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THE CAMBRIDGE WATER-BOARD.
TO THE HONORABLE CITY COUNCIL OF THE CITY OF CAMBRIDGE:
In obedience to the requirement of the city ordinance, the Cambridge Water-Board herewith presents its Fourteenth Annual Report.
Total Cost of the Works. Cost of the Water-works Nov. 30, 1877, as per last year's report :
$1,672,592 29 Expended for construction during the year ending Nov. 30, 1878
12,752 65 Total expenditure
$1,885,844 84 Add difference between discount and expenses:
allowed, and premium received in negotiating the water-loan from the first, as per statement of W. E. Gates, expert .
6,827 10 Making total cost of works Nov. 30, 1878 $1,692,171 94
Net Cost of Water-Works.
debt sinking-fund to Nov. 30, 1878
Amount brought forward
sinking-fund as shown by the Trustees' account to Nov. 30, 1878
Showing net cost of the works Nov. 30, 1878
Statement showing in brief the transactions on account of the Water-works for the year ending Nov. 30, 1878:
Received. Appropriation for construction account From water rates
$158,438 15 Less water rates refunded
Shutting off and letting on water
140 00 3,784 89
$12,752 55 25,229 06
1,754 79 90,960 00 45,480 00 3,247 45
Comparative Receipts. Water rates for the year ending Nov. 30, 1878,
$157,443 91 154,843 59
Showing gain in the
There are due from the city water rates which were not approved in time to include in this year's account, to the amount of $7,164.65.
1 There is a discrepancy between the water-bonds outstanding and the unpaid cost of the Water-works, amounting to $22,728.06, to which we call your attention, and which we will explain in another part of our report.
Bonds outstanding per Auditor's books
the sinking-fund to pay matured bonds not
yet presented for payment Leaving amount of unpaid water-bonds Total expenditures on Water-works as per pre
vious account herein presented Add the difference between the
discount, 'brokerage, and tax paid, and the premium received in selling the bonds, as being a proper charge against the Waterworks, say amount of discount allowed
$22,699 63 Amount of brokerage and tax paid .
Less premiums received
Making the total cost of the works.
And we have as a result as follows:
unpaid cost of the Water-works in the sum as
It is plain that this amount does not in any way belong in the water-debt, and, further, that we have been charged the interest on this sum from time to time while it has been accumulating
This has been brought about by the unexpended balances due from the sale of water-bonds, having lapsed into the city treasury at the end of the year, while the extension of the Water-works account got no credit in the next year for this unexpended amount.
We would recommend that you cause this account to be made up correctly, and the proper steps taken to make the outstanding water-bonds, and the unpaid cost of the Water-works, agree; and that the accounts be so kept in the future, that a similar discrepancy will not appear.
In former years there have been charged to the Water-works account, several large amounts, the connection between which and the extension of the Water-works it was difficult for all to see. But, whatever differences of opinion there may have been in regard to these special items referred to, it seems to us there can be none in regard to the impropriety of charging to the Water-works any portion of the current expenses of the city; and this seems to be the case in regard to these balances, which were the proceeds of the sale of water-bonds not used for the account of the Water-works, but merged in the general funds of the city, as hereinbefore explained.