Show I Bountiful Finances Bountiful Finances Are Bountiful's Financial StatemEnt Statement State State- ment for the period o of or J June u n e June 1966 1967 on its Power Co Water and Sewer DepartmEnt Depart- Depart mEnt sounds highly favorable HIGHLIGHTS OF the report 01 an the Bountiful Light and Poe Co shows an operating income of for 1966 6 tt 61 in comparison to for the same period a year I More afore rore Tl This s is all the more I significant in that this years year's ref report rt contained a ten per centred cent I red reduction uchon In the rate structure for six months of the 12 year i I joo I Operational expenses were brOken woken down into four categories cat cat- I Dories electric gener generation a t I ion o n transmission and distribution C CUstomers CUstomers' accounting g collet I tion Hon and general administration I THE COST OF generating electric was up slightly from frome the e Previous Y years ear s Fo For r 1966 7 1 It was compared to 10 Barry Hutch Hutchings 1 gs 1 lager explained that due to l we the e new operation the new s sa subS sub sub- S sl a i on the first one to one and roe One years lears can be expected to show show an Increase but that in inI I Projections on the project a IE eling Sea 1 g off ff is expected by Sept 8 k Transmission and wa also E showed an increase of over last years year's and cUstom customers rs ac- ac fi Counting collection r reading e ad 1 n g gers mEters preparing bills showed f for or 67 1966 compared 10 for the previous r od j General ad administration ministration as 37 74 as 83 31 comPared to 70 I in 1965 1965 66 1 GROSS CROSS PROFIT on the Power c Co before other payments were J made o ade e was 83 8 for 67 1966 COmPared to o last year j rJ City CUy y Manager nager Grant P PeterI PeterI Peter Peter- I EO rr o otal al commented that Although erl rate to the consumer deI decreaSed decreased de- de I creased during durine ll the last six I months period of the year retted re- re inc Flied on initial sales revenue teased cre BARRY li said that the company furnished 20 percent per percent percent cent power to gain an overall four per cent increase as a I result of having a ten per cent reduction to the consumer Mr Hutchings ran a check on kilowatt hours and found that I Ithe I the difference annually ran 15 hundredths of a mill which would have meant income if the rate structure structure structure ture had not been reduced This reflects the difference between i ithe the amount per kilowatt hour I average of in 67 1966 to in 1965 The ten per percent percent I cent decrease was granted to consumers effective 1 1967 THE POWER CO contributed 2757 2 to the Bountiful General General Gen Gen- n- n eral Fund this year compared to last year Interest Income received on the investment of accumulated 1 surplus monies was I for the period of 67 1966 compared compared compared com com- comI I I pared to for the previous previous previous pre pre- period Interest paid outon out outon on bonds issued was I this year compared to last THE NET PROFIT for the year was compared to for the period of or 1965 The reason why the net profit was higher In 1966 explained the City Manager was due to the high rate structure structure structure j ture overall expenses were lower and less was contributed to the General Fund Capital improvements representing representing rep rep- resenting an overall increase in the total expansion of the company was which the company paid out in cash during the period of 1966 I MR rm PETERSON commented that it took basically two and I one-half one years to accumulate that much money in order to buy I the sub-station sub without having to float a bond Presently the Power r Co Co owns land and buildings amounting amounting amount amount- j ing to transmission and distribution system valued at wave micro-wave equipment equipment equipment equip equip- ment valued at transmission transmission transmission trans trans- mission meters and 0 other the r equipment valued at and street lighting valued at The total worth of i the Bountiful City Light and Power Co is presently 3 said the City Manager |