HomeMy WebLinkAbout; ; 1958-59 Report of Audit; 1959-06-30m CARLSBAD MUNICIPAL WATER DISTRICT
601 Elm Avenue
Carlsbad, California
Report of Audit
July I. 1958 to June 30. 1959
EVERTS AND ESENOFF
CERTIFIED PUBLIC ACCOUNTANTS
San Diego, California
L, S, EVERTS, C. p. A. (1916-1840) AMERICAN" INSTITUTE OF ACCOUNT A
CERTIFIED PUBLIC ACCOUNTANTSCARL M. ESENOFP. C. V . A.
ALBERT M. HUDSON. C. 1'. A. TELEPHONE OCEANSIDE SA 2-7689
E VERTS AND ESENOFF cm™JOHNT. SWAN. c. P. A. cm™ omc .-•»
HAMILTON MOODY, C. I*. A. SAX DIEfiO, CALIFORN
CHARLES C. POHTEH. C. P. A, ,., . El, CAJON, CALIFORNICERTIFIED PUBLIC ACCOUNTANTS VISTA. CALIFORNIA
HERBERT L. BECKETT. C. P. A. _
CHARLES W. I.AMDB.V. C . r. A. 7°3 TH1I<" * TREET j. „. MCCARTHY. C. ,-
HOYM. HKRAMB, c.p. A. OCEANSIDE, CALIFORNIA HESIUKJJT MANAGEH
October 30, 1959
Board of Directors
Carlsbad Municipal Water District
601 Elm Avenue
Carlsbad, California
Gentlemen:
We have examined the books and records of the Carlsbad Municipal Water
District and prepared the accompanying statement of financial position - all
funds at June 30, 1959, and the related statement of revenues, expenditures and
surplus for the year then ended. Our examination was made In accordance with
generally accepted auditing standards and accordingly Included such tests of
the accounting records and such other auditing procedures as we considered
necessary In the circumstances.
#***-*#-*#-* #*#***
The following comments are In explanation of certain Items that appear
on the statement of financial position, exhibit A.
CASH—$123.991.34;
The cash was held as follows:
Office petty cash $ 25.00
Security-First National Bank,
Carlsbad Branch 36,762.27
Bank of America, N.T. & S.A.,
Oceanstde Branch:
Checking account 24,910.32
Inactive account 60,000.00
Bond Interest and redemption
account 2,293.75
Total $125.991.34
ACCOUNTS RECEIVABLE—$15.323.55*
*We mailed confirmations to all accounts and received answers verifying the
correctness of their balances that totaled $12,881.82. Less than one-half of one
per cent of the accounts were delinquent at June 30, 1959.
CONSUMER CONNECTION ACCOUNTS—$3.664.83;
By ordinance of the District, all costs of connections made to District lines
for consumers are to be paid for by the consumers. The amount above was due at
June 30, 1959, for expenditures by the District that were In excess of the money on
deposit from the consumers.
FIXED ASSETS—$1.5(8.714.12;
Major additions to fixed assets during the year were as follows:
For'd station wagon $ 2,727.00
Electric typewriter , 462.80
Furniture and miscellaneous equipment 361.40
Sub-total 3,551.20
Prepayment on Second Aqueduct
•Jfe connection - Improvement District No. I 13,000.00
Improvement District No* 2 pipelines,
laterals, reservoir and easements 346,230.88
Total additions $362.782.08
The Improvements completed in District No. 2 were financed by the Issuance of
$350,000.00 In bonds. By resolution of the Board of Directors the unexpended funds
were transferred to the bond and Interest fund of that District.
BONDS AUTHORIZED - UNISSUED—$550.000.00;
The voters of Improvement District No. 2 authorized the issuance of
$900,000.00 In construction bonds, of which $350,000.00 have been issued. This
leaves a balance of $550,000.00 authorized but unissued by the District.
PAYABLE—$ 1.585.000.00;
The following Is a summary of the bonds outstanding;
Improvement District No. I:
Years of. Maturity
1960-62
1963-77
1978-87
Interest Rate
4.35%
4.00%
3.85%
Total - District No. I
Improvement District No. 2:
1960-66
1967-76
1977-83
1984-87
1988
5%
5%
5%
5%
5%
Total - District No. 2
Amount
$ 55,000.00
580,000.00
605.000.00
35,000.00
100,000.00
105,000.00
80,000.00
25.000.00
$1,240,000.00
345.000.00
Issued and outstanding - all funds
OPINION
In our opinion, the accompanying statement of financial position - all funds
and the related statement of revenues, expenditures and surplus present fairly
the financial position of the Carlsbad /Aunlclpal Water District at June 30, 1959,
and the results of Its operations for the year then ended, In conformity with
generally accepted accounting principles applied on a basis consistent with that
of the preceding year.
Yours very truly,
Cert I 'ants
JDMcC/ewt
Exhibit A
CARLSBAD MUN1C I PAL WATER DISTRICT
Statement of Financial Position -Alt Funds
ASSETS
Cash
Accounts receivable
Taxes receivable
Material and supplies
Inventory
Consumer connection
accounts
Prepaid expenses
Fixed assets
Future revenue required
to retire bonded debt
and accrued Interest
Bonds authorized -
unissued
LIABILITIES. RESERVES AND
SURPLUS
Accounts payable
Accrued Interest on
bonds
Bonds payable
Reserves:
For delinquent taxes
For continuing
appropriation
For authorized
expenditures
For Investment In fixed
assets
Unappropriated surplus
(deficit) - exhibit B
At June 30^
Total
Al 1 Funds
$ 123,991.34
13,323.55
417.85
1,047.31
3,664.83
658.14
1,518,714.12
1,606.075.00
550,000.00
$3.817.892.14
$ 13,276.72
23,368.75
1,585,000.00
417.85
17,300.00
550,000.00
1,518,714.12
109,814.70
1959
General
Fund
$21,648.11
13,323.55
162.55
437.81
38,047.81
$73.619.83
$11,573.96
162.55
17,300.00
38,047.81
6,535.51
Improvement
No, |
(Schedule A-M
$ 102,046.23
197.92
1,047.31
3,664.83
149.71
1,134,435.43
1,255,325.00
$2.496.866.43
$ 1,594.99
17,068.75
1,240,000.00
197.92
1,134,435.43
103,569.34
Districts
No. 2
(Schedule A-i;
$ 297.00
57.38
70.62
346,230.88
350,750.00
,
550,000.00
$1,247,405.88
$ 107.77
6,300.00
345,000.00
57.38
550,000.00
346,230.88
( 290.15!
$3.817.892.14 $73.619.83 $2.496.866.43 $1.247.405.88
Exhibit B
CARLSBAD MUNICIPAL WATER DISTRICT
REVENUES;
Water sales (net)
Taxes collected
Interest earned
Overhead charged on connections
Mi see I Ianeous
Total revenues
EXPENDITURES;
Directors' fees
Employees retirement, expense
Engineering services
Insurance
Interest
Legal and auditing
Mi see I Ianeous
Office expense
Operation and maintenance'- equipment
Operation and maintenance - pipelines
and reservoirs
Rent and utiIi ties
Salarles - of f ice
Salaries - operational
Special services
Travel and transportation
Bonds retired
Trustees' fees
Total expenditures
Excess of revenues over expenditures -
to surplus
Statement of Revenues,
July 1, 1958
Expenditures and Surplus
to June 30, 1959
REVENUES AND EXPENDITURES DIVIS
Total -
Al 1
Funds
60,905.51
52,088.21
1,321.19
2,556.08
319.26
1 17,190.25
1,580.00
232.99
1,661 .97
840.64
66,533.17
3,356.79
689 . 79
953.21
344.99
3,375.07
3,426.43
10,103.60
2,121 .52
560.92
847 . 87
10,000.00
160.95
106,795.71
i 10,394.54
ION
Improvement District No.
General
Fund
$16,028.35
23,014.42
,
17.95
39,060.72
1,580.00
183.11
819.36
637.50
86.50
2,657.50
627.16
38C.20
1,010.24
4,061.84
577.32
534.60
207.50
13,383.33
$25.677.39
Bond and
Interest Fund
$ 9,959.00
1,321.19
4.00
1 1,284.19
49,030.00
5,000.00
145.30
54,175.80
$(41,891 .61)
Operation and
Maintenance Fund
$12,411.34
14,938.50
2,556.08
16.42
29,922.34
33.24
400.00
203.14
480.19
380.33
290.54
2,784.58
2,038.45
4,081 .84
900.53
20.27
392.52
12,005.68
$17,916.66
1
Revolving
Fund
$ 9,617.01
7,469.11
17,086.12
$17.086.12
Improvement
Bond and
Interest Fund
$ 7,934.57
6,666.18
14,600.75
17,416.67
5,000.00
15.15
22,431 .82
$( 7,831.07)
District No. 2
Operation and
Maintenance Fund
$4,955.24 -m
280.89
5,236.13
16.64
442.61
219.10
62.63
197.68
54.45
591.29
377.74
1,939.92
643.12
6.05
247.85
4,799.08
$ 437.05
UNAPPROPRIATED SURPLUS (DEFICIT),
JULY I, 1958
ADD;
Excess of revenues over expenditures
per above
Transfers in:
From general fund
From construction funds
Totals
DEDUCT;
Transfer to bond and Interest fund
Reduction of future revenue
requi rements
Capital outlay for fixed assets
Reserved for subsequent year's
expend!ture
Totals
UNAPPROPRIATED SURPLUS (DEFICIT) -
EXHIBIT A
CARLSBAD AMJNICIPAL WATER DISTRICT
Statement of Revenues, Expenditures and Surplus
July I, 1958 to June 50, 1959
SURPLUS DIVISION
Total -
Al I
Funds
10,394.54
2,635.99
I 19,398.75
135,420.22
2,635.99
2,118.33
3,551.20
17,300.00
25,605.52
$109,014.70
General
Fund
$ 2,990.94 $ 2,527.31
25,677.39
28,204.70
2,635.99
1,733.20
17,500.00
21,669.19
$ 6,535.51
Improvement District No. I
Bond and
Interest Fund
$(905.07)
( 42,891.61)
I 15,740.1 I
71,943.43
2,035.00
2,035.00
$ 69.908.43
Operation and
/Maintenance Fund
$( 251.07)
Revolving
Fund
17,916.66 $17,086.12
17.665.59
1,090.80
1.090.80
17,086.12
$16.574.79 $17.086.12
Exhibit B
(Concluded)
Improvement District No.
Bond and Operation and
Interest Fund Maintenance Fund
$ 1,619.77
(7,831.07)
2,635.99
3,658.64
83.33
83.33
83.33
$ 437.05
437.05
727.20
727.20
$(290.15)
Schedule A-l
CARLSBAD MUNICIPAL WATER DISTRICT
Improvements Districts Mos. I and 2
Statement of Financial Position
June 30, 1959
ASSETS
Imorovement District No. I
Operation &
Total Bond and Maintenance Revolving Fixed
I.D.'No. I Interest Fund __Fund Fund Assets
Improvement District No. 2
$ 102,046.23 S 71,652.18 $13,307.93 $17,086.12Cash
Taxes receivable- 197.92 197.92
Material and supplies
Inventory 1,047.31
Consumer connection accounts 3,654.33
Prepaid expenses 149.71
Fixed assets 1,134,435.43
Future revenue required
to retire bonded debt
and accrued Interest 1,255,325.00 1,255,325.00
Bonds authorized - unissued
1,047.31
3,664.33
149.71
$1,134,435.43
Total Bond and
I.D.No. 2 Interest Fund
297.00 $ 550.00
57.38 57.38
70.62
346,230.88
350,750.00 350,750.00
550,000.00
Operation &
Maintenance Construction
Fund Fund
$(253.00)
Fixed
Assets
70.62
$346,230.88
$550,000.00
$2.496.866.43 $1.327.175.10 $18.169.78 $17.086.12 $1.134.435.43 $1.247,405.88 $351,357.38 $(182.38) $550,000.00 $346,250.88
LIABILITIES. RESERVES, AMD
SURPLUS
Accounts payable
Accrued Interest
Bonds payable
Reserves:
For delinquent taxes 197.92
For authorized expenditures
For Investment In fixed
assets 1,134,435.43
Unappropriated surplus -
(deficit) - exhibit B 105,569.34
$ 1,594.99 $ 1,594.99
17,068.75 $ 17,068.75
1,240,000.00 1,240,000.00
$ 107.77
6,300.00 $ 6,300.00
345,000.00 345,000.00
197.92
$1,134,435.45
69,908.43 16,574.79 17,086.12
57.38
550,000.00
546,230.88
( 290.15)
57.38
$ 107.77
(290.15)
$550,000.00
$346,250.88
$2.496.866.43 $1.327.175.10 $18,169.78 $17.086.12 $1,134.435.45 $1.247.405.88 $551.557.58 $(182.58) $550.000.00 $546,250.88