OCR Text |
Show Murray City Statement Of Condition, Page Two Th Honorably Board of City Commissioners Murray City Corporation ' Murray, Utah Miscellaneous income . - .' 5 ' ' Gentlemen; t i 512,879.61 ,i i OPERATING COSTS (excluding depreciation): We have examined the balance sheet of Murray City Municipal Power Plant at December 31, 1958, and the related statement of income for the year then ended.' Our examination was made in accordance with generally accepted auditing standards, and accordingly included such testa of the accounting records and Biich other auditing procedures as we considered necessary in the circumstances. $ Hydroelectric plant Diesel plant . Utah Power and Light Company connection ..... Transmission lines Distribution system Service lines Supervision and general overhead f Under the scope of our examination, we did not apply the generally accepted auditing procedures of confirming the consumers accounts receivable by direct communications 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 this report which Includes: ...,, Balance sheet at December 31, Exhibit A Exhibit : B - ) ;. Exhibit C ' k Statement of receipts and disbursements, genfor the year ended December 31, eral fund 1958 of special funds - and disbursements, receipts for the year ended December - 31, 1958 ;- , 19.18 for the year ended Statement of income December 31, 1958 Statement Exhibit D 4,593.41 .. i . 4.644.87 155,722.51 January at December 81, 1958 . . Inventories --7 at cost: ' Fuel, oil, lubricants, line supplies, etc. Accounts ..receivable. -- j, other, city, departments 10,496.75 2.182.07 Total current assets 101,650.69 securities , 17.500.00 38,422.00 fixed Assets riantat cost: nam Ifmh Power and Licht Company connection Transmission lines Distribution lines Service lines Other fixed assets 53.085.74 Accumulated depreciation Less: OTHER ASSETS! Deposit on Nordbcrg diesel engine 90.000.00 $ 1.286.304.36 Evliil.it A LIABILITIES GENERAL FUND: CURRENT LIABILITIES Consumers meter deposits ....... . . Utah sale taxes L Accounts payable 18.S45.50 2.425.12 27,808.51 48.679.13 Total current liabilities. POWER I'LANT CURRENT UABILITIES IMPROVEMENT REVENUE BONDS SINK Note 1: INO FUND Bond maturing In 1959 POWER PLANT BOND INDEBTEDNESS IMPROVEMENT REVENUE BONDS MATURITY SERIES OF JULY L 1931 DATES AFTER 1858 Maturity dates: 7119C0 1967 S 18.000 00 per year 18.000.00 , - 112.000 00 July Interest rates: 156.000.00 1, 1968 on 136 000 00 Z?r en fl38.0OO.O0 1'ayable on Junary 1 and July 1 NET WORTH EQUITY OF MURRAY I'lTY CORPORATION: Nrt equity at January 1, 1958 Net oiHTBlfnit income for the year S -- ,,.' Deduct Urnperty transferred to Murray City: Equity In new $ 47.750.39 City Hall Fruity In old office 4.184 08 building and site Equity in City snnps, etc. . Senlce . S1.2S6.304.33 rxhH.lt B Municipal Power Plant Matrnwnt of Income fff the Vrsr EmM IWrtntwr 11, llemnhrr Wiring Ii"tir .. .. .. .. , rialancs B A L NX E 533.144 30 ' J.7M.10 318.80 . 510.000.00 1.000.00 400.00 2.000.93 525.668 64 1.799.10 348.80 513.400.93 532.0 19.15 Nonrevenue receipts: Meter deposits - Utah sales taxes ' Reimbursable depart mental charges , f 427.81 1.092.53 1.508.37 00 1.00 ' - r funds 215 35576- - 4.096.03- 4.004.27 149,494.65 . 604 27- - - 4 3.505.35 83.50707 23.507.07-160,0- 0 2.910 00 13.349 37 1.81937-4.5898- 6 2.910 11 6.280.79 12.019.21 52,890.64 96936 , 320.675.07 30,584 93 21,200 00 4 000 00 10.000 00 24.000 00 3.4X5.00 8,91870 2.800 00 515 00 1,081.30 3.000.00 2.828.57 173.43 38.200 00 39.230 27 J.030.27- - 52 40 52 40 surcharges Forward - 00- 571.106.06 . 61 1.081.39- - available 578,202.09 .... Refund , 1.652.06 mortgage 83.507.07 160.00 13.349.37 4.589 88 12.019.21 3H9.4C000 Amounts ItattUrd Budcrt AMI I CONSTRKTION UNDS, brought ford. $578.202 ir 09 APPRflPRIATIOV (Crmtinuwl) : BrouRht ACCOUNTS, ' " , Iir UUh Power and Llfihl $ 4.096 I j 03- - Transniiwion lines . 37.50000 '. I ouo 00 3 oki oo 27o'0 0rt .... Sfric lines Urn. wjuipmeni Office f)iitpment KiihstaUon -- f.Sih So. Offiri building IniprnvpnienlJ I 2i 1.300.72 flUW Dspcnihturrs City shops prriiH-tt- 11 4 ft!s. 95123 erjine 1T3.1C2 07 39,08 65 NottttHig Inwusnc s 11 " 7.5t3 0 1 ou 5.2Kt r.s 351 13 934 23 21.5V0 00 173.162 07 31.?9j 5 BALANCE I'lVlllli ' 9 75.1 7 21 5iW 0u KOiiMt II B 36.227 37,f60f0 ELEMENTS 37.r.60 00 6.2 8 00 6.2(9 inn 7.1f0f.) 1.IP0.68 M2.310 49 33 91 M v $. t 31.793 57, jf m- - M CROWI 3t.TM 1 ,J WATCH IT GROW with morgro ,,.....m,LB ,w i J S:f tty; ' IV - i; ;f ! fH) i3.fcoa.oa SfwxioO . IMA- I1NHH AT I FOR LANDSCAPING Sprinkler Sysfems drfait WITH PLANT FOOD GREENER Nordbcrg Die i.Moi it si, DjSyfCsJftAL YEAR .056.04- - 39.056 01 tliewel r.r''"f,s ((Mp)C $1.25 a 4i " f V7IUVIII - 41 r! 4.714 42 371 54 tlMSM rirntal on oil IV II rent- - diwl rngine tleimhurssliUi 7.4 r.'iS 41 23,898 41 ... ' 7.1 W 6 52 iO 58 13 AH 10.708 10 . ppropristkms: Cwtt'if pncies 371.51 . 4 30.000 00 . 34.378 27 3.121.73 138.93109 , ORDERS: Send stamped addressed return envelope with remittance to Box FG 6, Salt lake City. Mention 2nd choice of dates. No telephone orders. For information dial EL MAIL ,U' Our own special mix. Reg. pound. This week end only S.onoon IOoo(m) 10.0iOOO 723 99 , i OttuT ' 29.502 26 3.".9,P57.7I l3.nitor Other rnplUl , - -- ... I'tstribuihrn linrs , $1.75.- Plant your Evergreens . 3 000 00 rfiniMTimn ; tax and Fair admission. $3.75, gate S3.25, $2.75, $2.25. Wed. mat. only $2.75, $2.50 All price inc. LAWN SEED pnt l BIdg. ' Capital expenditurei: Hydroclertrlc plant 2 Nightly ot 8:30. 2;30 p.m., Matinees on Sept. 12, 13, 16 and 20. Mat. 5 p.m. Sept. 18. Sept. 19 Mats, 1 and 5 p.m. TICKETS NOW AT Soli Lake Tribune Bulnnre or $574.106 06 3fi9,460(K) for-war- r MORRIS CHALFEN lHfl.lt (.) llltieliiksj 39.230 27 8 458 15 49 r.ktluuite GENERAL REVENUES K!r ..s. Annlvcriary OFF ft MURRAY CITY MUNICIPAL POWER PLANT Matmirnt nf liutlgel retenue and approprlntlim amiunt lur the )rur ended December 31, 1958 211.200 T2 VI (Twenty ninth In a aeries articles concerning- the activities of the neighborhood youtliM who deliver the Eagle-Ne- H Advertiser each week.) A industrious lad, Mike Killian of Murray ranks hifih nnionp; carriers of the Murray Eale who have delivered th publication the longest. Mike has been delivering Eagles for nearly 1 j years and has a route covering: 415 homes. His ana covers between 4500 South and 4800 South from the Jordan Kiver to State Street. He also delivers in the area from 4800 South to 5300 South between State Street and 2nd West. The likeable youth is presently saving his route earnings to purchase a car. A junior at Murray high school, the youth lists botany and toology among his favorite subjects. Fishing. hunting, trapping and baseball rank high among Mike's many activities. This past summer he played third base for the Murray 1st Ward team. A resident of Murray since the third grade. Mike is the son of Oarland and Lorraine Killian, 4S88 Poplar St. He has three youneer brothers: Marv, Doug and Tommy. His father is employed as floatation emrweer by Kenne-co- lt Copper Corp. The Kllllans resided in Garfield prior to their move to Murray. Evlillilt I Sheet 2 320.675.07 2,82657 thru Sept. 20 11 29.50226 359.957.71 52.89061 24.000 00 3. 4 S3 00 8.P18 70 Sept. of 18.618.22 20.347.91 Meter deposit refunds Utah sales taxes Office building 4,661.27 149,491.65 51.20-4.232.- 22,000.00 Debt service: transSinking fund fers, revenue, bonds series of July 1, 1951 ' 5,641.21 APPROPRIATION ACCOUNTS: Operat ing costs: 4.000 00 i Hydroelectric plant .. Diesel plant 193,000.00 Utah Power and Light-po- wer 60 000.00 purchased ' Transmission lines 3,10000 ; Distribution system .... 11.500.00 7.5OO.0O Scrvic lines Supervision expenses .. 18.300.00 Administrative and 53,800.00 general exjM'nses .,: 39,056.04 FUN W US HAND AT 31. 1958 This Carrier Saves Funds 15.668 6) 799.10 6,000.00 351.260 00 2l.ro0fl0 . UHTA STATE FAIR $ 21,092.19 785.00 "jb.8.918.70 ' 4.71142 excess rwer rharg Mike Likes Fishing 2.231.68 ' 6.000.00, - Total 198.40 $ 21.708.97 $ 42,801.16 FISHiN'S A FAVORITE pasttime for this week's featured carrier, Mike Killian of Murray. Each week he delivers 414 Murray Eagles to residents living between 450Q South and 4800 South from Slate Street to the Jordan river and from 4800 South to 5300 South from 1st West to State Street. Residents of this area who are not regularly receiving their copy of the newspaper are' urged to contact the carrier or call the Murray Eagle circulation department,' AM hard-Workin- . 525.668.61 1,799.10 348.80 4 , ttpenditur. I9.8 1, 1958; . General fund Revenue receipts: Sales of electrical energy Wiring permits Wiring licenses Miscellaneous C , 68.59H41 23.K984I lines Refund INCOME: !ai of tleilrlcal ttKtgy Wiring permit- - 81, 1958 January : 1 3.121.73 Office iutpmrnt Office building improvements Cuy shops prfiperty Substation Lineman's tools, etc. . Exhibit E 119.910.20 574.106.06 .... 4.8R2.50 18,000.00 $ (- funds available , 13.422.00 ... Accounts for the Year Ended Deeemlwr $1, 1958 Amount Realized or Balance or Budget Estimates Deficit -) Evpended REVENUES GENERAL . AND CONSTRUCTION FUNDS: Balance funds on de; posit and on hand at 5.644 24 8.918.70 OTlir.lt IHsBl RM.MENTst lteimburahle depart menial Murray City Municipal Power Plant 38.422 00 25.000.00 Bonds maturing during 1959 5.785.00 PLANT IMPROVEMENTS: Dtwwl plant Utah Power and Light substation .. Transmission lines . Distribution lines I 20.922 00 17,500.00 Statement of Budget Revenue and Appropriation ' 1.0C3.625 23 0.222.20 X Murray City AVAILABLE FUNDS RE FORE PROVIDING FOR DEBT SERVICE AMI PLANT IMPROVEMENTS 73.434 47 Deposits in excess of requirements 195.605.59 $ General Fund, AVAILABLE FUNDS BEFORE PROVIDING FOR PLANT IMPRO EMENTM AND EXTENSIONS brought forward 31.795.57 $ I; 22,882.50 MURRAY CITY MUNICIPAL POWER PLANT Statement of receipt and dMmrwnwnt general fund, for the year ended Urwmber SI, I958 . 0.000.00 922.20 R Sheet 2 . 1.137.05970 31,795.57 $ Exhibit i:hlWI 119.910.20 ended December 31, 1958 Funds on deposit $25,000.00: Inteuest due 1959 195,605.59 AVAILABLE FUNDS BEFORE PROVIDING FOR PLANT IMPRO E.MENTS AND EXTENSIONS forward each year in 1959 Excess of funds on deposit 8.879.01 459.21 PROVISION FOR DEBT SERVICE: revDeposits sinking fund enue bonds, series of July 1. 1951 meter deposits Refunds State sales taxes office building Mortgage 400.00 Fund should equal the amount of one year's interest plus the amount of bonds maturing but not leas than during the year 54626 DISBURSEMENTS: Operating of the system: Hydroelectric plant . ' Diesel Power plant and Light Utah power purchased Transmission lines Distribution lines . Service lines ....... ...,,,. Supervision and general overhead Administrative and .... general expense 9.922 20 .. $ RESERVE FUND REVENUE BONDS, SERIES OF JULY I, 1931: Funds on deposit at December 31, 1958 . ... $ Funds invested in United States Securities .... 201,484.60 U. S. Total 1,046.309.47 23,415.50 Minimum fund required 20.317 91 1,666.052.33 919.742 86 400.00 ; 18,000.00 33.00 21.708.97 Nonrevenue receipts: Meter deposits deReimbursements partmental charges . Sales taxes collected 31,395.57 lf 532.049.15 48.033.32 76.151.64 455.571.74 .198.216.16 57.644.72 24,000.00 funds on deposit at Dec. 31,' 1958 maturing 1. 1958 Treasury bonds Miscellaneous 31,395.57 2.5G5.00 funds on hand Interest 155.178.23 975,256.52 Hydroelectric Diesel 48.344.20 i Fund requirement at December 31. 1958: of the bonds IX'posit required - - ono-ha- Murray City Municipal Power Plant January , ! ; $ 1, 1958 Balance ' 9.022.20 paid Decem- 31. 1958 July $ Revenue receipts: consumers' Collections accounts Wiring permits Wiring licenses Recoveries on accounts written off . Refund on prior year's workmen's compensation insurance Sale of junk Insurance claims i ' , Fiscal agent's fee Exhibit Balance SINKING AND RESERVE FUNDS: Reserved for payment of interest and principal of revenue bonds-se- ries of July 1, 1951: cash on deposit Sinking fund Reserve fund cash .$ 20,922.00 on deposit Invest, Reserve fund ment in United States 1958 5.377.50 75,695.39 ''. ANALYSIS OF FUNDS ON HAND AT DECEMBER 31, 1958: j Funds on deposit Walker Hank and Trust Company. , ' ' Murray Murray, Utah $ . general fund ... ..... Change fund general office 9,337.70 fund , general 7p ill Installment of bonds due 1,739.00 907.57 2,202.71 734.24 121.43 Statement of Receipts and Disbursement for the Year Elided December "' "" ; ; , RECEIPTS: . , 1, 1959, ber 400.00 31,395.57 57,178.30 3, 1959 Thursday, Interest due . $2,812.50 July 1, 1958 Interest due January 284.409.30 NET INCOME FOR THE YEAR THF ML) PRAY (Ulah) FAGLF nd Th Newt 33.337.70 Disbursed: ASSETS CTRREXT ASSETS GENERAL FUND: Cash on hand Cash on deposit In banks consumers $ 63,529.22 Accounts receivable Less: Allowance for losses on 6,35?.92 uncollectible accounts I Spechil Funds, 1958 1, Funds transferred from genoraj fund luring the year 92.815.25 160.00 13 353.37 4.5x0 88 13,123.41 . Line equipment Office equipment Other equipment Substation (supervision) ' Funds on deposit Exhibit E Balance Sheet Statement of Receipts and Disbursements lor the Vear Ended I)ereinlMr 31, SINKING FI ND REVENUE BONDS: SERIES OF JI LY 1, 1931: ' . ADMINISTRATIVE AND GENERAL EXPENSES: office .... Salaries 20.107,13' meter reading 6.492 05 Salaries 8.895.51 Stationery and office supplies ... 3.910.17 Legal and professional services 388 SO Collection expense ...... Janitorial service 1,504.23 Allowance for "J.90G.C8 uncollectible accounts 2 7K-- fi'2 Advertising and public relations 5 595 83 Social security taxes Insurance 1,740.58 fjrc and casualty Insurance workmen's eompen- - ; 1.064 00 . sation and employees' group 803.78 Miscellaneous expenses .... . 813.53 Telephone and Telegraph Trucks Murray Oily' Uy Municipal Power Plant 258.470.31 Murray City Municipal Power Plant : - , Repairs: Statement of budget revenue and appropriation 432 29 Office building accounts for the year ended December 31, 1958 375.89 Office equipment Office rentals 1,050.00 We examined the records pertaining to receipts and disbursements of the Municipal Power Plant and confirmed the funds on deposit by direct communication with the depository. BEFORE PROVISION Recorded receipts for the year were properly accounted for INCOME FOR INTEREST AND DEand the disbursements appeared to be regular and were properly PRECIATION approved by the City Commissioners. PROVISION FOR INTEREST: Bond Interest series of We have read the ordinances, resolutions of the City Com5.387.50 . 4 July 1, 1951 missioners, legal opinions, published notices pertaining to the 498.28 Interest on meter deposits election authorizing the issuance of the revenue bonds to provide 2.993.23 Interest on mortgage City funds to enlarge and improve the electric light system, and all pertinent requirements as pertaining to the accounting for the revenues of the department, the provision, of creating the special Forward funds required by the ordinance, and the allocation of the revenues from the department. All requirements pertaining to the creation of funds, separate accounting, and allocation or tncome, outlined in the ordinance authorizing the bond issue of July 1, J951, have bees complied with. MURRAY CITY MUNICIPAL POWER PLANT Statement of income for the year ended December $1, 1958 related and sheet In our opinion, the accompanying balance statement of income present fairly the financial position of MurBrought forward 1958, and the ray City Municipal Power Plant at December 31, in conformity PROVISION FOR DEPRECIATION: results of its operations for the year then ended, 278.19 with generally accepted accounting principles applied on a basis Hydroelectric plant Diesel plant 46,336.03 consistent with that of the preceding year. Utah Power and Yours very truly, 1,538.45 Light connection Transmission lines 2,840.84 LINCOLN Q. KELLY AND COMPANY, Distribution system 12,201.81 ' ' ! 6.795.12 Service lines ' "n . 3T Why don't you com out and browse around anytime? |