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Home My WebLink About; ; 1962-63 Report Of Audit; 1963-09-02fludit 30, /963 EAGER AND CARROLL, ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS THE CITY OF CARLSBAD WATER DEPARTMENT AUDIT REPORT JUNE 30, 1963 .INDEX PAGE No. AUDITOR'S REPORT AND OPINION I GENERAL COMMENTS 2-5 EXHIBIT A - BALANCE SHEET - ALL FUNDS 6 SCHEDULE A-I - CONDENSED COMPARATIVE STATEMENT OF FINANCIAL POSITION 7 SCHEDULE A-2 - PROPERTY AND EQUIPMENT o SCHEDULE A-j5 - BONDED INDEBTEDNESS 9 SCHEDULE A-fj. - FUND BALANCES 10 EXHIBIT B - STATEMENT OF REVENUES AND EXPENDITURES II SCHEDULE B-l - MAINTENANCE AND OPERATIONS EXPENSE 12 SCHEDULE B-2 - CONDENSED COMPARATIVE STATEMENT OF REVENUES AND EXPENDITURES 13 EXHIBIT C - DEBT SERVICE RECEIPTS AND EXPENDITURES lij. EXHIBIT D - RESERVE FOR AUTHORIZED EXPENDITURES - 1960 BONDS, CONSTRUCTION FUND ll}. WILLIAM H. EAGER, C.P.A. WAYNE CARROLL, JR., C.P.A. MEMBERS AMERICAN INSTITUTE OF ACCOUNTANTS EAGER AND CARROLL, ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 334 EAST COLORADO STREET PASADENA 1, CALIFORNIA SYCAMORE 3-6OO6 CERT1F/EO PUBLIC ACCOUNTANTS AUDITOR'S REPORT THE HONORABLE MAYOR AND CITY COUNCIL CITY OF CARLSBAD, CALIFORNIA WE HAVE EXAMINED THE BALANCE SHEET - ALL FUNDS OF THE CITY OF CARLSBAD AATER DEPARTMENT AS OF JUNE 30» '9^3 AND THE RELATED STATEMENTS OF REVENUES, EXPENDITURES AND FUND BALANCES 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 ClRCUMSTANCES. IN OUR OPINION, THE ACCOMPANYING BALANCE SHEET - ALL FUNDS AND STATEMENTS OF REVENUES. EXPENDITURES AND FUND BALANCES PRESENT FAIRLY THE FINANCIAL POSITION OF EACH FUND OF THE ClTY OF CARLSBAD 'A-ATER DEPARTMENT AT JUNE JO, 1965, AND THE RESULTS OF ITS OPERATIONS FOR THE YEAR THEN ENDED, IN CONFORMITY WITH GENERALLY ACCEPTED PRINCIPLES OF FUND ACCOUNTING APPLIED ON A BASIS CONSISTENT WITH THAT OF THE PRECEDING YEAR, PASADENA, SEPTEMBER CALIFORNIA 2, 1963 G-jfyAJ^ GENERAL COMMENTS THE FOLLOWING SUPPLEMENTARY INFORMATION HAS BEEN SUBJECTED TO THE TESTS AND OTHER AUDITING PROCEDURES APPLIED IN THE EXAMINATION OF THE FINANCIAL STATEMENTS MENTIONED ABOVE AND, IN OUR OPINION, IS FAIRLY STATED IN ALL RESPECTS THAT ARE MATERIAL AS RELATED TO THE FINANCIAL STATEMENTS TAKEN AS A WHOLE. BALANCE SHEET - ALL FUNDS: THE ENDING BALANCES OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCES ARE REFLECTED FOR EVERY FUND IN THE CITY'S WATER DEPARTMENT AT JUNE JO, 1963 SET FORTH IN EXHIBIT A. A COMPARISON WITH THE PRECEDING YEAR FOLLOWS IN SCHEDULE A-I. WORKING CAPITAL INCREASED $lij.,5M DURING THE YEAR UNDER REVIEW COMPARED TO A $2,lj25 DECREASE THE PRECEDING YEAR. LIABILITIES WERE REDUCED $59,lj.69 DURING THE YEAR ALTHOUGH CASH AND MARKETABLE SECURITIES DECLINED ONLY $l4,68i|.. WATER FUND: RESOLUTIONS #397 AND #7'' AUTHORIZING THE ISSUANCE OF $797,000 AND $300,000 WATERWORKS REVENUE BONDS RESPECTIVELY, PROVIDE THAT GROSS REVENUES OF THE ENTERPRISE BE PLACED IN THE WATER FUND AND MONTHLY TRANSFERS MADE TO THE BOND SERVICE FUNDS, THE RESERVE FUNDS AND THE MAINTENANCE AND OPERATIONS FUND. CASH TRANSFERS DURING THE YEAR WERE AS FOLLOWS'. BOND SERVICE FUNDS: 1958 SERIES $ i{.6,682 I960 SERIES 19,51 I RESERVE FUNDS: 1958 SERIES I960 SERIES I,l4i-0 MAINTENANCE AND OPERATIONS FUND 296,509 TOTAL $36^,1)42 AN AMOUNT OF $34,219 HAS BEEN RESERVED FROM INCOME TO COVER POTENTIAL LOSSED ARISING FROM DISPUTES BETWEEN THE ClTY AND TWO OS ITS WATER CUSTOMERS. THE ClTY ATTORNEY HAS ADVISED US THAT THE ACCOUNTS ARE EXCEEDINGLY DOUBTFUL, DURING 1962-63 THIS RESERVE WAS INCREASED $9,382. DEBT SERVICE FUNDS: BONDS OF 1958 AND I960 ARE TO BE RETIRED FROM REVENUES ALLOCATED FROM THE WATER FUND IN ACCORDANCE WITH RESOLUTIONS DISCUSSED ABOVE. EXHIBIT C PROVIDES A SUMMARY OF THE TRANSACTIONS AFFECTING THESE FUNDS AND SCHEDULE A-3 INDICATES THE YEARS OF MATURITY AND THE OUTSTANDING INDEBTEDNESS AT THE BALANCE SHEET DATE. -2- BOND INTEREST COUPONS ARE REDEEMED BY THE TRUST DEPARTMENT OF SECURITY FlRST NATIONAL BANK AND AN ACCURATE ACCOUNTING IS MADE IN THE WATER DEPARTMENT FOR THE INDIVIDUAL COUPONS AND TRUST BALANCE. FUND BALANCE JULY 1, 1962 EXCESS OF RECEIPTS EXHI BI T C FUND BALANCE JUNE 30, 1963 1958 BONDS BOND SERVICE FUND 6l,14i-9 17,190 78,639 RESERVE FUND 52,357 52,357 1960 BONDS BOND SERVICE FUND 11;,3k8 7, 114; 21,1;92 RESERVE FUND 21,680 1,kkO 23. 120 TOTAL 114.9,85!; 25,77k 175.608 FUND BALANCES - PER EXHIBIT A CONSIST OF: CASH WITH TREASURER 50,377 INVESTMENTS: TIME DEPOSITS 100,000 U.S. GOVERNMENT SECURITIES 25,231 125,231 TOTAL 175.608 THE MAXIMUM ACCUMULATION REQUIRED IN THE t95$ RESERVE FUND HAD BEEN ACHIEVED IN PRIOR YEARS HENCE NO ADDITION WAS MADE DURING THE CURRENT FISCAL YEAR. THE RESERVE FUND FOR I960 REVENUE BONDS RECEIVES $120 PER MONTH FROM THE WATER FUND AS REQUIRED BY RESOLUTION $71 I UNTIL A MAXIMUM OF $67,519 is REACHED IN ORDER TO PROVIDE FOR THE LARGEST ANNUAL PRINCIPAL AND INTEREST PAYMENT WHICH IS IN 1990. SECTION 17 OF THE RESOLUTION REQUIRED AN INITIAL DEPOSIT OF $20,000 INTO THIS FUND WHICH WAS EFFECTED WHEN THE BONDS WERE SOLD. INTEREST EARNED ON INVESTMENTS IN THESE RESERVE FUNDS ARE TRANSFERRED TO THE WATER FUND WHEN RECEIVED, AS PART OF THE BOND REQUIREMENTS. CONSTRUCTION FUND, BONDS OF 1960: THE WATERWORKS REVENUE BONDS OF I960 WERE AUTHORIZED TO PROVIDE FUNDS FOR CONSTRUCTION AND IMPROVEMENTS TO THE CITY'S WATERWORKS SYSTEM. EXHIBIT D SHOWS HOW THE FUNDS WERE ACCOUNTED FOR IN 1962-63. THE MAINTENANCE AND OPERATIONS FUND HAS BEEN INSTALLING THE LINES FOR THE CONSTRUCTION FUND SINCE INCEPTION AND AT JUNE 50, 1963 HAD ADVANCED $7,6l2 ON INCOMPLETE WORK ORDERS IN PROCESS. COSTS INCURRED PER EXHIBIT D WERE ADVANCED TO AND ACCOUNTED FOR BY THE MAINTENANCE AND OPERATIONS FUND. -3- PROPERTY AND EQUIPMENT: SCHEDULE A-2 SUMMARIZED TRANSACTIONS WHICH AFFECTED THE PROPERTY ACCOUNT DURING THE FISCAL YEAR UNDER REVIEW. ADDITIONS DURING THE YEAR WERE OBTAINED AS FOLLOWS: CAPITAL OUTLAY PER SCHEDULE A-lj. I0,8ll(. IMPROVEMENTS FINANCED BY CONSTRUCTION FUND - EXHIBIT D 36,990 METERS AND SERVICES INSTALLED 33»590 PIPELINES CONTRIBUTED BY CONSUMERS AND SUBDIVIDERS 2JL, 3J4-6 TOTAL ADDITIONS 105,7^0 DELETIONS - SCHEDULE A-2 29.057 NET ADDITIONS 76> OPERATIONS: NET REVENUES FOR 1962-63 ARE SET FORTH IN EXHIBIT B WITH SCHEDULE B-l DETAILING MAINTENANCE AND OPERATIONS EXPENSE. NET REVENUES OF THE CURRENT YEAR ARE COMPARED WITH THE PREVIOUS YEAR IN SCHEDULE B-2. THE DECREASE IN NET REVENUES OF $20,6lj.O AROSE PRIMARILY FROM A $1+6,76l INCREASE IN OPERATING EXPENSES, INCLUDING PURCHASED WATER COSTS, SUMMARIZED BRIEFLY BELOW, BY OBJECT: INCREASE 1962-63 1961-62 (DECREASE) SALARIES AND WAGES INCLUDING SICK LEAVE, FRINGE BENEFITS, ETC. 79*5% 5?»?87 20,197 WATER PURCHASED 87,526 Q+^b 23,110 OVERHEAD RECOVERED FROM CHARGES TO CONSTRUCTION AND TO OTHERS (7,575) (I7,26i|.) 9,689 MAINTENANCE, SUPPLIES AND POWER 27,592 32,885 (5,293) DEPRECIATION 1(2,3o2 l^., \l& (1.767) OTHER COSTS 21,803 26,978 825 TOTALS 251 .312 201;, 551 46,761 -k- REQUIREMENTS OF COVENANT No, 9» SECTION 21, OF RESOLUTION #397 AND //7'l PRESCRIBE IN GENERAL THAT RATES AND CHARGES SHALL BE SUFFICIENT TO MEET CERTAIN OBLIGATIONS OF THE ENTERPRIZE AS FOLLOWS: GROSS REVENUES - EXHIBIT B 305,023 CURRENT EXPENSES FOR NECESSARY AND REASONABLE MAINTENANCE AND OPERATIONS COSTS 251,312 LESS DEPRECIATION DEDUCTED ij-2,582 208,950 NET OPERATING REVENUE AFTER EXCLUDING DEPRECIATION, A NON-CASH EXPENSE 96,093 CARRYOVER OF EXCESS OF NET REVENUES OVER REQUIREMENTS - PRIOR YEARS I 33*5J .1 2i;9, 601; NET REVENUES REQUIRED FOR THE YEAR ENDED JUNE 30, 1963: INTEREST AND PRINCIPAL REQUIREMENTS if. 3, 7 61}. RESERVE FUNDS l,i;I|.p i;5,20l; MULTIPLICATION FACTOR (PER RESOLUTIONS) . I.35 6l,02 CAPITAL OUTLAY I 0,0 TOTAL NET REVENUES REQUIRED 71, EXCESS OF NET REVENUES OVER REQUIREMENTS AT JUNE 30, (963 I 7?. 765 THE FIRST PRINCIPAL PAYMENTS ON THE BONDS COMMENCE JULY I, 196!; PER SCHEDULE A-J. -5- e BALANCE SHEET - ALL FUNDS JUNE 30. 1963 EXHIBIT A WATERWORKS REVENUE BONDS, 1958 WATERWORKS REVENUE BONDS, 1960 TOTAL ALL FUNDS BOND BOND WATER SERVICE RESERVE SERVICE RESERVE FUND FUND FUND FUND FUND MAINTENANCE & PROPERTY CONSTRUCTION OPERATIONS BONDED AND FUND FUND DEBT EQUIPMENT ASSETS CURRENT ASSETS: CASH WITH TREASURER, ClTY OF CARLSBAD CASH WITH SECURITY FIRST NATIONAL BANK- COUPON ACCOUNT CASH IN SECURITY FIRST NATIONAL BANK- TIME DEPOSITS CASH IN BANK OF AMERICA - TIME DEPOSITS INVESTMENTS IN U.S. GOVERNMENT SECURITIES ACCOUNTS RECEIVABLE - WATER ACCOUNTS (NET OF RESERVE FOR LOSSES) ACCOUNTS RECEIVABLE - OTHER ACCRUED INTEREST RECEIVABLE WAREHOUSE STOCK WORK IN PROGRESS DUE FROM OTHER FUNDS TOTAL CURRENT ASSETS 152,104 53,J 21,829- 114.0,000 100,00025,231 29,361225 117 l',6\27,612 602,635 PROPERTY AND EQUIPMENT I (LESS ACCUMULATED DEPRECIATION OF $672,380) FUTURE REVENUES REQUIRED TO RETIRE BONDS AND INTEREST I,6l6,822 AMOUNTS AVAILABLE IN SINKING FUNDS - FOR BONDS AND INTEREST I 75,377 LIABILITIES, RESERVES AND FUND BALANCES CURRENT LIABILITIES: ACCOUNTS PAYABLE 18,317 MATURED BOND INTEREST COUPONS, UNREDEEMED 21,829 DUE OTHER FUNDS 7,6l2 PIPELINE, METER AND SERVICE DEPOSITS 1,017 CREDIT DUE FOR STORED METERS 2,937 TOTAL CURRENT LIABILITIES 51,712 WATERWORKS REVENUE BONDS PAYABLE: SERIES OF 1958 767,000- SERIES OF 1960 300,000- INTEREST ON BONDS TO MATURITY RESERVE FOR AUTHORIZED EXPENDITURES INVESTMENT IN PROPERTY AND EQUIPMENT I FUND BALANCES - EXHIBIT C 381,979 3,339,161. 29,361 125 117 83,052 83,052 23,639 2,311 21,492 2,935 15,660 6,169 55,000 45,ooo 5,046 21,332 140,000 20, 185 7,612 5,660 5,660 6,169 6,169 26,946 100 :8,5J447,612 ,052 9^,299 52,557 27,661 23,120 168,9144 153,202 52,357 27,66l 23,120 1 63, 941 153,202 18,317 7,612 1,0172,937 29,883 S.639 52,357 21,14.92 23,120 123,319 -299 52,357 27,661 23.120 168,9^4 153,202 ,1444,330 I,6l6,822 175,377 1,792.199 767,000 300,000 725,199 1,792,199 1,14^4,330 -6- SCHEDULE A-l CONDENSED COMPARATIVE STATEMENT OF FINANCIAL POSITION JUNE JO, 1963 AND JUNE 30, 1962 JUNE 30, 1963 CURRENT ASSETS: CASH 173,933 MARKETABLE SECURITIES 265,231 ACCOUNTS RECEIVABLE AND ACCRUED INTEREST 29,703 WAREHOUSE STOCK Il8,5l*l* CONSTRUCTION DEPOSITS WORK IN PROGRESS 7*^12 PREPAID EXPENSES DUE OTHER FUNDS 7,6l2 CURRENT LIABILITIES NET WORKING CAPITAL PROPERTY AND EQUIPMENT - NET FUTURE BOND REQUIREMENTS AMOUNTS AVAILABLE IN SINKING FOR DEBT SERVICE WATERWORKS REVENUE BONDS AND PAYABLE RESERVES, PROPERTY AND FUND BALANCES 602,635 51,712 550,923 1,1)1^,330 1,616,822 FUNDS- 175,377 3,737,ij.52 1 NTEREST 1,792,199 1 NVESTMENT 1,995,253 JUNE 30, 1962 14.08,617 1^5,231 jo.oil*129,1*7132,298 2,03k126 61*7, 793II 1,181 536,612 1,1*06,370 1,686,510 1)4-9,316 3,778,838 1,835,856 1, 9142.982 CURRENT YEAF INCREASE (DECREASE) (23!*, 681*) 220,000 (311)(10,927)(32,298) 5,578(128) 7.612 (1*5,158) (59.U69) ll*,3H 37,960 (69,688) 26,031 8,6li* . 657) 52.271 -7- SCHEDULE A-2 RIGHTS OF WAY PURIFICATION SYSTEM LI NES BUILDiNG AUTOS AND TRUCKS EQUIPMENT METERS AND SERVICES TOTAL PROPERTY AND EQUIPMENT FOR THE YEAR ENDED JUNE 30, 1963 JUNE 30, 1962 ADDITIONS HTS AND 123,503 RS AND DAMS 223,359 STEM 27,687 NO STATIONS 7^,225 0 DISTRIBUTION 1,011,986 60,792 18,234 s 22,081 7,832 13,850 3,219 AND EQUIPMENT 15,446 30? ISSIONS AND LINES 163,566 ICES 342,090 33,590 2,040,027 105,740 D DEPRECIATION &22 r &51 42,382 .UIPMENT - NET 1,406,370 63,358 JUNE 30, DELETIONS 1963 123,503 223,359 27,687 78,225- 2,546 1,070,232 18,234 3,194 26,719- 188 16.881- 15,753^ 163,566- 23,129 352,551 29,057 2,116,710 3,659 672,380 25,398 1,444,330 •8- v,SCHEDULE A-3 BONDED INDEBTEDNESS JUNE 30, 1963 WATERWORKS REVENUE BONDS, 1958 TOTAL WATERWORKS REVENUE BONDS, 1960 YEARS OF MATURITY JULY I, I96I+-6' 1975-'1979-81 1982-85 1986-87 1988 JULY I, 1965-791980-86 1937-88 1989 1990 TOTAL BONDED INDEBTEDNESS JUNE 30* PRINCIPAL AMOUNT DUE EACHDUE AT YEAR JUNE 30, 1963 20,000 25,000 30,000J55,ooo4o,ooo1+5,00047,000 5,000 10,00015,00060,00065,000 120,000125,000 120,000105,00060,000 0,000 ±1,OOPI 75,00070,00030,000 60,000 63,000 767,000 300,000 -9- SCHEDULE A-J FUND BALANCES FOR THE YEAR ENDED JUNE JO, 1963 FUND BALANCES JULY I, 1962 - NOTE I 336,207 ADD: NET INCOME - EXHIBIT B llj.,2014. DEPRECIATION REPRESENTING NON-CASH DEDUCTION ADDED BACK l\2fJ>Q2 LESS ACTUAL ASSETS PURCHASED DURING THE YEAR I 0,8|J4. 51 ,568 AVAILABLE FOR BONDS AND INTEREST, CAPITAL OUTLAY AND OTHER WATER DEPARTMENT PURPOSES Il5 . 772 FUND BALANCES AT JUNE JO. 1963 381,979 NOTE I - THIS AMOUNT INCLUDES WATER FUND, MAINTENANCE AND OPERATIONS FUND, BOND SERVICE AND RESERVE FUND BALANCES. -10- EXHIBIT B STATEMENT OF REVENUES AMD EXPENDITURES FOR THE YEAR ENDED JUNE 30, 1963 OPERATING REVENUES: - NOTE I WATER SALES PENALTIES FOR LATE PAYMENT RENT RECEIVED PIPELINE FEES CHARGES FOR TURNING ON WATER LOAN METER CHARGES MISCELLANEOUS LESS REDUCTION FOR WATER CHARGES TO DISPUTED ACCOUNTS OPERATING REVENUE DEDUCTIONS: MAINTENANCE AND OPERATIONS EXPENSE - SCHEDULE B-I: WATER PRODUCTION AND PURIFICATION I08,l2lj. WATER TRANSMISSION AND DISTRIBUTION 85,82! GENERAL AND ADMINISTRATIVE 57» 3. $7 NET OPERATING INCOME ADD NON-OPERATING INCOME: INTEREST EARNED ON INVESTMENTS i)., I 0 MISCELLANEOUS 15 DEDUCT NON-OPERATING EXPENSE - INTEREST ON WATER BONDS: 1958 SERIES 31,396 I960 SERIES 12,368 NET INCOME 299,5112,648 1,320 I8k 1,014 600 SJt 305,395372 305,023 53.7M Ii,257 57,968 NOTE I - PLEDGED TO REQUIREMENTS OF RESOLUTION #397 AND v" "'^ SCHEDULE B-l MAINTENANCE AND OPERATIONS EXPENSE FOR THE YEAR ENDED JUNE 30, 1963 WATER PRODUCTION AND PURIFICATION: SALARIES AND WAGES 8,775 POWER 3,223 SUPPLIES AND EXPENSE 53' MAINTENANCE - WATER PRODUCTION FACILITIES 2,009 PURCHASED WATER 87,526 DEPRECIATION 6,o6o TOTAL I08,l2l| WATER TRANSMISSION AND DISTRIBUTION: SALARIES AND WAGES 36,7l).9 POWER 8, $90 MAINTENANCE: PUMP STATION AND RESERVOIRS 988 METERS AND SERVICES ^*°7^ TRANSMISSION AND DISTRIBUTION LINES 380, l,hk$ DEPRECIATION 32 . 73JJ- TOTAL 85.821 GENERAL AND ADMINISTRATIVE: SALARIES AND WAGES 21,610 OPERATION AND MAINTENANCE - MOBILE EQUIPMENT 2,505 PROFESSIONAL SERVICES 2.163 OFFICE SUPPLIES AND EXPENSE I , 060 SMALL TOOLS AND SHOP SUPPLIES I , 9) [2 MAINTENANCE AND SUPPLIES - BUILDINGS 1,029 TAXES AND INSURANCE I 6, 21 5 CONTRIBUTIONS TO RETI RECENT AND GROUP INSURANCE 7 SlCK LEAVE AND VACATION SALARIES 5 » EQUIPMENT RENTAL 15 COLLECTION FEES 695 OTHER GENERAL AND ADMINISTRATIVE EXPENSE '*^I^ DEPRECIATION 3,508 LESS PORTION APPLIED TO CONSTRUCTION AND INSTALLATION WORK 7»575 TOTAL 57.367 TOTAL - TO EXHIBIT 8 251 .312 -12- V SCHEDULE B-2 CONDENSED COMPARATIVE: STATEMENT OF REVENUES AND EXPENDITURES FOR THE YEARS ENDED JUNE 30,AND JUNE 30, 1962 REVENUES CURRENT YEAR JUNE 30, JUNE 50, INCREASE 1963 1962 (DECREASE) 305.023 279.588 25.U35 OPERATING EXPANSES: WATER PRODUCTION AND PURIFICATION WATER TRANSMISSION AND DISTRIBUTION GENERAL AND ADMINISTRATIVE NET OPERATING INCOME NON-OPERATING INCOME NON-OPERATING EXPENSE NET REVENUES FROM ENTERPRISE 108,121; 85 . 82 1 57,367 251,312 53.7.. 57.96843,761; 36,07k 79,35039-139 20l|.,55i 75,037 78,501 43,657 22.0SO 6.11.8318,228 46,761 (21,326) 793 (20,533) * 1 07 Il4.,2pjj. 34, 81(4 (20, 61tO) •:;• HANDLING COSTS CHARGED BY FISCAL AGENT TOTALLED $107. -13- EXHIBIT C DEBT SERVICE RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED JUNE 30, 1963 1958 BONDS I960 BONDS RECEIPTS: ADVANCES FROM WATER FUND INTEREST ON INVESTMENTS EXPENDITURES: INTEREST ON BONDED INOEBTEDNESS EXCESS OF RECEIPTS OVER EXPENDITURES BOND SERVI CE FUND 1+6, 682 1,90k RESERVE FUND No ACTI VITY BOND SERVI CE FUND „.,„ RESERVE FUND ••*• 1+8,586 31,596 17,190 12.567 7, EXHIBIT D RESERVE FOR AUTHORIZED EXPENDITURES I960 BONDS, CONSTRUCTION FUND FOR THE YEAR ENDED JUNE 50, 1965 RESERVES FOR AUTHORIZED EXPENDITURES JULY I, 1962 ADD: INTEREST EARNED ON INVESTMENTS DEDUCT: NEW WATER LINES INSTALLED REPLACEMENT OF OLD WATER LINES 29,557 200,1^05 5.529 205,93!+ 36,990 RESERVE FOR AUTHORIZED EXPENDITURES JUNE 30, 1965