New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1920-04-14
LIGHT And WATER
PLANT PROFITABLE
ACCOUNTANT HARTMAN's RE-
PORT SHOWS CAIN OF s27,2ee
FOR LAST YEAR.
NET ovERDRAFT OF ss1,sl6.2e IN
ALL CITY FUNDs.-oNLY
FEW BALANCES

The outstanding feature of the annual
financial statement of New Ulm, which
was filed with City Clerk VIM. P. Backer
by Expert Accountant Arthur c.. Hart
man of Milwaukee, last Wednesday, is
the fact that the city is burdened with a
large indebtedness, the net overdraft
in all city funds aggregating SSl,316.829
The amount of outstanding orders
at the end of the fiscal year, which closed
Feb. 20, 1920, is $83,410.91. Approx
mately all of this amount may be con-
sidered as an obligation of the city to
the local banks, who have paid these
orders and are holding them, renewing
them from time to time, at six per cent
interest
Accountant Hartman's report is the
result of about half a months audit
of the books, records and vouchers in
the city clerks Office and goes into
minute details, showing as nearly as
possible just where the city is at finan-
cially It is document that should be
carefully considered, not only by the
city council, but by every taxpayer of
New Ulm, as we'll, and for this reason
we have gone to considerable trouble and
work to prepare an intelligent outline of
the report for the benefit of those citizens
who have not the time and opportunity
to peruse the original report, which was
submitted to the. city fathers at their
regular monthly meeting last evening.
Suggests Change in System.
In the Introductory remarks to his
report. on the financial condition of the
city Mr.. Hartman makes the following
suggestions that are self-exp lanatory:
While the present system of accounts
in the city clerks office still used in its
original form. since its installation in
1914 accurately and adequately re
fleets .thesresult. of the city's financial
operations, it is rather complicated,
however, andedoes not clearly show the
position Of the. fund accounts. In my
opinion, a decided Improvement could
be made and the system simpliied by a
encouragement OF the, accounts accord
ing to approved municipal accounting
methods 3. Continuing, Mr.. Hartman
says: In auditing the records and
verifying the assets and liabilities ! have
followed my usual audit procedure and
am pleased to, report that the city''s
books and records are, in my opinion,
in excellent condition"
Five Funds Overdrawn.
-Four. OF the city's funds show credit
balance, .namely The electric light,
sewer, park and public cemetery funds,
while the following five funds were over
drawn at the close Of the past. fiscal year:
Water works. ministration. street,
fire department and city hall funds.
Show Nice Profits.
] The electfi light department, shows a
net profit Of $24,317 81 for the past year.
This is an increase Of 81, OCT .Ss over the
net profit of the previous year. The
water works artment, was operated
at a. net profit of 50 ,948. 80 an increase
4 Of $2,358.68 over the previous years
i results. These facts go fartto prove the
efficiency Of Superintendent A. J.
Mueller. ....ss,,s
1 No Credit Given.
The operations 81. the electric. light de-
) part,nert also include the generating of
isteam for heating service and while
ordinarily only exhaust steam is used for
this purpose, during cold weather, how
ever, the cost of generating increased
a steam pressure, or live steam. rises very r,