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REPORT

OF

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

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$1,692,171 94

Net Cost of Water-Works.
Amount of total cost as above stated
Less amount of water-loan paid from the water-

debt sinking-fund to Nov. 30, 1878

186,400 00

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$1,505,771 94

Amount brought forward
This is the amount of unpaid water-debt, Nov. 30,

18781
Deduct from this the value of the water-debt

sinking-fund as shown by the Trustees' account to Nov. 30, 1878

296,289 71

.

Showing net cost of the works Nov. 30, 1878

$1,209,482 23

Statement showing in brief the transactions on account of the Water-works for the year ending Nov. 30, 1878:

$16,000 00

Received. Appropriation for construction account From water rates

$158,438 15 Less water rates refunded

994 24

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Shutting off and letting on water
Rent of house.
From supply account, and the sale of old material,
Balance showing loss in 1878

$157,443 91

1,316 59

140 00 3,784 89

738 46

$179,423 85

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$12,752 55 25,229 06

1,754 79 90,960 00 45,480 00 3,247 45

$179,423 85

Comparative Receipts. Water rates for the year ending Nov. 30, 1878,

6 1877,

$157,443 91 154,843 59

Showing gain in the

year

1878.

$2,600 32

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.

Water-Bond Account.
Whole amount of water-bonds issued
Less amount paid from sinking-fund

$1,714,900 00

186,200 00

$1,528,700 00

.

200 00

.

$1,528,500 00

$1,685,344 84

Bonds outstanding per Auditor's books
Money in the City Treasurer's hands taken from

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 .

1,381 57

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Less premiums received

$24,081 20.
17,254 10

6,827 10

$1,692,171 94

186,400 00

Making the total cost of the works.
Less amount paid from sinking-fund
Showing the unpaid cost of Water-works .

And we have as a result as follows:
Amount of unpaid water-bonds
Amount of unpaid cost of Water-works

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$22,728 06

Balance
Showing that the unpaid water-bonds exceed the

unpaid cost of the Water-works in the sum as
shown of

22,728 06

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.

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Total

43.60

48.93

50.99

Av.5 18

3 18

1 108

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