Arizona republican., 1921-08-16
.b|G REDUCTION
 IN ASSESSMENT FUR 1922 MADE BY WATER USERS
Board Of Governors Cuts Charge From $40 To $1.74 = Association In Excellent Financial Con dition = To Exte n d Shareholders Credit

Shareholders Credit
 The reduction of the water assess meDt for next year from $40. ex- elusive of the construction charges due the government, to $1.74 for next year. was the outstanding feature of the action taken by the board of gov ernors of the Salt River Valley Water Users association yesterday after listening to the report of Pres ident F. A. Ried, who recommended the reduction and also recommended that it be divided into parts, S7 cents to be due on September 1, and S7 cents to be due on April 1, 1922.
 The board also decided, because of the excellent financial condition of the association. to extend credit to all shareholders who desire 1t to the amount of $2 an acre in the period between August Is, (yester- day), to October 1.
 The assessment of s174 for next year is divided into two parts. For the construction of waste ditches, the extension of the drainage work and the widening of the Eastern canal the association members have been assessed s1.65. while the water serv- ice assessment will be g cents.
 President Reid's report, which was a summary of the work accom- plished by the association since May. is in fact a summary of the success full efforts of the organization during the past year to readjust its affairs and to put itself on paying basis. It deals with all the factors which have entered into the operation of the Salt River Valley project dur ing the year. and is an interesting and conclusive resume of it's activi- ~tiess. The report follows in full:
 The Presidents Report
 On May of this year I submitted a report to this body covering in a general way what had been accom- plished up to that time since I as- s1med the office of president of your association. In that report I made certain estimates and statements for the balance of the season which have now become accomplished facts. And it is with a great amount of pleas ure that I report to you today of the condition of your association.
 The emergency fund of $100. 900 again has been created. and is avail able at this time for the existing financial emergencies in the valley.
 Prior to the time I became your president there was expended for various purposes $75.000 for the dry land trust fund. This has now been replaced and is available for such project purposes as the board of gov ernors may direct
 There has been expended on the regular construction program voted in 1919 for drainage, widening East ern canal and for waste ditches the sum of $224.264. This sum has
 First-completed the drainage pro- gram for the year.
 Secondly the expenditure of an additional s15.000 within the next three months the widening of the Eastern canal will be completed for 21s miles or past the danger of a probable serious interruption to the water supply for the south side.
 Third-waste ditch program for the year one- third completed.
 Much Work Accomplished In addition to the above which was covered by the assessment this year your management has accomplished the following out of revenues and savings effected in the maintenance and operation of the project. The large loan of nearly s2O0,000 to the Valley Bank has been repaid with in- terest.
 Prior to the time I was elected to this office approximately $30,000 was expended out of the drainage assess ment for other purposes. This sum has been returned to its proper fund from savingss.
 One hundred and fifty-one thous- l and six hundred. and thirty-nine dol lars was saved from maintenance and operation and expended for the fol- lowing important items without ad- ditional assessment to the share holders:
 First-The Roosevelt dam cutoff was completed.
 Second-The Highline pumping plant improved and rebuilt.
 Third-Complete surveys and plans prepared for future power develop ment.
 Fourth-1500 XIV of new power was developed at Roosevelt together with other items of less moment.
 Our unpaid bills have been reduced from over s76,000 in May 1919 to a reasonable amount covering current items, of less than s24,000.
 Service Improved
 We believe that co-eXistant with these results the service to our shareholders has been improved and maintained at high standard of ex- cellence. Considering the above and from my knowledge of the general physical condition of the project at this date and the fact that our bank balance this morning is s196.431. .05,> feel free to state to you that in my opinion your association has never been in such healthy financial con- dition. It is this condition which has made possible the running of flood water free of charge and will at this time warrant us in taking steps to extend credit to our hard pressed shareholders.
 also at this time wish to call your attention to certain statements in my May report which anticipated var ious results. These results have been accomplished as follows:
 F'irst-The new accounting system then under consideration has now been in successful operation for the past month. A reduction in forces has already resulted and it is believed that a further substantial saving in expense will be made in the near fu- ture as our organization adjusts it. self to tt new system.
 Second. All statements relative to the Highline pumping plant have proved to be true as anticipated last May. and the redesigned pumping plant has net all requirements of the (Continued on Page Two)