
Roger W. Potter
Meter Reader
1,000
Hector Gianascol
Meter Supervisor
"
1,000
Robert C. Snow
Sales Manager
Lynn
2,000
Doris Smith Parker
Clerk
Reading
1,000
F. Clifford Evans
Salesman
1,000
W. Frank Rossman
Salesman
1,000
Edward O. Herrick
Service Dept Mgr.
1,000
John R. Anderson
Service Man
"
1,000
Merrill P. Reed
Service Man
1,000
S. Leslie Bertwell
Service Man
1,000
Clarence L. Thomas
Supt. Distribution
"
1,000
George M. Roundy
Collector
Lynnfield
2,000
Lyman E. Abbott
Collector
N. Reading
2,000
Joseph B. McMahon
Collector
Wilmington
3,000
Roland C. Deming
Collector
Wilmington
3,000
$50,000
264
TOWN OF READING-MUNICIPAL LIGHT DEPARTMENT REPORT OF EXAMINATION For the Year Ended December 31, 1934.
February 4, 1935. Town of Reading,
To the Municipal Light Board,
Massachusetts.
Gentlemen :
Pursuant to your instructions, we have examined the books of account and financial records of the Municipal Light Department for the year ended December 31, 1934.
As a result of this examination, and from information furnished us, we present the following exhibits, schedules and comments.
Exhibits:
"A"-Comparative Balance Sheet as at December 31, 1934 and 1933. "B"-Comparative Statement of Operations for the years ended December 31, 1934 and 1933.
"C"-Comparative Statement of Profit and Loss for the years ended December 31, 1934 and 1933.
Schedules:
"1"-Comparative Classified Statement of Income for the years ended December 31, 1934 and 1933.
"2"-Comparative Classified Statement of Operating Expenses for the years ended December 31, 1934 and 1933.
"3"-Detail of Bonds and Notes Authorized, Issued and Out- standing as at December 31, 1934.
"4"-Comparative Statement of Merchandise Operations for the years ended December 31, 1934 and 1933.
"5"-Comparative Statement of Jobbing Operations for the years ended December 31, 1934 and 1933.
"6"-Comparative Statement of Line Loss for the years ended December 31, 1934 and 1933.
In explanation of certain accounts, and of the scope of our ex- amination, the following comments are submitted.
Plant Investment-$516,414.64.
The net additions to plant investment accounts, amounting to $66,- 561.55 for the year ended December 31, 1934, are summarized as follows : Poles, Fixtures and Overhead Conductors $ 11,305.41 Underground Conduits 15,852.02
Underground Conductors 28,528.52
Consumers' Meters 1,907.38
Consumers' Meter Installations 1,431.63
265
Line Transformers 1,139.53
Street Lighting Equipment 5,912.76
Transformer Station and Substation Equipment 484.30
Total Additions $ 66,561.55 Included in the afore-mentioned additions was $50,462.26 applicable to the underground system installed on Haven and Main Streets.
Haven Street - Conduits $ 12,041.02
Haven Street - Conductors 8,730.13
Haven Street - Street Lighting Equipment 2,829.62
Haven Street - Transformers 932.24
Main Street - Conduits 3,811.00
Main Street - Conductors 19,798.34
Main Street - Street Lighting Equipment 2,319.36
Total $ 50,462.26
Under Article 31 of the Warrant acted upon at the last Town Meeting, authorization was given the Municipal Light Board to install the underground system on Haven Street, between Main and High Streets, for which the Town Treasurer, upon authorization, issued $20,000.00 of 3% coupon notes to assist in financing the above project. It appears that the expenditures from special Construction and De- preciation funds on account of the Haven Street project exceeded the face value of the notes issued by $4,533.06. The balance of the net addi- tions to plant was paid from Depreciation and Construction funds.
A thorough test of the direct purchases applicable to these ac- counts was made, and we believe them to be proper capital charges.
Materials requisitioned out of stock as recorded on line reports, together with transportation and other indirect costs, were not checked due to the fact that under the present accounting system these charges were summarized monthly and charged to the various capital and ex- pense accounts, then filed by streets.
We renew our recommendation that this system be changed to give the results as outlined in our previous reports.
Depreciation charges for the year 1934 amounted to $36,219.05 based on 4% of the cost of Plant Investment as at the beginning of the year. This rate of depreciation is authorized by the Department of Public Utilities. As it is the policy of this Department to apply depreciation directly to the asset accounts, the balances shown in Exhibits "A" attached represent depreciated values.
General Equipment-$13,515.26.
The various classes of equipment detailed in Exhibit "A" were inventoried by the heads of the several departments, and the books were adjusted to those appraised values as at December 31, 1934.
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Unfinished Construction-$2,076.53.
This represents the cost of incompleted projects as at December 31, 1934, summarized as follows :
Plans for proposed 4,000 volt switching equipment . .
$ 185.00
Cost of temporary tie-in at the Station of the Over-
head and Underground systems 1,891.53
Total $ 2,076.53
Construction and Depreciation Funds-$2,243.31.
These funds, on deposit with the Town Treasurer as at Decem- ber 31, 1934, were confirmed by the Town Accountant.
The balance of the operating fund was transferred to the construc- tion fund in accordance with the vote on Article 4 of the Warrant acted upon at the last Town Meeting.
The balances of these funds are shown in detail in Exhibit "A". We examined "Bills Approval Sheets" and thoroughly tested addi- tions and entries to the cash book for the year.
Petty Cash Fund-$250.00.
This fund, which is used for the payment of petty expenditures, together with making change, was counted and after taking into con- sideration properly signed vouchers, was found to be correct.
Consumers' Deposit Fund-$7,587.89.
We have examined a savings bank book of the Mechanics Savings Bank, which reflected the above balance as being on deposit to the credit of this department as at December 31, 1934. This bal- ance was equivalent to the consumers' deposit liability.
Notes Receivable-$805.18.
The following notes accepted from customers and held at the office of the Department were examined :
Date Maker
Maturity
Amount Rate
6-28-34
George W. Davis Due in 2 years-
monthly payments of $5.00 $ 448.43* 6%
11-10-33 Fred L. Norris
Demand
356.75 6%
Total $ 805.18
*Face value of note reduced by one monthly payment of $5.00.
Accounts Receivable Consumers-$22,619.85
The December billing sheets were checked to customers' accounts as at the close of the route cycles. From these totals were deducted the cash receipts from the close of the various cycles to December 31, 1934, resulting in the above balance as at that date, which agreed with the general ledger control.
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There was a net charge for uncollectible customers' accounts of $1,698.47 during the year ended December 31, 1934.
There was approximately $1,800.00 of the total amount outstanding which appeared to be 90 days old or over.
No direct verification was made with customers.
Accounts Receivable Miscellaneous-$7,086.33.
A schedule of unpaid balances as at December 31, 1934, on account of sales of electric appliances, lamps, jobbing, rentals, etc., was fur- nished us. These balances were identified to customers' accounts, the total of which agreed with the general ledger control.
Included in the total amount outstanding were unpaid lease in- stallment accounts amounting to $1,933.99.
The status of the non-lease accounts appeared as follows :
December billings
$ 1,041.54
November billings
884.13
January 1 to October 31 billings
1,294.34
1933 billings
1,153.59
1932 billings
,
1,153.59
1931 and prior billings
260.21
$ 4,959.84
Rental Ranges
147.00
Rental Water Heaters
15.50
Leases
1,933.99
Total $ 7,086.33
It appeared that approximately $3,000.00 of the above was ques- tionable as to collection.
No reserve has been set up on the books, nor in the attached ex- hibits for this purpose.
Materials and Supplies-$68,719.23.
We were not present at the time physical inventory was taken. We understood, however, that inventories of merchandise and equip- ment were taken at the close of business, December 31, 1934, under the personal supervision of the several departmental heads.
We were advised that most of the inventory was priced at cost, although in some cases appraised values were used.
Schedules of these inventories were furnished us priced and ex- tended. We made a thorough test of mathematical calculations and verified all additions.
The total inventory may be classified as follows :
General Line and Expense Materials $ 30,820.15
Station Tools and Appliances 471.21
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Distribution Tools and Appliances
5,811.54
Printing and Office Supplies
339.51
Lamps and Appliances 21,816.36
Leased Appliances
*7,912.04
637.38 Coal
Station Supplies
411.04
Total $ 68,719.23 *Leased appliances represent the depreciated original installed cost of electric ranges and water heaters as at December 31, 1934 These appliances are leased for a period of five years and seven years respectively, for which the Department receives $1.50 monthly rental for the specific lease periods. At the expiration of the lease periods, provided all installments have been paid, title passes to the consumer.
Depreciation on this equipment was taken for the year at a rate sufficient to eliminate the original cost over the lease periods.
Depreciation
Depreciated
Equipment
Installed Cost
1934
Prior Cost 12-31-34
Ranges
$ 7,125.41
$ 1,386.68
$ 693.34 : $ 5,045.39
Water Heaters
3,514.12
431.62
215.85
2,866.65
Total $ 10,639.53 $
1,818.30 $ 909.19
$ 7,912.04
The depreciation charges for 1934 have been applied to account "No. 561-Rent from Appliances".
Book accounts were adjusted to conform with the above inventory values.
Prepaid Insurance-$545.27.
We computed the unexpired insurance premiums as at December 31, 1934 from policies furnished us and those in the possession of the Town Treasurer, applicable to this Department.
Bonds and Notes Payable-$79,500.00.
The balances outstanding of the various issues as at December 31, 1934, were confirmed by the Town Accountant. A total of $10,000.00 in serial bonds was retired during the year from operating funds, and was in accordance with the provisions of the bond agreements.
As previously mentioned under caption "Plant Investment", there was issued $20,000.00 of 3% coupon notes dated May 15, 1934, maturing $2,000.0 annually for ten years.
A detail of bonds and notes, authorized, issued and outstanding, is shown in Schedule "3" attached.
Accounts Payable-$37,246.89.
A schedule of unpaid creditors' accounts as at December 31, 1934 was compared with the unpaid invoices recorded on the books, the
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total of which was in agreement with the General Ledger control.
These accounts may be aged as follows :
December Invoices
$ 15,599.82
November Invoices 12,816.52
October and prior Invoices
8,830.55
Total $ 37,246.39
It appeared that all invoices applicable to the year had been en- tered.
We did not make direct verification with creditors, although all available creditors' statements were checked.
Consumers' Deposits-$7,587.89.
Individual deposit accounts representing guaranteed funds received by this Department from consumers were examined and the total balance was in agreement with the above liability.
Customers whose deposits had been in the custody of the Depart- ment for six months or more received credit on their accounts for in- terest at the rate of 4% per annum.
Interest Accrued on Bonds and Notes-$561.88.
We computed the accrued interest as at December 31, 1934 on the various issues, which is shown in detail in Schedule "3" attached.
Other Accrued Items-$250.00.
This represents a loan from the Town Treasurer to this Department for petty cash purposes.
Loans Repayment-$354,400.00.
The increase in this account represents the retirement of serial bonds previously mentioned in this report.
Appropriation for Construction Repayment-$30,678.26.
This account represents amounts appropriated by the Town from tax levy for the benefit of this Department and which have been fully repaid to the Town.
Profit and Loss-$131,638.57.
A statement of this account is shown in Exhibit "C" attached, which reflects a net profit of $16,897.53 before bond retirement, pay- ment to the Town Treasurer and miscellaneous adjustments.
The Town voted at its last annual meeting under Article 4 the following in part: "That if said income shall exceed said expense for said fiscal year, twenty thousand dollars shall be turned over to the Town Treasurer out of the profits of the Municipal Light Depart- ment and the balance shall be transferred to Construction Fund of said Plant and appropriated and used for such additions thereto as may thereafter be authorized by the Municipal Light Board".
On December 31, 1934, the Department made a payment to the
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Town Treasurer amounting to $19,054.38, which amount together with an over-payment to the moth department of $376.00, and the cost of tools and small equipment purchased for other departments amounting to $569.62, makes a total of $20,000.00 turned over to the general funds of the Town direct or expenditures made for other departments, al- though the net profit of this department was less than $20,000.00.
Operating Revenues - $265,108.57.
There was a decrease of $9,957.03 in revenue due principally to a further loss in commercial lighting and retail power.
Kilowatt hours sold for the year ended December 31, 1934, totaled 6,522,197 as compared with 6,259,657 for the preceding year.
The average net revenue from all classes of electric service ap- peared to be $.0406 per kilowatt hour as compared to $.0439 per kilo- watt hour for the previous year.
A comparative tabulation of kilowatt hours purchased, sold and used is shown in Schedule "6"". The line loss was 12.31% for the year 1934 as compared with 12.34% for the preceding year.
Operating Expenses-$236,286.98.
There was an increase in operating expenses of $22,180.36 for the year ended December 31, 1934, over the preceding year. This is due principally to increase in Production, Transmission and Distribution . operation and maintenance as reflected in Exhibit "B" and Schedule "2" attached.
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