Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-03-14
INCREASE OF $4, 7o3,S IN ASSETS OF
AUGUSTA WATER DISTRICT DURING 1924
Annual Reports of Off GERS and Trustees Show
Affairs OF Corporation to Be in Most Salts.
1actory Condition - Certain improvements
and Extensions Cont emplated

The annual report Of the officers
ana trustees OF the Augusta Water
DISTRICT has been printed and will he
ready Tor general distribution with
IN q few days. The report contains
most comprehensive statements IN
the costs of operating and the gen
erai financing condition of the corno.
ration which 10 most satisfactory
Ihere are also contained reports on
.ne condition OF the Carleton Pond
source OF supply. the inspection Of
INC service. and recommendations
OF certain improvements and con-
templated extensions which will, he
OK general interest to all Consumers
and citizens Of the district served
by the utility. The report is in part
The financial condition Of tho Dis.
trict Is set forth in detail in the re-
ports OF the treasurer and auditor. II
- or interest, however, to note thar
the total assets Of $1.224,S61.3s show
an increase Of $34,703.96 during the
The years collection for water rate.
amount to $s5.o615e. which is s1e.-
1850 more than the collections for
The net revenue from water opera
lions 10 S4s,6S1.S2. as against $4O,723,
% IN 1898. while the net income Of
s1l,SS2.74 exceeds that Of the previous
year BY $s'3s2.Ss. The additions to
"4ea capital amount to $2l,76c.46.
Inc Augusta Water District was
not organised for profit, however anG
from the beginning the single aim hal
been to furnish an adequate supplv of
pure water at lowest possible cost to
the consumer. After paying operat-
!ns casts. the cost Of extensions. in
terest on the Bonded Debt and max
Ing additions to the Sinking Fund. the
pFoft account at the end Of any fiscal
year Is small.
The District has no floating debt
and no unpaid current obligations. A
note for $4,000 at the First National
Granite Bank was paid in June from,
1894 earnings. This note was issued
In 1928 for the purpose Of buying land
FOR the protection Of the water supply
and to install the chlorinating outfit.
Sinking Fund
January I, 1924, the sinking fund for
the retirement of the bonded debt
stood At $204, 5S3:02, and on December
u. 1921. at s2ls.2o744. the in
ysstment Of the income Of the sinking
fund and the addition thereto from
earnings OF the required 80 OF the
total indebtedness Of the district.
Following the general practice of
the board in other years, it is the pur-
pose Of the trustees to invest the sink
ing fund in Obligations OF the district
taking up for cancellation outstanding
bonds ~ funds will allow. The dis.
triet now owns s1ss.50o Of it's own
bonds.
Although interest on investments
and the additions from earning
amount to = considerable annual in.
crease, 1t is clear that the sinking
fund will not suffice to retire the fund.
% debt ef 100000 at maturity. Aug
It will probably require an expert
enee Of at least IL months before the
effectiveness OF the new rates can be
| determined. In the meantime. these
rates will be fairly tried out In con-
nection with a program of economy
not inconsistent with an efficient and
progressive operation of the system.
Inspection
During the summer thorough In
| spection Of the fixtures OF the prem.
| Uses Of all water customers was or.
dered and was completed in most