USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1937 > Part 10
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47.50
221.15
4,113.21
Street Light Equip.
15,822.60
3,965.82
1,784.61
18,003.81
Total Plant Invest.
$552,807.75
$99,528.69
$ 29,770.06 $622,566.38
General Equipment:
Office Equipment
$ 6,504.50
$ 598.37
$ 1,174.87
$ 5,928.00
Stores Equipment
500.23
127.00
272.23
355.00
Transport Equip.
6,389.50
1,064.69
2,204.19
5,250.00
Laboratory Equip.
2,062.85
59.19
357.43
1,764.61
Miscell. Equip.
857.44
51.50
275.52
633.42
Total General Equip.
$ 16,314.52
$ 1,900.75
$ 4,284.24
$ 13,931.03
Total Investments
$569,122:27 $101,429.44
$ 34,054.30
$636,497.41
133
TOTAL COST OF PLANT AS OF DECEMBER 31, 1937
Cost of Land
Cost of Structures
$ 2,575.80 44,816.75 $ 47,392.55
Generating Plant-Steam:
Cost of Boiler Plant Equip. $ 69,696.71
Cost of Prime Movers & Auxiliaries 21,512.38
Cost of Turbo Generator Units 46,870.83
Cost of Electric Plant Steam 75,726.48
213,806.40
Transmission, Distribution and Storage:
Cost of Trans. Sta. & Substa. Equip. $ 35,012.13
Cost of Poles Fixt. & Overhead Cond. 439,677.69
Cost of Underground Conduits 81,200.92
Cost of Underground Conductors 69,074.77
Cost of Consumers Meters 67,408.37
Cost of Consumers Meters Installations
16,427.78
Cost of Line Transformers
58,568.07
Cost of Line Transformers Installations
7,371.54
$774,741.27
Utilization Equipment:
Cost of Street Light Equipment .. $ 44,615.15: $ 44,615.15
Total Cost of Electric Plant as Shown By
Books
$1,080,555.37
COST OF DISTRIBUTION SYSTEM IN OUTSIDE TOWNS
North Reading
Total Investment December 31, 1937:
Poles Fixtures and Overhead Conductors $ 88,675.55
Consumers' Meters
13,663.67
Line Transformers 9,414.64
1 Street Lighting Equipment
3,324.67 $115,078.53
Lynnfield Center
Total Investment December 31, 1937:
Poles, Fixtures and Overhead Conductors $ 37,331.57
Consumers' Meters
6,249.58
Line · Transformers
2,964.64
Street Lighting Equipment
1,965.20
.$ 48,510.99
Wilmington
Total Investment December 31, 1937:
Poles, Fixtures and Overhead Conductors . $134,807.69
Consumers' Meters
18,551.37
Line Transformers 10,455.16
Street Lighting Equipment 4,364.64
$168,178.86
Total Investment-Outside Towns $331,768.38
Total Income-Outside Towns $123,923.99
134
MATERIALS AND SUPPLIES
Line Materials $ 29,113.67
Electric Appliances-In Stock
18,048.87
Electric Appliances-In Consumers' Premises. 2,598.61
Tools and Supplies 6,860.71
Coal 662.39
Total Materials and Supplies
$ 57,284.25
CASH BALANCES AT CLOSE OF YEAR 1937 ... PETTY CASH FUND
.. .::::
Petty Cash Due Treasurer $ 250.00
OPERATION FUND
DEBITS
Balance. at beginning of year
$ None
Received from Sale of Electricity, Mdse. & Jobbing
324,204.81.
Received from issue of Notes Payable
60,000.00
Received from Appropriation for St. Lights
14,500.00
Received from Miscellaneous Items
20,907.05
Total Debits
$419,611.86
.
CREDITS
Expenditures for Operation, Mdse. and Jobbing $282,743.66
Expended for Construction-Special
60,000.00
Amount Transferred to Depreciation Fund
29,770.06
Bonds and Notes Paid
9,500.00
Amount Expended for Construction 3,451.05
Interest Paid on Bonds and Notes 2,927:50
Miscellaneous Items
914.57
Total Credits $389,306.84
Balance December 31, 1937
$ 30;305.02
Amount Transferred to Town Treasurer $ 22,000.00 . 1. 1;
Amount Transferred to Construction Fund .. 8,305.02 $ 30,305.02
Balance December 31, 1937 (After Closing) .. $ None
135
DEPRECIATION FUND
DEBITS
Balance January 1, 1937
$
None
Amount Transferred from Income
29,770.06
Total Debits
$ 29,770.06
CREDITS
Amount Expended for Construction Purposes .. $ 29,770.06 Total Credits $ 29,770.06 $ None
Balance December 31, 1937
CONSTRUCTION FUND
DEBITS
Balance January 1, 1937
$
5,393.01
Amount Transferred from Operation 11,756.07
Total Debits
$ 17,149.08
CREDITS
Amount Expended for Construction Purposes . $ 8,844.06
Total Credits $ 8,844.06
Balance December 31, 1937
$ 8,305.02
CONSTRUCTION FUND-SPECIAL
DEBITS
Balance January 1, 1937 $ None
Received from Notes Payable Issue $ 60,000.00
Total Debits
$ 60,000.00
CREDITS
Amount Expended for Edison Property $ 60,000.00 Total Credits $ 60,000.00
Balance December 31, 1937 $ None
136
Year >
1910
$25,668.87 $ 604.88 $10,000.00
$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
20,054.99
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
285,428.29
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
348.871.08
1919
100,844.10
1,100.11
14,450.00
none
45,006.98
13,864.14
13,874.46
7,416.21 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
1922
155,505.14
675.94
15,300.00
none
55,137.36
22,473.04
21,749.07
6,807.64
17,959.59
16,800.00
477,852.76
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
1935
279,201.27
5,246.90
17,300.00
none
93,856.11
72,417.54
47,693.23
2,858.13
27.986.65
12,000.00
981,877.46
1936
300,754.20
5,372.95
17,500.00
none
97,784.90
72,712.50
52,864.70
2,560.41
29,379.00
11,000.00
994,911.34
1937
317,416.64
Income from
other Sources
Appropriations
from Tax Levy
Street Lights
Appropriations
from Tax Levy
Construction
Production
Distribution
and Utilization
Miscellaneous
Expense
Interest
Depreciation
Bond and
Note Payments
Total Cost
of Plant
December 31
$ 270.00 $13,228.57
none
105,865.41
71,185.85
55,620.82
3,206.67
29,770.06
9,500.00 1,080,555.37
126,152.11
1,094.66
11,000.00
none
56,187.74
17,085.95
17,142.48
10,419.76
14,800.00
389,564.73
1920
Income from
Sale of
Electricity
6,111.61
14,500.00
for
for
Expense
Expense
TABLE B
Year
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
187,59C
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.
1,9.64
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
5.78,245.
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
7.32,685.
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
56,363
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
1935
none
7,973.642
6,856,394
496,218
70,351
1,046,896
127.
6.34
5,741
1,912
1,900 Est.
1936
none
8,518,418
7,456,400
439,503
105,251
955,722
119.5
5.80
5,915
1929
2,107 Est.
1937
none
9.227 569
8 218.096
427.61-1
03.25 7
9.86.221
77 0
6 38
5.000
1099
Customers
Number of
Street Lights
Horse Power in Motors
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
Stať'n. Stock R'm
& Appliance Rm.
K. W. H.
Unaccounted for
Net Tons of
Coal Used
Average Cost of
Coal Per Ton
Number of
₹
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 Station Expenses
Total 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
1935
.01162
None
.00117
.00015
.0129
1936
.01123
None
.00113
.00025
.0126
1937
.01127
None
.00098
.00020
.01245
.. 139
TABLE D
Average Cost Per K. W. H. As Defined by Chapter 164 General Laws
1912
1913
1914
1915
1916
Operating Costs :
.0397
.0483
.0362
.0586
.0467
Fixed Costs :
.0198
.0176
.0254
.0299
.0261
Total Costs :
.0595
.0659
.0616
.0885
.0728
1917
1918
1919
1920
1921
Operating Costs :
.0577
.0538
.0509
.0588
.0640
Fixed Costs :
.0249
.0274
.0213
.0259
.0330
Total Costs :
.0326
.0812
.0722
.0817
.0970
1922
1923
1924
1925
1926
Operating Costs :
.0561
.0494
.0377
.0442
.0448
Fixed Costs :
.0278
.0185
.0138
.0131
.0129
Total Costs :
.0839
.0679
.0515
.0573
.0577
1927
1928
1929
1930
1931
Operating Costs :
.0395
.0414
.0359
.0344
.0368
Fixed Costs :
.0115
.0016
.0085
.0075
.0079
Total Costs :
.0510
.0530
.0444
.0419
.0447
1932
1933
1934
1935
1936
1937
Operating Costs :
.0332
.0295
.0315
.0320
.0307
.0289
Fixed Costs :
.0083
.0080
.0075
.0063
.0057
.0052
Total Costs :
.0415
.0375
.0390
.0383
.0364
.0341
VOUCHER REGISTER TRIAL BALANCE DECEMBER 31, 1937
Totals
December
November
Oct. and Previous
Andren-Myerson Co. .. $
120.00
$ 120.00
Edward Atkins Co.
40.57
40.57
Wendell Co.
Bancroft &
3.12
3.12
Blackstone Mfg. Co., ..
1.20
1.20
Henry S. Blethen
26.88
26.88
B. & M. Railroad
1.92
1.92
140
Oct. and
Totals
December November Previous
Boston Chamber of
Comerce
35.00
35.00
Boston Edison Co.
29,771.28
10,710.67
$ 9,485.60 $ 9,575.01
Bos. Herald-Trav. Corp
6.00
6.00
Boston Review
25.00
25.00
Brooks Express
34.50
34.50
Geo. H. Buckminster Co.
141.45
141.45
Carleton Walsh Motors,
Inc.
1.10
1.10
Chandler & Farquhar
Co.
1.02
1.02
M. F. Charles
18.20
18.20
Chase, Parker Co., Inc.
3.42*
3.42*
Christian Science Pub. Society
23.52
23.52
Clapp & Leach, Inc.
387.62
387.62
T. F. Coughlan Co. ....
6.59
6.59
E. B. Currell & Son ..
5.60
5.60
Davis Transformer Co.
2,473.97
2,652.00
178.03*
Dayton Pump and Mfg. Co.
10.50
10.50
Decatur & Hopkins Co.
1,305.20
409.02
896.18
Dyer-Clark Co.
115.75
115.75
Eastern Company
1,031.35
1,031.35
Electromaster, Inc.
9.78
9.78
Elec. Time Co., Inc.
1.56
1.56
T. C. Fife
11.75
11.75
Francis Brothers ..
29.99
29.99
Gallant's Electric Mo- tor Service
10.00
10.00
General Electric Co. ..
791.83
7.89
783.94
G. E. Supply Corp. .
28.48
28.48
Globe Newspaper Co. ..
30.00
30.00
Graybar Elec. Co., Inc.
101.63*
101.63*
T. C. Guinan
4.00
4.00
Martin B. Hartshorn ..
1,792.19
1,792.19
141
Oct. and
Totals December
November
Previous
Hazard Insulated Wire Works
18.00*
18.00*
Hodson Brothers
9.89
9.89
Hook and Coward
4.93
4.93
Hygrade Sylvania Corp.
204.48
204.48
Wm. Kelch & Son
7.00
7.00
Laing Chevrolet Co.
40.48
40.48
Landers, Frary & Clark
20.01
20.01
Edward Lappin
19.33
19.33
Legasse & Harris Refrig. Corp.
4.73
4.73
Lib. Mu. Ins. Co.
604.36
604.36
H. S. Macomber & Co., Inc.
4.75
4.75
George W. Marshall
.75
.75
A. E. Martell Co., Inc. .
5.56
5.56
Mass. Gas & Elec. Lt. Sup. Co.
11.50
11.50
J. M. Maxwell & Son .
32.06
32.06
H. B. MArdle
4.70
4.70
Melchior, Armstrong, Dessau Co.
4.00
4.00
Milhender-Afes
Elec. Co.
51.67
51.67
Mittag & Volger
2.50
2.50
L. F. Muran Co.
25.15
25.15
N. F. Tel. & Tel. Co. (Service)
104.76
104.76
N. E. Tel. & Tel. Co.
(Construction)
151.13
151.13
N. Wilm. Nurseries
91.10
91.10
Palmer & Severini
4.50
4.50
Penberthy Injector Co.
94.80
94.80
Petroleum Heat & Power Co.
60.55
60.55
L. B. Philbrick Co.
1.50
1.50
Post Publishing Co. ...
24.40
24.40
142
Oct. and November Previous
Railway Express Agency, Totals Inc.
2.21
December 2.21
Reading Chronicle
119.90
119.90
John A. Roebling's Sons Co.
12.00*
12.00*
Sager Elec. Sup. Co. ...
148.99
148.99
Schick Dry-Shaver, Inc.
180.25
180 25
Schick Shaver Service Corp.
3.42
3.12
Simplex Wire & Cable Co.
113.55*
113.55*
Fred F. Smith, Inc.
7.00
7.00
Spaulding-Moss Co.
1.05
1.05
Texas Company.
115.58
115.58
Theatrical Program Co.
7.50
7.50
M. W. Vye Co.
20.98
20.98
Wage Earner
25.00
25.00
George H. Wahn Co.
1,015.95
1,015.95
Wakefield Buick
13.55
13.55
B. F. Waldron & Son
12.37
12 37
Walker & Pratt Mfg. Co.
5.77
5.77
Westinghouse Electric Supply Co.
70.62
70 62
Wetmore-Savage Div.
1,415.40
704.89
710.51
Edwin L. Wiegand Co.
9.71
. 9.71
Fred .I. Wilkins
2.85
2.85
Wilmington Board of Trade
26.00
26.00
Addressograph Div.
1.30
1.30
Gen. Neon Sign Co .. .
15.44
15.44
Industrial Prod. Co.
11.43
11.43
Superior Switchboard & Dev. Co.
315.02
315.02
H. J. Montgomery
41.76
41.76
Frigidaire Division
3.55
3.55
Virginia Smelting Co. .
33.14
33.14
Totals
$ 43,264.65
$ 19,470.99
$ 14,414.63 $ 9.378.98
143
TOWN OF READING-MUNICIPAL LIGHT DEPARTMENT REPORT OF EXAMINATION For the Year Ended December 31, 1937
February 1, 1938
To the Municipal Light Board,
Town of Reading,
Massachusetts.
Gentlemen :
We have examined the books of account and financial records of the Municipal Light Department of the Town of Reading for the year ended December 31, 1937, and submit herein our report consisting of the following exhibits, schedules, comments and explanations.
EXHIBITS
"A"-Comparative Balance Sheet as at December 31, 1937 and 1936.
"B"-Comparative Statement of Operations for the years ended December 31, 1937 and 1936.
"C"-Comparative Statement of Profit and Loss for the years ended December 31, 1937 and 1936.
SCHEDULES
"1"-Comparative classified statement of Income for the years ended December 31, 1937 and 1936.
"2"-Comparative classified statement of Operating Expenses for the years ended December 31, 1937 and 1936.
"3"-Detail of bonds and notes authorized, issued and outstanding as at December 31, 1937.
"4"-Comparative statement of Merchandise Operations for the years ended December 31, 1937 and 1936.
"5"-Comparative detail of Kilowatt Hours Purchased, Sold, Used and Unaccounted for, for the years ended December 31, 1937 and 1936.
144
COMMENTS AND EXPLANATION OF ASSETS AND LIABILITIES
PLANT INVESTMENT-$622,566.38.
Changes in plant investment accounts during the year are sum- marized below.
Balance January 1, 1937
Net Additions .00 172.15
De- preciation $
.00
$ 2,575.80 17,214.65
Structures-Garage and Storeroom
13,529.50
.00
342.30
13,187.20
Boiler Plant Equipment
2,797.86
.00
2,547.86
250.00
Prime Movers and
Auxiliaries
1,178.55
200.00
728.55
250.00
Turbo-Generator Units
1,221.50
.00
721.50
500.00
Electric Plant-Steam .
60,137.78
3,313.42
4,543.59
58,907.61
Poles, Fixtures and
Overhead Conductors
252,748.99
11,678.34
9,307.72
255,119.61
Transformer
Station
and Substation Equip.
456.15
34,526.89
1,050.36
33,932.68
Underground Conduits
53,160.93
23,561.15
1,624.02
75,098.06
tors
45,974.42
18,354.38
2,072.24
62,256.56
Consumers' Meters ..
34,996.52
2,190.31
2,022.25
35,164.58
Consumers' Meter In- stallation
9,385.27
1,526.80
492.83
10,419.24
Line Transformers
36,938.48
391.93
1,757.04
35,573.37
Transformer Installa-
tions
4,286.86
47.50
221.15
4,113.21
Street Lighting Equip.
15,822.60
3,965.82
1,784.61
18,003.81
TOTALS
$552,807.75
$ 99,528.69
$ 29,770.06
$622,566.38
$
Structures
17,596.54
554.04
Balance Dec. 31,
Account
1937
Land
$ 2,575.80
In our opinion, the additions to these accounts represent proper charges to plant investment.
Depreciation on plant investment accounts, based on 3% of the cost at the beginning of the year, exclusive of land, was charged to operations for the year. Depreciation is applied directly against the asset accounts, and accordingly the balances shown in Exhibit "A" of this report represent depreciated values.
The Municipal Light Board was authorized by a vote pass.d at
145
Underground Conduc-
the Town Meeting, to extend and enlarge the Munical Light Plant by purchasing from the Edison Electric Illuminating Company of Boston, their ducts, cables, transformers and switching apparatus located within the limits of the town, for the sum of $60,000.00. This addition was allocated on the books as follows :
Transformer Station and Substation Equipment $34,526.89
Underground Conduits 10,645.11
Underground Conductors 14,828.00
TOTAL $ 60,000.00
Other additions to piant accounts represent additions and improve- ments necessary in the regular conduct of the Department and to take care of increased business.
General Equipment-$13,931.03
This item represents the book value of Office, Stores, Transporta- tion, Laboratory and Miscellaneous equipment, which values, in our opinion, are conservatively stated.
Construction Fund-$8,305.02
In accordance with Article 4 acted upon at the Town Meeting held in March 1937, the balance of the Operating Fund was transferred to the Construction Fund. The balance of the Construction Fund at December 31, 1937 was confirmed by the Town Accountant.
"Bills Approval Sheets" were examined and additions and entries in the cash book for the year were thoroughly tested.
Petty Cash Fund-$250.00
Funds held in the office for the purpose of petty expenditures and making change were counted on January 27, 1938 and were in agree- ment with the above amount.
Consumers' Deposit Fund-$8,730.81
The above amount, on deposit with the Mechanics Savings Bank, represents deposits by consumers to guarantee payment of bills owing this Department. Verification was made by reference to a pass book issued by the Mechanics Savings Bank.
Note Receivable-$428.43
The Department holds a note of George W. Davis, dated June 28, 1936, due in two years, with monthly payments of $5.00. This repre- sents a renewal of an original note dated June 28, 1932 amounting to $404.85, to which interest of $48.58 has been added. One payment of $5.00 was made during 1937.
A note receivable in the amount of $356.75 was charged off as un- collectible.
Accounts Receivable-Consumers-$29,201.71
The balance of this account represents amounts owing the Depart-
146
ment as at December 31, 1937 on account of light and power billings to the close of the last route cycle prior to December 31. Our verifi- cation comprised the checking of the balances of the various consum- ers' accounts with lists prepared by the office staff, the total of which was in agreement with the control account. No direct verification was made with consumers.
Amounts determined by the management as uncollectible and charged off during the year amounted to $781.71. Collections on ac- counts previously charged off totaled $149.73.
Accounts Receivable-Miscellaneous-$7,852.87
An aged list of balances owing the Department as at December 31, 1937 on account of sales of miscellaneous appliances, jobbing sales and rentals was prepared by the office staff. Our verification consisted of identifying the balances per this list with the individual ledger ac- count. No direct verification was made with the debtors.
The balance outstanding December 31, 1937 may be summarized as follows :
Accounts arising from :
December 1937 billings $ 1,332.31
November 1937 billings 1,488.60
October 1937 and prior billings 3,062.68
Lease installments unpaid
1,969.28
Total $ 7,852.S7 Accounts totaling $524.37 were deemed uncollectible and charged off.
Materials and Supplies-$57,284.25
We were advised that an inventory of all materials and supplies was taken December 31, 1937 under the supervision of the various de- partment heads. A summary of that inventory is shown below.
Materials and Supplies-General $ 28,230.94
Transmission and Distribution Supplies
130.07
Street Lighting Supplies
184.24
Consumers' Installation Supplies
209.14
Transportation Supplies
359.28
Sub-total $ 29,113.67
Station Tools and Appliances
766.88
Distribution Tools and Appliances
4,959.28
Printing and Office Supplies
700.47
Lamps and Appliances 18,048.87
Coal Supply
662.39
147
Station Supplies Leased Appliances (depreciated value)
303.24 2,729.45*
Total
$ 57,284.25
* This account represents the depreciated original installed cost as at December 31, 1937 of electric ranges and water heaters. These ap- pliances are leased for periods of five and seven years respectively and for which the Department receives $1.50 monthly rental for the stated lease periods. At the expiration of the lease periods and provided all installments have been paid, title passes to the consumer. Depreciation on this equipment has been taken at a rate sufficient to write off the original installed cost over the lease periods and has been applied to account No. 561-"Rent Electric Appliances."
We are advised that most of the inventory at December 31, 1937 was priced at cost. In certain cases appraised values were used. Book values of these accounts were adjusted to conform with inventory values. All mathematical computations were checked by us.
Prepaid Insurance-$1,196.07
The above balance represents the unexpired insurance premiums at December 31, 1937, as computed by us from insurance policies or in- voices examined.
Bonds Payable-$37,000.00
Notes Payable-$90,000.00
At a Town Meeting held in March 1937, the Treasurer, with the approval of the Selectmen, was authorized to borrow $60,000.000 for the purpose of financing the purchase of equipment of the Edison Electric Illuminating Company located in this town, as hereinbefore referred to.
In accordance therewith, notes in the amount of $60,000.00 were issued April 1, 1937, due in ten years with interest at 21/4% per annum with yearly payments of $6,000.00 on the principal amount. The notes were sold at a net premium of $319.80.
A total of $5,500.00 in bonds and $4,000.00 in notes were retired during the year. Confirmation of the bonds and notes outstanding December 31, 1937 was obtained from the Town Accountant.
A detail of bonds and notes issued, and changes in the accounts during the year is set forth in Schedule "3" of this report.
Accounts Payable-$43,264.65
The liability of the Department on account of unpaid invoices at December 31 1937 as reflected by the records, was $43,264.65.
148
Unpaid vouchers were checked against unpaid items in the voucher register. The total of unpaid items, per the voucher register, was in agreement with the control account. The above balance may be aged as follows :
December 1937 invoices $ 19,470.99
November 1937 invoices
14,414.68
October 1937 and prior invoices 9,378.98
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