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Lethbridge Herald Newspaper Archives

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Lethbridge Daily Herald (Newspaper) - April 17, 1915, Lethbridge, Alberta THE MvTHnRJDGE DAILY HERALD OF LETHBRIDGE 'S REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDING 31st DECEMBER, 1914 ro r x ci L ADI D. L. .Mayor, A. M. GRACE or 1'u'o'ir Works. ARTHUR REID ConiniissinikT fn' Pul'lK' To His Worship i ho Mayor, r.iul I'oiiiH'il. Cily of Le lgo. Allu-rtu. to report that we have ;uuliied ihe City books cnch month tlu> year ended :iist Deecmber, U'1-1. All our requirements as Thy siniomeiUs h.ivp boon incite from the books and in our opinion FIIOW a true anil en rivet record ot" I lie financial durinj; the your iuul of ilu- linanelal position at the end or" the year. iiv of cxplJtKiiiun of ilie various siaitmenls we make the following comments'. 1. .Balance .Sheet 1. This HKiu'ineiit sliowp ilie Assets and l-ia-bilities ;ipar[ from the Debeii- in IV and MxpeiulUiiro as nc 31st December. li'U. Thp, Bi'lai'.ce un ibis Statement Has been changed from n Deficit ot at tho of the vear, io a surplus ol! at the end cf ihe yenr. Thi? diiiorence ;o the good is ehiofly in-counted for by the issue of Debentures in reimburse the Current Ac-count, for deficit? made yrior in ami ny ihe purple on ihe Current Amnmi ihiriny II'U, as shown in Scheuu'e Xu. llalnncx' tfiiopi Xo. 1 is sumtruirizdl in another form in Xb. If. to show til'? actual due by the Current Accautii 10 the Capital Acconui. 2. Balance Sheet Xo. 2. The Debenture indebtedness and Capital Expenditure -ire here sot forih in sunnnaiized form. Details of ihe various total? arc to be found in the referred io. Tlift balance on this Statement a? in previous years includes iiiu Sinking Fimd Payments and redemptions of Debeuture Principal. 3. General Revenue and Expenditure Account. account shows on the risht band side Uie Taxes levied for It114. !es? School Taxes and does not include Local Improvement. Taxop. and ou the other side ihe Expendimie under DepanuiontF. Details are io be found in Schedules 9 and 10. The Street Railway deficit for the is also tarried io this uccuinu as it was provided for by ihe General Taxation. Alongside the actual ujrnres of Revenue and Expenditure are the esti- mated amounts and HIE differences between actual and estimated. Tho Surplus on Curreni for ilm year is shown as 3SOF4W.73. The aciual saving on CFtiniaied ExiJenditures on Current Acconnt during the year was ?io.3Sl'.3j. Against this certain expenses havi- been charaod which -were prior to to A t'unher surplus of was made by reason oi discounts on Tuxes not ijeia" I a ken uurRutagii of. The large surulu? on llio Current Account sliowe Hint eon- si'loniblc economies were eitecled oiv tho Estimntcs. which ii was thought had linen io a uifnlmEJui. Tho of Tuxes, however, ure heavy. Out of a total Taxation of SblS.QOO, there remains unpaid The ot nuy will noi bo foil until it is realized. At present the surplus is unrealized and directly represented by Unpaid TUXOK, I. Debentures Issued and Capital Expenditure .for 1914. Tlie balance ihe credit at end of year is a great increnac over the corresponding llgure at tiie beginning. Tltis is due principally to the issuing of Debentures during the year to provide for Capital Expenditures and Capital Shortages made prior Co [914, Details of Expenditure for 1914 arc to be Couud In Schedule No. I. 5 and 6. Waterworks Department. The apparent surplus for the year 1D14 was 5ti.S-tT.yO. This Fin-plus Is made 'after charging all Operating ISMienses. a proportion of Oflice Expenses and the Fixed Charges, including of. Taxes, to ihe City. No lias been charged but (he instalment to (ho Sinking Puna ou Waterworks Debentures hup been included us well as the redemptions ot" Debomure Principal before arriving at the surplus. Instead oi charging depreciation at rates calculated on the estimated life of the of the PInnt, which is considered the proper rreat- nieni. certiiin charges have been made before arriving: nt tlio surplus which may be said to rakp the place of depreclacion, ultliougti ilie amounts need not necessarily correspond to ihe proper depreciation charge. These items are tho Sinking Fund and chc Itcdcinptions of Debenture Principal lor ihe year. In addition to this the surplus has not been earned to the relief of taxation wus done ionucrly. but 1ms 'been, left to the credit of a Reserve which is further provision for depreciation. On the ivhole, it is our opinion that this Department would have made a very small surplus, if any, for ihe year. If a sullicient depreciation charsu had b'ceu allowed for. li sliauld be m-esiioned iliat ive have 'brought [he depreciation question before the notice of ihe Council for several year? liasi. We look with favor ufjon llic iioriou taken in 1PJ4 in credillnij the surplus on ami Electric Plants to Reserve and not to Genera! Taxation as formerly. This is a step in tlie rJffht direction and as such it is probably the best, that couhl be done in the interests of the Hatypayers. We merely wish to advance ilie desirability of depreciation -According to au agreed schedule of rates The rpnjgoiDs remarfea apply io all Departments carrying Assets of a wasting nature. 7 Hud S. Electric Light and Power Department. The surplus far tlie year is shomi as This Dt'imrtineut was tased lu the amount, of 0 10. Street Railway Department. dollcit fov wna This loss was born tiy .Coucral Tnxntloii. ,'J'axes nmpiiuting Io wore levied on llic Ilnllway. 11. Summary of Cash balance Sheet. Jn llio irast Capiial mill Current Account moneys have not kepi Etrlclly separulo. During last year greater care wns taken In tills rcapeot and L-ertaln moneys ivere jiut Into seunrate Dank AccounlB. StnLement No. 11 sllou's UB accurntely as possible that the inuoutednOBS of Uie Curreni Account the Capital Account has hecil reduced to Hitherto on account of the diversity of Capital Expenditures and tlio non-provision hcforehand lor llicso expenditures, it 1ms been apparently impossible to Keel> tlie moneys In their proper channels. During the last year or l-.CT.-cvsr, the funds have been put ou a sound basis and we would mlvocRte the keoplns oi: thrco Uunk Accounts, for Ciipllni, Current and Trust moiicys, respectively. lf 8inlung Fimd 'As will 'be observed from tho Statements, due provision has been made for 11114 Sinking Fund, but the instalmeat has not Tieen paid over to the Trustees Io the non-payment of a large proportion of the tnxcs. it is not Intended Umt llic investment in the City Debentures will be ft permanent arrangement, but rather us a. loan pending sale of sauie by tho Cily. Only Interest actually received has been taken into account In this Statement. interest has been received on the loan to the Y, M. C. A., Lethbridgc. Vve ivDiild draw the attention of. the Sinking Fund Trustees to the fact tbal the beat linonclal opinion does not approve of Mortgages on Iteal Pro- perty as a Sinking Fund Investment, Conclusion Finally, we should like to record our opinion that the financial condition of tlie Cily is ia a much clearer condition Ihan it has 'been for years. WIlli regard to the ibooks, ive have to report that tiioy have been care- fully and correctly kept nnd tliat, while there are still some Improvements we should like to sec carried out and which we Relieve will be under- taken in due course, suitable and adequate changes for the belter have been adopted when expedient. We acknowledge with thauks, the courtesy and assistance received at all limes from those officers and assistants with whom coine In contact in the course of our audit. ncspecttuHy submitted, (Signed) W. A. HENDERSON CO.. Chartered Accountants. Acadia Building, LethbrWge, Alberta, 29th Jlarcli, 1915. General Balance Sheet No. 1 as a( 31st Dec., 1914. Cash and Accounts Receivable: Cash on hand and in Bank: Capital Account Current Account YA'aiLT Consumers' Account Light Consumers' Account Sundry Arrears of and prior 191-1 3J.H21.7.'! Jo4.409.37 LIABILITIES Notes and Accounts Payable: Treasury Xotes Bills Payablr, -lii.OOO.OO Accounts Payable Due to School Districts Eal....................... Due to Sinking Fund. 1914, instalments Queen Victoria Park Lots Unsold Debentures Less Loan from Sinking' Fund thereon L'stimated Discount I Reserves: Stables operating. Surplus Cemetery, Surplus........... Coal Mino operating, Surplus -AmbiJance Corps, Surplus Works, Surplus Jjlectric Light, Surplus Stores, .Surplus Discount on School Taxes i 4.570.12 nil.44 2GG.93 M.06S.71 50.S71.22 Sundries: Time Cheque? Unexpired Insurance Employees' Claims Dee by Street Railway Current .Account Jnrenrorie.'j of Slorfs'ana Supplies Tax Sale Properly held by City Suspense Sundries: Accnied Interest on Danentures S 73.S77.31 Guarantee Guarantee Retention Monies, on Contracts Tax Sale Accounts Commuted Funds Local Improvement Taxes on hand Unclaimed Wages............ 139.20 22.C97.05 .195.90 Coital Expenditure for which Debentures may be issued: Debeuturc Discounts 10.OSo.54 Arots. ospenc'ed orer Dtlientures issued, Sch.' No. 1 Expenditure ror ivhich no provision lias been mad Sch. No. 1 Dt'iienture Funds Unexpended Balance: being No. -J 7C.4Cii.33 30C.CB4.5S 2Slh to Report of this Dale. (Sisuc-d) A. I1ENDKRSON Co., Auditors ;o the City of Lelliliri-lije, Alia. Chartered Accountants. General Balance Sheet Xo. 2 as at 31st Dec., 1914. ASSETS Capital Sch. No. Producing: Waier Vi'orks Electric Light and Pofttr........................ Street Railway Industrial Building............................ 53.300.91 Coal Mine Scales 980.38 LIABILITIES No. f.cMial No. 8 No. 5................ Bleclric Light Schedule 0 Street No. 7 XOX-KEVBXI3K PRODl'CIMJ, Sciiodule No. 1. LOCAL IMPROVEMENT Schedule No. 1 INVENTORIES Schedule No. I Debenture Discounts, covered by issues per contra Current Accounts, Deficits 107.M5.9S DEBENTURES UNEXPENDED Scliedjle No. I... S1S.G27 58I.7C9 fill Sinking 11.................. Unsold Debentures fsee Cauh Bal AMOUNTS EXPENDED OVER DEUENTUHBS ISSUED. Schedule No. 1................... AMOUNTS EXPENDED FOR WHICH NO DE- BI3NTURES HAVE BEEN ISSUED, Sch, No. I Eiceap, of Assets over Lia- bilities, per Schedule No. 29th March, 1915. Subject to Report of this. Date, (Signed) A. HENDERSON CO., Chartered Accountants AUDITORS TO THE CrTV OP LETHBRIDGE, ALBBKTA. (Continued on Ncxl Page) ;