The Lubbock avalanche. (Lubbock, Tex.) 1909-1922, 1922-04-04

Geo. c. wolffarth, Com. No. 2.
j. o. Jones, Com. No. 3,
w. s. Posey Com. No. 4,
VI. $. Ruby, City Manager.
Lubbock, Texas.
Gentlemen:
In compliance with contract, We
have audited the books. records and
accounts of the City Of Lubbock
Texas, for the period July lst, 1917
to January 3lst, 1929, and submit
herewith, a report of our findings,
together with comments thereon.
Brief Description Of Reports
In the preparation Of this report,
We have divided il into two sections,
as follows:
(a) Period, July /, 1917 to Jan.
81, 1921, on pages 3 to IL, inc.
OBJ Period, Feb. /, 1921 70 Jan.
81, 1922, on pages 10 TO 30, inc.
Section o. is exhibited in two diff
fertnt forms, viz:
Pages Is Co %. inclusive, present
he Receipts and Disbursements for
the period, February LIST. 1927 TO
January LIST, 1922, IN total. a. shown
by City Secretary's records.
Pages "a 10 80, inclusive, present
the same Receipts and Disburse-
mcnts by Funds This method Of
exhibiting the operation of the diff
ferent departments Of the City b. IN
keeping with good accounting prin-
1ples, and corresponds with the in
formation that viii be available a.
AN times with the New System of
Accounting which we nave just in-
stalled.
Balance Sheet;
a financial statement boVng
ae Assets and Liabilities 0f the
City on January 81, 1922 has been
prepared and maue a part of this
sport, and viii be found on page 2
Cash was verified by bank cer-
uficate, which reConciicd with City
records
Accounts Receivable and Delin-
0uent Taxes We verified by in
pection of City records.
In placing a value on the fixed
Properties OF the City, We endeav-
ored TO obtain the original cost Of
each item.
Other items in this statement are
as shown by the City's records, and I
are self-explanatory.
This statement would Indicate
that the Citys net worth on Jan
uary 81, 1922 was, STA, 702.33.
General Remarks;
On page nineteen viii be found
reconciliation Of the account Of j
r. Germany, City Secretary's Cen
eral Fund, for the year ending jan
uary 3lst, 1922, and on page TWEEN
Is. Interest and Sinking Fund. These
statements show Mr. Germany has
handled a total Of Sl6s,034.0s for |
the City during this period, and
when you take into consideration
the obsolete system in use in this
office with which he has had 20
deal, he deserves a great deal Of
credit for not having made more
errors than the one Of 1907 shown |
in these statements. This amount !
was over in collection. In this con-
nection, We wish 90 state that we /
have installed a modern and simp- !
lifted system Of accounting in this /
office that will at all times reflect I
the true financial condition Of each (
department Of the City. This viii |
prove 10 be Of great value 70 the /
City Council, and especially 70 City /
Manager, Mr. VI. S. Ruby, as the I
will, at a moments mo- /
tice, be able 10 furnish accurate in |
formation as TO revenue from oper |
ations in each department, together |
with all expenditures and for what /
the expenditures were made.
In dollars and cents, II makes no |
difference 20 the City as a
whole, by leaving these amounts TO
the credit Of the Street Operating
Water Department, or
Light Department, but in order that
your City Manager may act intelll-
gently in the management Of the af-
fairs Of the various departments, II
is necessary to let each Department
bear rs own expense OF operation,
and receive the revenue therefrom.
AZ matter of information, il
this was a privately owned Cor
a Profit and Loss State
ment Of the Light Department will
show gross profit for the year
ending January 3lst, 1922, Of, $751;
754.51.
Less Reserve for Depreciation Of
3 per cent on Value Of Plant and
Equipment, $50, 2s3.00, s4,I64.15.
Profit, 1,290.36, or return on in
vestment Of, 1924 per cent.
We recommend that each Of these
funds be kept separately in their
entirety and have so arranged your
system Of bookkeeping. Without
their being kept in this way, the
Commission and Manager win be
without information or data In max
ing preparations for improvements
and betterments.
On page thirty-two will be founL
statement Of the 100000 Boylf
Fund issue for Paving We wAh
to call your attention TO the fact
that we have included Property
Owners Time Certificates amounting
TO s6,1s3.95 in receipts. This was
necessary as the disbursements in
clude total amount paid for con-
struction. Balance remaining in this
fund, s831.42, was transferred 10
General Fund
On page thirty-three will be found
statement Of Bonded Indebtedness
as at January 3ist. 1922, amounting