Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1915-10-30

office as public trust rather than a
private franchise"
The annual message of the Presi. |
dent follows:
Chicago, July s, 1915.
To the Honorable. the Board of Trus. |
tees of the Sanitary District of |
Chicago
for the year 1914 has been deferred
to this date in order to include therein
the final revisiOns Of the statistical
and administrative exhibits showing
the classified receipts and expendi.
lures from the organization Of the
District to the close of the year 1914.
The necessity for certain revisions in
the accounts and in the compilations
therefrom was apparent some two
years ago when | presented a pre-.
liminary digest in my annual message
for the year 1912. At that time, some
of the departments were three years
in arrears and any classified statement
of expenditures was only approximate.
The Chief Accountant and Consulting
Engineer undertook to remedy the con.
ditions. which has involved painstak.
ing labor and research.
The controlling accounts and the
balances between the several depart.
ments were completed for the year
1914 much earlier than usual. The
continued sickness of the Chief Ac.
countant and the Accountant of the
Engineering Department has. how.
ever, delayed the distribution and
statistical compilations and the sum.
maries now submitted may be subject
to some slight revision or clerical
error. and it will be some weeks be.
fore complete veritication can be made.
The work done. to large degree.
standardizes accounting methods.
greatly facilitates future work and
makes ready reference to all receipts
and expenditures. regret to say that
our responsible accountants have been
grievously overworked. This District
cannot afford to sap the vitality Of its
responsible employees through over
work and worry respecting details
which could and should be left to com.
| petent assistants.
The statistical exhibits herewith do
not undertake to analyze the expendi.
lures of the Electrical Department, but
leaves these accounts in gross form,
subject to later determination. The
Commission on Sewage Disposal and
Water Power Development, in its re.
port of November ~ last. presented a
series of elaborate exhibits based on
book accounts and these have not been
reduced to cash basis. Meantime
on April 90, 1914, a special expert was
employed to determine the proper In
vestment in the hydro.electric system
and an equitable scale of charges fol
electric current, but no report hal
been received. Later. the Board or
November 80. 1914 proceedings, page
194O). appointed the Chief Engineer
and the Electrical Engineer com
mittee to determine certain facts re
specting the water power enterprise
but no report has been submitted. I'm
til these investigations have beer
completed and the results published
It will be impossible to determine tn,
expenditures properly chargeable Il
the electrical development, the charges
for operation and maintenance. an,
the true earnings.
1t appears that the total income ha
averaged 1886. 100000 per year and
after deducting the fixed charges. tn
cash available for disbursement ha
averaged $2.915. 100000 per year. Tn
amount raised by taxation Is only 81
O6O. 1914 less than the cash available
for disbursement, and has average'
$2,704.000.00 per year. The averag
tax rate. after deducting special taxes
has been 4S cents per 10000.
Assuming tax rate Of one.half o
one per cent and the normal increas
In the assessed valuation and an In
crease In water power receipts b.
progressive increase In the flow Q
water to 10000 cubic feet per secon
, the probable income during the mex
, five years (l9l5.19) and the deduction
therefrom due to bond account an
Z taxes, will be as follows:
I Estimated fund available 1915.191
I inclusive:
Rev enues: 80
Taxes ...................... SEQ, 557 90
. Water power earnings. .,....... 5,350.O
Land revenues ............... 1000
Interest on bank balances. ..... 1900
City Of Chicago Contract:
Repayments ....... 49, iOO,O 900
: Interest ON original
/ contract ......:... $4,000
, Interest on supple
mental contract. lSS,OOO
, - 3,9il ,Ot
!. Total revenues ............ $40, 1865, %,
Il Fixed Charges:
| Bonus ...,,.,.,.,,' 'So,S3V,VoO
Interest on bonds. 2,263,O