USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1938 > Part 12
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10,419.24
1,385.03
534.38
11,269.89
Line Transformers
35,573.37
697.12*
2,245.05
32,631.20
Line Transformers In- stallations
4,113.21
87.50
223.77
3,976.94
Street Light Equip.
18,003.81
3,733.60
1,853.04
19,884.37
Total Plant Investment
$622,566.38 $ 57,785.20 $ 33,029.52
$647,322.06
General Equipment:
Office Equipment
$ 5,928.00
$ 570.18
$ 1,491.68
$ 5,006.50
Stores Equipment
355.00
101.50
456.50
Transport. Equipment
5,250.00
1,100.00
1,510.00
4,840.00
Laboratory Equipment.
1,764.61
211.54
332.68
1,643.47
Miscellaneous Equip. ..
633.42
30.40
278.56
385.26
Total General Equip ... $ 13,931.03 $
2,013.62
$ 3,612.92 $ 12,331.73
Total Investments. . . $636,497.41 $ 59,798.82 $ 36,642.44 $659,653.79
147
TOTAL COST OF PLANT AS OF DECEMBER 31, 1938 Cost of Land
$ 2,575.80
Cost of Structures 44,816.75 $ 47,392.55
Generating Plant-Steam:
Cost of Boiler Plant Equipment $ 69,696.71
Cost of Prime Movers and Auxiliaries 21,512.38
Cost of Turbo Generator Units 46,870.83
Cost of Electric Plant-Steam 80,693.70
$218,773.62
Transmission, Distribution and Storage:
Cost of Trans. Sta. and Substa. Equip .. $ 42,986.50
Cost of Poles, Fixt. and Overhead Cond .. 452,826.57
Cost of Underground Conduits 82,187.91
Cost of Underground Conductors 76,149.56
Cost of Consumers' Meters
69,446.96
Cost of Consumers' Meters Installations ...
17,812.81
Cost of Line Transformers
51,830.88
Cost of Line Transformers Installations ...
7,459.04
$800,700.23:
Utilization Equipment:
Cost of Street Lighting Equipment. $ 46,326.72 $ 46,326.72:
Total Cost of Electric Plant as Shown by Books
$1,113,193.12.
COST OF DISTRIBUTION SYSTEM IN OUTSIDE TOWNS
North Reading
Total Investment December 31, 1938:
Poles, Fixtures and Overhead Conductors .. $ 90,237.52
Consumers' Meters
14,215.12
Line Transformers
9,750.25
Street Lighting Equipment
3,477.55
Substation Equipment
2,014.84 $119,695.28 :
Lynnfield Center
Total Investment December 31, 1938:
Poles, Fixtures and Overhead Conductors $ 44,500.30
Consumers' Meters
7,032.62
Line Transformers
3,508.34
Street Light Equipment
2,044.80
Substation Equipment
1,051.46 $ 58,137.52.
Wilmington
Total Investment December 31, 1938:
Poles, Fixtures and Overhead Conductors ..
$137,085.66
Consumers' Meters
19,392.38
Line Transformers
10,577.92
Street Lighting Equipment
4,392.20
Substation Equipment
2,770.04
$174,218.20
Total Investment-Outside Towns
$352,051.00
Total Revenue-Outside Towns
$124,059.06 .
148
MATERIALS AND SUPPLIES
Line Materials $ 33,108.35
Electric Appliances-In Stock
17,396.59
Electric Appliances-In Consumers' Premises 1,225.35
Tools and Supplies
7,679.05
Coal
739.80
Total Materials and Supplies
$ 60,149.14
CASH BALANCES AT CLOSE OF YEAR 1938 PETTY CASH FUND
Petty Cash Fund-Due Town Treasurer $ 250.00
OPERATION FUND DEBITS
Balance at beginning of year
None
Received from Sale of Electricity, Mdse. and Jobbing
$307,786.33
Received from Appropriation for Street Lights
15,000.00
Received from Proceeds of Note-Hurricane
Damage
25,000.00
Received from Operation Funds for Mdse.
15,000.00
Received from Miscellaneous Items
20,795.93
Total Debits
$383,582.26
CREDITS
Expenditures for Operation, Mdse. and Jobbing
$291,776.45
Mdse. and Jobbing Service Expense
10,542.90
Expended for Hurricane Damage
166.61
Amount Transferred to Depreciation Fund.
32,339.39
Bonds and Notes Paid
15,500.00
Interest Paid on Bonds and Notes
3,210.00
Amount Expended for Construction
1,028.63
Total Credits
$354,563.98
Balance December 31, 1938.
$ 29,018.28
Amount Transferred to Town Treasurer .... $ 24,000.00
Amount Transferred to Construction Fund 5,018.28
Balances December 31, 1938 (After Closing) ... None
149
DEPRECIATION FUND DEBITS
Balance January 1, 1938
$
None
Amount Transferred from Income
32,339.39
Total Debits $ 32,339.39
CREDITS
Amount Expended for Construction Purposes. . $ 32,339.39
Total Credits
$ 32,339.39
Balance December 31, 1938 None
CONSTRUCTION FUND DEBITS
Balance January 1, 1938
$
8,305.02
Amount Transferred from Operation 6,046.91
Total Debits
$ 14,351.93
CREDITS
Amount Expended for Construction Purposes ..
$ 9,333.65
Total Credits
$
9,333.65
$
5,018.28
Balance December 31, 1938
HURRICANE DAMAGE-EMERGENCY FUND DEBITS
Balance January 1, 1938
None
Received from Notes Payable Issue $ 25,000.00
Received from Operation Funds
166.61
Total Debits
$ 25,166.61
CREDITS
Amount Expended for Renewal of Plant $ 18,754.47
Amount Expended for Operation of Plant. 6,412.14
Total Credits
$ 25,166.61
Balance December 31, 1938 None
150
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
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 20,054.99
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
78,096.0)
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
100,841.10
1,100.11 14,450.00
none
45,006.98
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
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
Note Payments
for
for
Expense
and Utilization
Miscellaneous
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
and Utilization
Miscellaneous
Expense
Interest
Depreciation
Bond and
Note Payments
Total Cost
of Plant
December 31
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
1
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
6,111.61 14,500.00
none 105,865.41
71,185.85 55,620.82
3,206.67 29,770.06
9,500.00 1,080,555.37
1938
315,225.72
2,682.03 15,000.00
none 110,687.83
66,921.12 58,553.53
3,117.90 32,339.39 15,500.00 1,113,193.12
for
for
Expenses
Expense
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
116.5
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
242.25
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
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
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.
Unaccounted for
Net Tons of
Coal Used
Average Cost of
Coal Per Ton
Number of
Customers
Number of
Street Lights
Horse Power in Motors
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
56,368 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
1,929
2,107 Est.
1937
none
9,227,569
8,248,096
427,614
93,252
886,221
77.0
6.38
6,099
1,988
2,100 Est.
1938
none
9,453,053
8,400,252
430,877
86,960
965,841
76.1
6.56
6,120
2,004
2,100 Est.
K. W. H.
VOUCHER REGISTER BALANCE DECEMBER 31, 1938
Credit Balance.
Oct. and Previous
Totals
December
November 437.54
Boston Edison Co.
31,004.74 $ 11,234.21
$ 9,662.20
Boston Review
25.00
Geo. H. Buckminster .
277.71
15.92
261.79
Davis Emerg'cy Equip. Co., Inc.
31.31
31.31
Dayton Pump & Mfg. Co.
7.99
7.99
Decatur & Hopkins Co.
668.18
420.40
63.47
184.31
Dyer-Clark Co.
226.99
6.59
220.40
Grainger-Rush Co. . . .
456.60
456.60
Hardy Electric Supply Co., Inc.
196.87
196.87
Hazard Insulated Wire Co.
18.00*
18.00*
Hunt-Marquardt Inc ...
2.17*
2.17*
Johns-Manville Sales
Corp.
389.43
389.43
Liberty Mut. Ins. Co ..
971.86
777.83
194.03
Milhender-Afes Elec.
Supply Co., Inc. ...
686.40
157.15
359.46
169.79
L. E. Muran Co. . ..
30.65
3.50
27.15
Palmer Elec. & Mfg. Co.
142.02
142.02
Phelps Dodge Corp ...
32.00*
32.00*
Remington-Rand Inc ..
117.75
117.75
Russell Coal Co .. . .
555.04
555.04
Schick Dry Shaver, Inc.
1.10
11.10
10.00*
Simplex Wire & Cable Co.
92.16*
7.00*
85.16*
Texas Company
420.02
141.27
132.69
146.06
Geo. H. Wahn Co. ...
1,008.38
228.70
600.55
179.13
Webster-Thomas Co ...
23.15*
23.15*
Wetmore-Savage Div.
808.96
199.06
307.36
302.54
Wood Preserv. Corp ...
2,057.50
2,057.50
Davis Transf'm'r Co. .
8.40*
8.40*
Addressograph Div. ..
1.45
1.45
Bos. Cham. of Com ...
33.25
33.25
H. W. Brackett
2.28
2.28
Eastern Company ....
38.72
38.72
Elec. Time Co., Inc ...
4.04
4.04
155
Ansonia Electric Co. .
$ 437.54
$ 10,108.33 25.00
Oct. and
Totals 20.78
December 20.78
November Previous
Electromaster, Inc. ..
Gallant's Elec. Motor Service
34.50
34.50
Hygrade Sylvania Corp.
23,44
23.44
Kay & Ess Co.
1.16
1.16
Landers, Frary & Clark
18.10
18.10
Petroleum Heat &
Power Co.
36.30
36.30
Laing Chevrolet Co.
24.79
24.79
Reading Chronicle ....
126.90
126.90
Wagner Elec. Corp. ..
13.36
13.36
Weston Elec. Instru- ment Co.
8.94
8.94
E. L. Wiegand Co. ...
6.17
6.17
Edward Atkins Co.
15.69
15.69
J. Brinton Bailey
21.60
21.60
Wm. Blanchard Co. ..
3.25
3.25
Bromley & Co., Inc. ..
3.00
3.00
Butts & Ordway Co. ..
15.75
15.75
Edson Corporation
10.65
10.65
T. C. Fife
11.44
11.44
Fitzgerald Mfg. Co. ..
1.42
1.42
General Electric Co. ..
64.29
64.29
G. E. Supply Corp.
281.24
281.24
Good Housekeeping
Shop
6.95
6.95
Huntley's
2.90
2.90
Wm. Kelch & Son
10.21
10.21
Line Material Co.
185.06
185.06 *
McGraw Electric Co ...
5.88
5.88
N. E. Tel. & Tel. Co.
(Service)
108.52
108.52
N. E. Tel. & Tel. Co.
43.00
43.00
Parsons & Gilman Co., Inc.
25.00
25.00
Sager Elec. Supply Co.
92.95
92.95
M. W. Vye Co.
23.40
23.40
V. Baldwin
4.75
4.75
Wendell Bancroft & Co.
34.00
34.00
Brooks' Express
29.09
29.09
Chicago Flexible Shaft
Co.
5.03
5.03
156
(Construction)
Oct. and
Totals December November Previous
Eureka Vacuum Clean- er Co.
75.23
75.23
Harvey Tire & Rubber Co
27.00
27.00
Comm. of Mass., State Prison
41.31
41.31
Pettingell-Andrews Co.
9.15
9.15
The Pioneer
12.00
12.00
J. F. Sanborn
14.00
14.00
Wage Earner
25.00
25.00
Westinghouse Electric
Supply Co.
63.60
63.60
Henry S. Blethen.
2.50
2.50
M. F. Charles
4.20
4.20
Christian Sci. Pub. Soc.
15.68
15.68
Clapp & Leach, Inc ...
28.33
28.33
Coleman Lamp &
Stove Co.
.45
.45
L. Ellenwood
3.00
3.00
Francis Bros., Inc. . ..
7.73
7.73
Don Gray's Dent Shop
3.50
3.50
Railway Express
Agency, Inc.
1.14
1.14
Fred F. Smith, Inc. ..
18.66
18.66
Spaulding-Moss Co ...
.41
.41
J. E. Turner &
Son
3.50
3.50
John N. Weston
3.50
3.50
Woburn Machine Co. .
5.84
5.84
G. H. Atkinson Co. ...
3.00
3.00
Crown Stove Works ..
.36
.36
Railway Term. Adv.
Serv., Inc.
10.00
10.00
Servel, Inc.
17.10
17.10
Harry E. Smith, Inc. .
23.40
23.40
Syd's Auto Supply
Stores
30.96
30.96
Martin B. Hartshorn
2,009.80
2,009.80
D. M. Laffin
30.55
30.55
H. J. Montgomery
. .
38.85
38.85
Totals
$ 44,275.16 $ 17,117.73 $ 15,435.73 $ 11,721.70
157
TOWN OF READING-MUNICIPAL LIGHT DEPARTMENT REPORT OF EXAMINATION For the Year Ended December 31, 1938
February 1, 1939
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, 1938, and submit herein our report consisting of the following exhibits, schedules, comments and explanations.
Exhibits:
"A"-Comparative Balance Sheet as at December 31, 1938 and 1937.
"B"-Comparative Statement of Operations for the years ended December 31, 1938 and 1937.
"C"-Comparative Statement of Profit and Loss for the years ended December 31, 1938 and 1937.
Schedules:
"1"-Comparative classified statement of Income for the years ended December 31, 1938 and 1937.
"2"-Comparative classified statement of Operating Expenses for the years ended December 31, 1938 and 1937.
"3"-Detail of bonds and notes authorized, issued and outstanding as at December 31, 1938.
"4"-Comparative statement of Kilowatt Hours Purchased, Sold. Used and Unaccounted for, for the years ended December 31, 1938 and 1937.
158
COMMENTS AND EXPLANATIONS OF ASSETS AND LIABILITIES
PLANT INVESTMENT-$647,322.06.
Changes in plant investment accounts during the year are sum- marized below.
Balance January 1, 1938
Net Additions
De- preciation .00
Balance Dec. 31, 1938 $ 2,575.80 16,660.61
Structures
17,214.65
.00
554.04
Structures - Garage and Storeroom
13,187.20
.00
342.30
12,844.90
Boiler Plant Equipment.
250.00
.00
.00
250.00
Prime Movers and Auxil- iaries
250.00
.00
.00
250.00
Turbo-Generator Units .
500.00
.00
.00
500.00
Electric Plant-Steam ..
58,907.61
4,967.22
4,841.62
59,033.21
Substation Equipment
33,932.68
7,974.37
1,289.60
40,617.45
Poles, Fixtures and
Overhead Conductors
255,119.61
29,881.32
15,134.09
269,866.84
Underground Conduits ..
75,098.06
986.99
1,643.74
74,441.31
Underground Conductors
62,256.56
7,074.79
2,284.49
67,046.86
Consumers' Meters
35,164.58
2,391.50
2,083.40
35,472.68
stallations
10,419.24
1,385.03
534.38
11 230 89
Line Transformers
35,573.37
1,337.25
1,554.92
32,631.20
Transformer Installations
4,113.21
87.50
223.77
3,976.94
Street Lighting Equip-
ment
18,003.81
3,733 60
1,853.04
19,884.37
TOTALS $622,556.38 $ 57,095.07
$ 32,339.39
$547,322.06
Replacements and renewals necessitated by the hurricane of Sep- tember 21, 1938, amounted to $18,754.47, which amount was allocated on the books as follows :
Poles, Fixtures and Overhead Conductors
$16,732.44
Street Lighting Equipment
2,022.03
Total $18,754.47
Equipment destroyed by the hurricane was considered to be fully depreciated.
Included in the net reduction in "Line Transformers" is $690.13 representing a book adjustment of a loss on transformers sold.
159
Account
Land
$ 2,575.80
$
.00
$
Transformer Station and
Consumers' Meter In-
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 balance shown in Exhibit "A" of this report represent depreciated values.
General Equipment-$12,331.73
This item represents the book values of Office, Stores, Transporta- tion, Laboratory and Miscellaneous equipment, which values, in our opinion, are conservatively stated.
Construction Fund-$5,018.28
In accordance with Article 4 acted upon at the Town Meeting held in March, 1938, the balance of the Operating Fund at December 31, 1938, amounting to $6,046.91 was transferred to the Construction Fund. The balance of the Construction Fund at December 31, 1938 was con- firmed 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, 1939 and were in agree- ment with the above amount.
Consumers' Deposit Fund-$9,329.54
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 represents a renewal of an original note dated June 28, 1932 amounting to $404.85, to which interest of $48.58 has been added. No payments were re- ceived during 1938.
Accounts Receivable-Consumers-$30,876.16
The balance of this account represents amounts owing the Depart- ment as at December 31, 1938, on account of light and power billings. to the close of the last cycle prior to December 31. Our verification comprised the checking of the balances of the various consumers' ac- counts 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.
160
Amounts determined by the management as uncollectible and charged off during the year amounted to $1,989.47. Collections on ac- counts previously charged off totaled $56.43.
Accounts Receivable-Miscellaneous-$10,242.33
An aged list of balances owing the Department as at December 31, 1938 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- counts. No direct verification was made with the debtors.
The balance outstanding December 31, 1938 may be summarized as follows :
% of
Accounts arising from :
Amount
Total
December 1938 billings
$ 3,603.63
35.18
November 1938 billings
2,492.81
24.34
October 1938 and prior billings
3,160.41
30.86
Lease installments unpaid
985.48
9.62
Total
$10,242.33
100.00
Materials and Supplies-$60,149.14
We were advised that an inventory of all materials and supplies was taken as of December 31, 1938 under the supervision of the various. department heads. A summary of that inventory is given below. Material and Supplies-General $31,843.52.
Transmission and Distribution Supplies
79.83.
Street Lighting Supplies
492.86,
Consumers' Installation Supplies
125.94
Consumers' Meters Maintenance Supplies
125.92
Transportation Supplies
438.89
Removing and Resetting Meters Supplies
1.39
Sub-Total
$33,108.35
Station Tools and Appliances
749.32
Distribution Tools and Appliances
5,894.02
Printing and Office Supplies
813.33
Lamps and Appliances
17,396.59
Coal Supply
739.80
Station Supplies
222.38
Leased Appliances (depreciated value)
1,225.35*
Total
$60,149.14
161
* This account represents the depreciated original installed cost as at December 31, 1938 of electric ranges and water heaters. These appliances are lcased 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 pro- vided all installments have been paid, title passes to the consumer. De- preciation on this equipment has been taken at a rate sufficient to write off the original installed cost over the lease periods and has been ap- plied to account No. 561-"Rent Electric Appliances."
We are advised that most of the inventory at December 31, 1938 was priced at cost. In certain cases depreciated cost was used. Book values of these accounts were adjusted to conform with inventory values. All mathematical computations were checked by us.
Prepaid Insurance-$1,181.13
The above balance represents the unexpired insurance premiums at December 31, 1938, as computed from insurance policies or invoices examined.
Bonds Payable-$31,500.00
Notes Payable-$105,000.00
At a Town Meeting held December 22, 1938, the Treasurer, with the approval of the Selectmen, was authorized to borrow $25,000.00, said sum to be appropriated for the purpose of repairing damages caused by the hurricane of September 21, 1938.
In accordance therewith, notes in the amount of $25,000.00 were issued December 29, 1938, due December 29, 1939 bearing interest at the rate of 1/4 of one per cent per annum.
A total of $5,500.00 in bonds and $10,000.00 in notes were retired during the year. Confirmation of the bonds and notes outstanding De- cember 31, 1933 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-$44,275.16
The liability of the Department on account of unpaid invoices at December 31, 1938, as reflected by the records, was $44,275.16.
The total unpaid items, per the voucher register, was in agreement with the control account. The above balance may be aged as follows : December 1938 invoices $17,117.73
November 1938 invoices 15,435.73
October 1938 invoices 11,721.70
Total $44,275.16
From invoices examined, it appeared that all invoices applicable to the year had been recorded.
162
Consumers' Deposits-$9,329.54
As at December 31, 1938 the Department held the above amount representing deposits made by certain consumers to insure payment of bills owing the Department. This liability is offset by a separate fund on deposit with the Mechanics Savings Bank, previously described in this report under the caption "Consumers' Deposit Fund." The total of balances shown by the individual consumers' accounts was in agree- ment with the above amount. Interest is paid on deposits held by the Department six months or more at the rate of four (4) per cent per annum.
Accrued Items-$845.16
Interest accrued on bonds and notes outstanding was computed by us.
Confirmation of the amount owing the Town Treasurer on account of a loan to this Department for petty cash purposes was received from the Town Accountant.
Loans Repayment-$402,400.00
The balance of this account reflects an increase of $15,500.00 dur- ing the year which represents the amount of bonds and notes retired during 1938. The above balance may be summarized as follows :
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