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Show ZD THE MURRAY (Utah) EAGLE OU and Th Ntwi AdvrtUr Thursday, September 3, 1959 Statement of Condition -- Murray City, Power Plant, Sewer ant) Water Distric " OF FINANCIAL CONDITION AT DECEMBER 81, 1958, AS ACCOUNTED BY LINCOLN O. KELLY AND COMPANY, CERTIFIED PUBLIC ACCOUNTANTS STATEMENT State of Utah, County interest of Sale Lake: SS. 43,000.00 . 76,904.09 the duly chosen and acting City NET EQUITY OF MURRAY CITY Recorder of Murray City, Salt Lake County, State of Utah, CORPORATION IN ALL CITY hereby certify that the foregoing constitute a full true and corPROPERTIES: rect copy of the "BALANCE SHEET AT DECEMBER 31, 1958" Murray City Corporation propfor the Murray City Corporation, Murray City Municipal Power erties, excluding special deDistrict. Sewer and Water and Plant Murray City partments Special departments: IN WITNESS WHEREOF, I hereunto set my hand and afMunicipal fixed the Corporation Seal of the City this 21 day of August, $ 1,063,625.23 Power Plant 1959. Sewer and 711,305.80 Water District.. (SEAL) I, Alvin W. Wahlquist, 555,592.18 ; Murray City Corporation August The Honorable Board of City Commissioners Murray City Corporation .Murray, Utah Gentlemen: Murray City Corporation . accounts of Murray City Corporation for the year ended December 31, 1958, and the related statement of budget revenues and appropriation accounts for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. As a result of our examination we present this report which includes: (1) comments and explanatory detail; (2) balance sheet at December 31, 1958, designated exhibit A; and (3) statement of budget revenues and appropriation accounts for the year ended December 31, 1958, designated exhibit B. GENERAL COMMENTS at January 1, "1958 .$ Revcnue receipts: Property taxes Fines and forfeitures 175,000.00 38,000.00 195,676.99 33,503.00 19,000.00 13,000.00 18,000.00 9.000.00 2.200.00 4.500.00 7,000.00 1,300.29 18,334.47 13.073.73 19,397.67 13,543.00 1.423.00 4,740.30 10.918.50 1,015.14 Permits ,'' . Ir 287,000.29 : During the calendar year 1957 the Murray City Corporation entered into a long-termortgage contract to purchase Nonrcvcnue receipts: the Soter Building at 5461 South State Street, Murray, Utah. Repayments: In 1958 the principal payments and interest due on the mortgAccounts receivable 500,00 age were paid from funds of the Municipal Power Plant, but Departmental charges: costs were obtained from these sources: the general remodeling Power Plant funds of the city, funds of the Municipal Power Plant and funds 1,500.00 Department of the Sewer and Water District., Scwcr and 500.00 Water District During the year 1958 the City purchased the old Salt Lake and fire station located County equipment shops at 4725 South r;"t 2,500.00 State Street under an installment mortgage contract. The down . i on contract was obtained from the general funds the payment 348,261.00 of the Municipal Power Plant and the Sewer and Water District Since each of the City departments were to participate in the occupancy of these facilities, the City Commission had de- APPROPRIATION ACCOUNTS: cided at the time the properties were acquired that operating Operating expenses: costs, payments on the purchase prices of the properties, and Salaries city officials 16.140.00 remodeling costs would be apportioned among the City, the 5.800.00 Hall maintenance City Municipal Power Plant, and the Sewer and Water District. 27,500.00 General expenses Departmental expenses: To alleviate the difficulties encountered in attempting to 4,100.00 Legal department apportion the operating and maintenance costs among the var15,600.00 Engineering ious units, the City took over the equities of the Municipal Power 13,400.00 City court Plant and the Sewer and Water District at December 31, 1958, 42.500.00 Police and prison and assumed the unpaid balances of the installment mortgage 21.100.00 Health contracts. 21.800.00 Fire ... . .i to the operations covered by this report for the year ended December 31. 1958, appear to have been properly accounted for and all disbursements were properly authorized in accordance with the departmental appropriations approved by the City Commissioners. Yours very truly, Exhibit A 4,497.0- 1,397.67 4,543.00 777.0- 0240.30 3,918.50 285.15- Balance Sheet at ASSETS CI BRENTS ASSETS! Cash on hand and on deposit: Cash on hand change fund Caul! on deposit First Murray Branch, Walker Bank and Trust Company general fund Ve Motor on Cash deposit hicle Registration Fund Accounts receivable: fund - curb and Guarantee gutter special improvement districts 300.00 23.924. 06 1,422.6-5- 946.89 267,760.61 1- 5.615.33 workmen's compensaDeposit tion insurance Old special assessment district accounts receivable: Unpaid assessments Less: Reserve for uncollectiblo accounts 1,314.79 583.22 , note Amount Realized or Balance or Expended Deficit -) (- $ 16,338.46 para city Police department Fire department 267,760.61 7,529.39 40,000.00 38.243.90 1.756.10 14.000.00 4.500.00 500.00 500.00 10.971.00 9.130.32 6.034.06 1.983.99 4.869.68 "12.500.00 70,471.00 67.012,27 expenditures ygfflKg' -- - 2.558.73 1,572.20 . . t 300.00 30000 $ 23.924 98 3.773.82 23.924 96 3.773.82 27.098.78 $ 27.998.78 for Municipalities, the accumulated depredation reserves pertaining to physical plant were written off at January i, INABILITIES AMI NET WORTH 2.917.76 2I.5O0 00 .593.20 31.01096 Exhibit ' 1 D m of Income for the year ended - Statement December 31, 1P8 Less: Accumulated depreciation.. 2,258.105.76 426,236.78 33.904 09 15 13,059.39 67,212.60 100.00 Refund of sewer service charges Accounts receivable, reimbursable 1 102.00 235.70 937.70 Total disbursements.. Wr semi-annual- ly , 238,118.78 BALANCE OF FUNDS ON DEPOSIT AT DECEMBER 31, 1958 exhibit A $ Murray City Sewer and Water District 14,117.12 Statement of Budget Revenue and Appropriation Accounts General Fund for the Year Ended December 31, 1958 Amounts Estimated Revenue and Realized or Balance or Appropriation Expended Deficit -) REVENUES: funds on deposit at Balance ' (- January , 34, $ 41.048.53 1,053.54 $ 48,720.24 1,053.54 45,102.07 49,773.78 00.000.00 105,000.00 113,916.16 ,8.916.16 5,000.00 10.235.00 5,235.00 4,000.00 8.200.00 1,614.17 4.200.00 011.17 217.200.00 227.909.98 10.709.98 262.302.07 277.683.76 15.381.69 31.10000 20.17602 39,300.00 26,013.50 10.023.08 13,286.50 20,600.00 22,963.79 91,000.00 69,155.31 21.844 69 10,000.00 52.600.00 8.663.19 62,738.21 4.33681 10,136.2- 1- 12.500 00 2.97868 9.415.13 9.939.23 6.960.5- 7- 78.078 68 87.753.78 0,673.10- - . 13.059.30 13,059.39 . 67,30100 67,21260 Receipts: Water service charges Sewer service charges water connection charges " Murray City Sewer and Water District Statement of Income for the Year Ended December Departmental System Water Sewer . nfl.77 Tij175 00 3.820 89 737.87 $98,186.78 31, 1938 Total Sewer system Waterworks system Administrative and general expenses Capital expenditures: Payment on office building .. Waterworks system Sewer collection system Equipment , $214.74646 10,133.00 17,833.00 914 05 502.47 1.828.10 524.47 12.713.47 12.743.17 122.483.77 217.679.50 19.6tt.166 ti!. 10 32 81617 10890 108 90 2.01427 59331 814.50 41831 4.0P3 65 43.33 20.176.02 26.013.50 $105,019 71 $ 96 470.27 ADMINSTRATIVE AND GENERAL EXPENSES: Salaries: 5.270 00 . Superintendent 2 4O0 00 Office 4.72 rt Meter reading snd collecting 2.W2 M . Stationery and office supplies 377 3 Telephone 1.033 00 Professional Fees 1 2 r.o Trawling expenses Miscellaneous 132.77 Workmen's compensation Insurance 473 51 Other Insurance , , !'M 17 Taxes and licenses 1.811 40 Truck cxpciwo . ., Debt service: Water main extension notes payable Fund transfers: Sinking fund l.p:8?8 2,303.79- - 3.081.87 151.40 Miscellaneous: Refund of service charges : . Subdivision water main extension Reimbursable 300.00- - 102.00 ,, 300.00 102 600 00 12.000.00 00- 12,000 00 500.00 233.70 261.30 78322 12.800 00 937.70 11. 62 30 46,189 32 262.302 07 238.113 78 21,18329 expenditures 7.914 M $201.48903 BALANCE OF FTMlS ON DEPOSIT $, ... t $ 39.561.98 General operating fund Construction fund t $ 39.561 98 3S.5MH 1.053 54 $ 3t?t PROVISIONS FOR INTEREST 3.944.63 AND APPROPRIATIONS EXPENDITURES: charges 1,089.63 4,671.71 93.94463 Refund of connection 13.15281 4,671.71 17,100.00 711.305.80 Exhibit B OPERATING EXPENSES: Salaries and wages ... Materials snd supplies Pipe and fittings Repairs Water assessments Fuel and electricity sundries $ Sewer connection charges $ 2.005.272.96 125,195.73 1, 1958: Ceneral fund .....J. Construction fund 700.00 Miscellaneous charges,. water nraln Advance extensions: 500.00 Reimbursable . Transfer from water main extension fund 12.000.00 (Funds returned by fiscal agent and deposited in reserve fund.) MURRAY CITY EQUITY IN THE DISTRICT INCOME: Service charges $116.55968 Connection charges 7,700.00 u. S. interest 914 05 Treasury Bonds Sundries 22.00 .,. Contributions by subdivisions for water main extension (not reim bursable) 38,511.44 $ Exhibit D Sewer and Water District revenue bonds, scries of September 1, 1952; maturity dates, installments due September 1, 1960 to 1987; and interest rates 2rr, payable on March 1 and September 1.. 1,200,000.00 NOTES PAYABLE WATER MAIN EXTENSIONS: Note installments maturing after December 31, 1969, payable from general fund notes do not bear interest 23,815.87 ,,, fr December 31, 87,753.78 Debt service: Water mam extension notes payable, 'without interest Fund transfers:' Sinking fund Miscellaneous: Refunds of connection charges: Sewer 500.00 $ 1,831.868.98 statement of receipts and disbursements the year ended December 31, 1958 INCOME BEFORE PROUhIOV FOR INTER Exhibit D Statement of budget revenues and appropriation EST ON BONDED INDEBTEDNESS accounts general fund - for the year ended ON Exhibit C r 4, 1959 The Honorable Hoard of City Commissioners Murray City Corporation Murray, Utah Gentlemen: We have f xamlncd the balance sheet of Murray City Sewer and Water District at December 31. 1958. and the related statement of Income for the year then ended. Our examination was made In accordance with grnerallv accepted auditing standards, and accorttmsly included such tests of the accounting records and mnn'tolher auditing procedures as we considered necessary In the circumstances. Under the scope of mir examination, we did not apply the generally accepted auditing procedures of confirming the account receivable for service charges by direct communication with the debtors: however, we were able to satisfy ourselves with respect thereto by a detailed examination of the accounts. As a result of our examination, we present JLhia report which includes: Exhibit A Ualanrf sheet at December 31, - MMi If.KM IMH.ntl DM sst IV if ie National Afuratie Coin 1938 August ;. 1.774.931 03 Us Uniform Accounting Man CURRENT 1.1 AIMMTttKi City Hall property mortgage payments due during 1M9 City shops property principal of mortgage due during 195 , Put chase contract scoopmobile at December SI, Statement f Income for In Year Ended December 31, 1958. and Statement of Iiudgrt Revenue and Appropriation Accounts for the Year then Ended General Fund l: In accordance with the regulations pre scribed by the nny rttlcep on City Hall; parable in Installments of f.WMO on the firm of each month. Payment Itutudcs interest and principal Inter est on notes 5 pr cent pc-annum f Sail Lake County; Other fixed assets 1,426.975.64 16,695.74 69,155.31 9,415.13 9,939.25 Water 27.098.78 Murray City Sewer and Water District Balance Sheet system Equipment 74,859.38 $75,000.00 22,965.79 Capital expenditures construction: Payment on office $ 5,663.19 building Waterworks system 62,736.21 Sewer collection 477.92 11.660.32 $ 27,098.78 ., $ $ 2,438.438 26 rial 22,496.96 i 336.600.68 318,261.00 BXLXNCE3 628,3331 Mate Tax Commission in CURRENT ASSET SINKING FUND: Cash on deposit in bank CURRENT ASSETS RESERVE FUND: Cash on deposit in banks Investment: U. S. Treasury Bonds 2Vi Interest, maturity date No vember 15, 1961; face value, OTHER LIABILITIES: Waterworks bonds, scries of October 1. 1937; $5,000.00 principal ' called for redemption each year on October 1, 1917. 1948. and 1949; bonds not presented for $ 15,000.00 redemption Unpaid interest coupons on these bonds 2,100.00 1.529.00- - 927.80 2.500.00 It 61.M4 08 326.553.38 127.139 91 38.523.77 13.374 69 487.42 EQUITY IX SPECIAL DEPARTMENTS: Murray City Municipal Power Plant 1,063 623.23 Murray Citv Water and Sewer District 711,303 80 NOTE 31,767.80 88.40 BONDS MATURING AFTER 1959: 60.6.36 06 . 31,239.10 528.70 Other 46,189.52 Administrative and general expenses 14,974.83 LIABILITIES AND EQUITY CURRENT LIABILITIES GENERAL FUND: Notes payable water main ex. tension, portion maturing durwithout interest ing 1959 CURRENT LIABILITIES SINKING FUND: rev- Sewer and Waten-.Cistric- t .275.42- enue, bonds, scries of Septan ... ber 1, 1952; maturity date 7.529.39 $ 25,000.00 September 1. 1959 Sewer and Accrued Interest Water District revenue bonds, Exhibit R series of September 1, 1952, 2 Sheet 13.904.17 interest due March 1, 1959 .$348,261.00 J364.599.46 .. 276,630.22 DISBURSEMENTS: Operation and maintenance of the systems: Sewer system 20,176.02 Waterworks system 26,013.50 522.42 1.12 741.21 681.92 285.70 Accounts Statement of Budget Revenues and Appropriation for the Year Ended December 31, 1958 office City Hall equipment 18.435.00 1,614.17 $ 16.264.27 Sewer FIXED ASSETS VALUED AT COST: Waterworks system 814,434.38 Sewer system: Collection system 976.182.33 Treatment plant.. 450,793.31 Fixed assets not. subject to depreciation: Buildings . Equipment . City park improvements Sodium street lights Cemetery Improvements 43,713.52 $ 2,005.272.96 10,714.30 fTNIWON HAND AT DECEMBER 81, 1958: Cash on hand change account.! Funds on d posit: 34.92892 .. General fund . Motor vehicle registration fund 588.22 VALUED AT COST Street paving $ Water 8,200.00 Total funds available . Accounts receivable: Service charges: charges 227,909.98 CURRENT ASSETS GENERAL FUND: Cash on deposit in bank: General operating fund 38,511.44 $ Construction fund 1,053.54 Water main extension fund 4,148.54 75,337.30 Murray City Corporation property C 10,235.00 Sundries 29 24 Other FIXED ASSETS 31, 1958 38,904.17 Reimbursable 8.58811 1,553.1- 1.023.31 1,925.06 694.47 1.31808 APPROPRIATION ACCOU NTS: 275,290.00 Brought forward Capital expenditures; New city offices ' Exhibit . 3.076.69 13.674.94 12.705.53 42.500.00 21.100.95 Total operating costs 275.290.00 - 1,340.00 582.94 7.61 14,800.00 5.217.06 27,492.39 11,300.00 50,475.42 500.00- 16,338.46 364,599.46 11.300.00 50.200.00 Other $ at December Notes receivable 369.54 77.35 13,800.60 REVENUES brought forward December 31, 1958 - 24,625.51 869.54 13.800.00 Streets and: sidewalks. 77.481.14 ..$ $207,860.81 Sewer connection - 75,569.72 3.048.88 15.258.79 maintenance City cemetery maintenance 0- 665.53-73.- 73 311,625.80 3.050.00 16.000.00 2.000.00 11,000.00 Center Street lighting Dog tax collections City library City park Civic Budget Estimates Murray City Corporation Balance Sheet - 20,676.99 All receipts of record with respect LINCOLN G. KELLY AND COMPANY, 6,733.94- ZZZZZZ : '', 57,673.04 REVENUE RECEIPTS: Collections on accounts receivable: Water service 93,944.56 Sewer service 113,916.16 Water connection charges ASSETS City licenses !;(-i'.."- In view of the regulations prescribed by the State Tax Commission in its Uniform Accounting Manual for Municipalities which must be adopted and installed by all municipalities in the State of Utah, slating that depreciation shall not be taken upon the fixed assets owned by the municipality, the accumulated depreciation reserves pertaining to physical plant were written off at January 1, 1958. S $ 52,026.77 58,760.71 registration State liquor sales Dog Taxes County library board Cemetery collections Sundries . Murray City Sewer and Water District Amount Realized or Balance or Expended Deficit -) Motor vehicle , Beginning January 1, 1959. the Municipal Power Plant and the Sewer and Water District will pay the City a monthly rental for the facilities occupied. Exhibit A (- REVENUES: Balance of funds on hand We have examined the balance sheet, financial records, and i Statement of Budget Revenues and Appropriation Accounts for the Year Ended December 31, 1958 Budget Estimates 135,154.18 Murray City Sewer and Water District August 21, 1909. 10, 1959 INCOME BEFORE PROVISION FOR DEPRECIATION OF FIXED ASSETS Recorded receipts for the year were properly accounted for and the disbursements appeared to be regular and were properly PROVISION FOR DEPRECIATION .. approved by the City Commissioners. OF FIXED ASSETS We have read the ordinances, resolutions of the City Commissioner, legal opinions, published notices pertaining to the NET INCOME FOR THE YEAR election authorizing the creation of the District, the issuance of revenue bonds for the construction of the sewer system, and all pertinent requirements with regard to the accounting for the revenues of the District. The requirements pertaining to the accounting, the creation of the special funds required under the ordinance, and the procedures for handling and allocating the revenues of the District have been complied with. 42,362.51 In our opinion, the accompanying balance sheet and related 2,330,523.21 statement of income present fairly the financial position of Murray City Sewer and Water District at December 31,' 1958, $ 2,438,438.26 General Fund, and the results of its operations for the year then ended, in Statement of Receipts and Disbursements for the Year Ended December 81, 1958 conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. RECEIPTS: Exhibit B Yours very truly, Balance of funds on deposit at LINCOLN G. KELLY AND COMPANY, 48,720.24 January 1, 1958 1,774.931.03 Signed: ALVIN W. WAHLQUIST, City Recorder Balance Sheet at December 31, 1958 Statement of Budget Revenues and Appropriation Accounts for the Year Then Ended BONDED INDEBTEDNESS We examined the records pertaining to the receipts and disbursements of the District and confirmed the funds on deposit by direct communication with the depository. Mortgage on Murray City Shops payable in yearly installments of J21.500.00 each on no .July 30, 1960, and 1961, 39,56198 Murray Cify Municipal v;Powcr Plant 23.97129 , Statement - Balaw Statement of 177.516 est Sheet t If mbrt H'UIM f Income for Ihe Year Ended St. 158, and Revenue and Approprtall.m Account lor the Year The , , , Bmlgf-- t August i, 1959 |