Norwich bulletin., 1911-01-18
$2,e5t,900.00
Excess assets over lia- .o

Excess assets over Ia- p1lllieS $l,1ec,0t0.%o Monument of Mismanaeement Note that the largest single item fn the indebtedness is $3s4.0oo for float ing debt. This item represents in great part deficits made by exceeding appropriations and is monument to the engagement and waste of city money.
 You will notice that the valuation of the assets of the city is double the amount of its debts. It has been impossible to convince the people of Norwich that the gas and electric department has made any profit and that department is so inn portant to the financial interests of our city that I am tempted to devote some space to it.
 The city paid for the equity in the plant above the first mortgage of S40o,- GOO, $227,000; for additions to the plant since, s112,0on. Total. s33s,o0o. Or this stt2Go0 there has been paid out of the reserve profits, ss7 GOO, leav- ina the present amount of the debt $302. 900.
 Profits of Department. Some very bright men in Norwich say the department never has made any profits, hut as the city of Norwich never has paid one cent of the tax payers money into the plant it seems
  that the commissioners have kindly paid out of their own pockets the $37,- 000 for payment of those notes But this Is not all There is on de- posit with the Thames Loan and Trust company a reserve fund of $l,- 7s1.e1, and depreciation fund of s42,S52.6s. making total Of s44, 19 Now you cannot have depreciation fund unless you make some profits, or someone contributes the money to the city. l leave 1t to you to determine from which of these two sources the fund of s42,S52.5S caTne from. In addition to these amounts there has been paid Into the city treasury representing profits for the year end- inf July s1, 1909, S21.0i32o and profits for the year ending July sf, 1910, $2s,- s04.0S, making a total of s49,S17.2s, which under the stupid statute con- trolling the gas and electrical depart ment must be paid by the city into the reserve and depreciation funds of the department Reduction in Price. But there is further credit due the department and that is the saving to the city and the public in connection with the reduction of price of elec- tricity and gas
 Take the item of city lighting: When the plant was taken over by the city the charge for the arc lights was s90 edclf, taSt year IL WAS 3uc.ou oG(u. l HlS is q yearly saving on the 2ST arc lights of s5,5e9.5o.
 When the plant was taken by the city the charge for bug lights was s15 each, and they burned till midnight. Now the charge Is $9.72 each, and they burn all night. g yearly saving on the 300 lights of S1.5S4 making total saw ing of s7,143.50.
 The old company paid taxes on ssoo.s5o, which at last years rate would amount to s6.s07.7o thus show ing a net saving of S535,a0 over the amount of taxes paid by the old com pany.
 when the city took the plant the price of electricity for illuminating was l5 3-4 cents net per K W. H. Now it Is 10 cents per F.. W. H. for the first 4R0: 5 cents per K. w. H. for all above that.
 when the city took the plant the price of electricity for power was g cents per K. W. H. maximum; 6-10 cents net per K. W. H. minimum. Now 1t is cents per K. w. H. for first 500 K W. H: 2 cents per K. w. H. for all
 above that
 The department furnished for illumi- hating purposes daring the year ending July 31st. 1910. 5Sa. .3s3 kilowatts and received therefor $50.53h.s2. The citi- zens of Norwich gre saving more than
 s25,0o0 a year on illuminating elec- tricity alone.
 The department received for cleo tricity for power $1s.1s6.30. It is inn possible to tell exactly what the sav- ing to the manufacturers is, but as fContinued on page seven.)