New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1915-05-19
Figures Showing
City's Business
STATEMENT GIVES IN DETAIL
ALL LIABILITIES AND RE-
SOURCES
LIGHT PLANT SHOWS A PROFIT
FOR YEAR. WHITE WAY
COSTS $500.

According to the financial statement
Of the city clerk which is on file in his
office, the assets of the city exceed the
liabilities by over quarter of a million
dollars. This will prove pleasant news
to the taxpayers who were last week
informed in the columns of the Review
that all Of the working funds with the
exception of one had been hopelessly
overdrawn. This statement is quite
true but the property of the city is
valued at $278, 732.S7 which accounts
for the solvent condition of affairs.
This property is made up of the
following items: Buildings and ma
chinery of electric light dept. $67, 10000,
mains $l0,798.93 and meters 1858. Sc;
buildings, machinery & mains of water
works department $82,139.31, reser-
voirs 21,745.29, new we'll $2,924.25,
sewers $43,807.35. All of the above
items are taken at the actual cost and
no depreciation OF any kind is taken
into consideration. The city real estate
which comprises it's parks, market
/. squares, hospital grounds, public land
ing, public cemetery, bathing grounds,
site for city hall and sundry small
tracts are valued at $17,29O. The
buildings and structures including the
city clerks Office, engine houses Nos.
l and 3, toilet rooms and new band
stand in German Park are appraised
at $7,378.59 and the fire appliances are
totalled at $12,3S2.50.
As against this are the following
liabilities: Bonded indebtedness, $75,-
900; sinking fund liabilities, $1,000;
working fund liabilities, excluding loan
from sinking and trust funds, $35, 1851
making an aggregate of $112,555.67
liabilities, showing a total excess value
of assests over liabilities OF $235, O43.28.
There are 100000 electric light bonds
due July /, 1921, $4,000 sewer bonds
$4,000 due April l, 1916 and $4,000
due April /, 1921 and state loans amount
ing to $4,000 of which $4,000 is due
July l, 1919 and $4,000 due July 1, 1920.
The interest and sinking fund shows
a balance of $18,430.67, the cemetery
trust fund $1,000, the city hall fund
$3,365.54 and the electric light sinking
fund $21, 221.20 making a grand total
of $45,51741.
The working funds as of March 81,
1915 show total assets amounting to
$37, 1899, made up of different items
The cash amounts to $5,285.86. The
largest items are uncollected taxes
amounting to $1O,211.11 and delinquent
and deferred special assessments aggre-
eating the sum of 5,540.88.
The liabilities consist of outstanding
orders to the extent of $31,O54.30,
accounts payable of $3,2OO.94 and
accrued interest of 81, 5OO.43. To this
must be added loan from the sinking
and trust funds to the extent of $751;
1922 making a grand total of $751;
1868.
In his report to the city council City
Clerk William Backer says that the
accounts have been prepared on a
revenue and expenditure basis instead
of on a basis of cash receipts and cash
disbursements as in previous years and
that this is the first time balance sheet
is submitted showing the condition of the
affairs of the city.
The electric light department makes
the best showing. According to the
figures submitted this account shows
net income of $40, 89O99 without, of
course, making any allowances for de-
probation Of the plant. With such
depreciation deducted the net income
would naturally be materially reduced.
The total receipts for the fiscal year
just ended amounted to $50, 34O.14 of
which $23,669.2O are credited to re-
ceipts from the citizens for light,
power and meter rent and $6,642.25 to
the city departments. The total ex-
penses show a footing of $19, 449.15.
OF this amount $3,509.37 was expended
for labor, $8,272.47 for fuel; $1,SO6.37
for supplies and general expenses,
$1,468.07 for repairs etc., $888.79 for
& street arc and white way supplies and
$1,000 for interest on bonds. The bal
ance as of April /, 1914 amounted to
$27,780.09. During the year there
was expended out of this fund the
sum Of $5,262.82 leaving balance OF
$22,517.27. To this mnsr be added a
B the net income of $10,89O. SO
and the net transactions for March