Imperial Valley press., 1918-08-31

sessmen was determined At that time it was hoped that
the revenues from the sale Of water would be sufficient
to take Of this ite but the unprecedented increase
in the prices Of all materials, supplies and equipment as
well the cost Of labor such that all OF the revenues
Of the system required to take of the cost OF
operation AS result it has been necessary to carry TINS
liability into the current year. This particular
amount really represented the major portion OF the debt
incurred by the District incidental to the CONSTRUCTION OF
the Cerro Prieto canal in 1916
Another factor which helped to upset all caculat ions
the failure of the old Cudahy Check and the replace
ment of same by substantial structure was but
recently completed The present structure and the ex-
pense of handling the water in the Alamo Canal at that
point during the construction of the new check repre-
sents an expenditure of approximately S6(OOOOO
Reverng to the item OF Sl5O,OOOOO covering eXpen-
ditures account Addons and Betterments the cost OF
the various structures, etc. represented thereby coul
have been provided for in the Consulting Engineers re-
port which was the basis for the last bond election II
this had been DONE said work would have been paid for
out the proceeds from the sale Of bonds instead OF from
water revenues. aoo=-o
cash in said fund while Of the uncolected assessments
for Years 1867 and 191718 the Bond Funds pro rata
is $780, 959 co. making total of S5 $685. which is the
amount of the matured bond interest coupons unpaid as
shown in the Balance Sheet.
Attention is next called to the Construction and Pro
tectve Funds which considered Jointly Tor the rea
son that all monies derived from the sale OF bonds were
handled through these funds The following condensed
statement gives an idea Of the transactions directly bear
ing thereon:
Receipts, Etc.
Cash left over from sale of First Issue of
District Bonds available for l9l7-lo ex- -. -
pendtures protective WorkS looooo'oo
rfoIsGcf trct Bonds Bond 2247 10000
Cash advanced District by Imperial Water
Companies Nos. and account con-
st1r1ction of Hemlock Sluceway SOOO.OO
Total So 1856 ,O0O 90
Expenditures, Etc.
Expended on the Colorado Saiz
Volcano Lake and Sofia
tara levees, years 1917-lo
and delayed 1916 charges
Gncuded in Exhibit A)--~$ 499OOoOo-
Expended the lockwood
Gate New Intake Canal
Tecolote Cutoff, Solfatara
Canal and various msce-
laneous structures Cnclud-
ed in Exhibit b .--.---.-.--- SO9,OOOOV
Purchase of dredgers Brawey
INLAND and Calexico steam ooooo
shovel dump cars, etc. 3oo,ooo.oV
Track material Sacks etc, pur-
chased, but not yet charged ~
out ESTIMATED value ,.-.--- 2O,OOoOo
Interest paid Registered
Warrants and other msce- n
laneOuS eXpenSes,-----.. l4,ooVoo
ro+o, 81 zoo, OOOo
Making difference of,.--,,-.----.H > ooo'o'o'oo
Accounted for as follows
Cash in Construction and Fro
tective Funds, jointly, Gap ooooo
proximately) --.---..:--,.S 0ooooV'
Less amount of unpaid Con-
stuction and Protective
Fund warrants (approX- ooooo
n'"'e'y' s 685, 1000
In conclusion wish to state that th4 Board OF III ~
recors in nv opinion is entitled to much praise tor the
aIe nanne IN which they have handled tn muttudlnos
affairs of the district admit that lew nor are S,
takes had perhaps been made but when dscoveea Wee
remeded have been in the service of those
nn;no or operating the Imperial Valleys canal system
fo Serod of about ten years continuously IN the ca
Iol oeconntant and auditor, during which time