Newspaper Archive of
Cape Gazette
Lewes, Delaware
Jim's Towing Service
March 27, 1998     Cape Gazette
PAGE 24     (24 of 92 available)        PREVIOUS     NEXT      Full Size Image
 
PAGE 24     (24 of 92 available)        PREVIOUS     NEXT      Full Size Image
March 27, 1998
 

Newspaper Archive of Cape Gazette produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.




24 - CAPE GAZETTE, Friday, March 27 - April 2, 1998 L W OAR D O ROBEWr M. HOYT & COMPANY REHOBOTH OFFICE CERTIFIrO PUBLIC ACCOUNTANTS MILLIBOEO OFFICE WILLIAM L, llERRY, C,P.A. MEMBERS WILLIAM N* UBEY. C.P,A. A, GLENN BARLOW. JR.* ,P.A. AMERICAN INSTITUTE OF GLENN B, SHOWELL, C.P.A. SAMUEL C. WARRINGTON. rl. C.P.A. CERTIFIED ffUILIC ACCOUNTANTS (502) 954-155M REHOBOTH AVENUE EXTENDED 'FAX 934-1560 P.O. BOX L REHOBOTH BEACH, DE ! 997 I (O2! 227-25 ! 5 FAX # 227-5152 To the Board of Directors Board of Public Works Lewes, Delaware INDEPENDENT AUDITORS' REPORT We have audited the accompanying consolidated balance sheet of the Board of Public Works, Lewes, Delaware as of September 30, 1997 and 1996 and the related consolidated statements ofincome, earned surplus, investment in municipality, and cash flows for the years then ended. These financial statements are the responsibility of the Board of Public Works. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by managemem, BOARD OF PUBLIC WORKS (ONSOLIDATED BALANCE SHEET ELECTRIC, WATEP,, AND SEWER DEPARTMENTS SEPTEMBER 30. 1997 AND SEPTEMBER 30. 1996 Property. Plant and Equipment Plant and equipment Less: Accumulated depreciation Construction in progress Cum=t  ASSETS as well as evaluatin S the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly in all material respects, the financial position of the Board of Public Works as of September 30, 1997 and 1996, and the resuRs of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Cash Cash - restricted Investments - temporary Investments (cost, plus accrued interest) - restricted Accounts receivable Inventory . Other assets Total Current Assets INVESTED CAPITAL AND LIABILITIES Certified Public Accountafits January 30, 1998 EXl-lm e Investment in municipality Contributions in aid of construction Earned surplus Accounts payable Other liabilities Total Current Liabilities 1997 $21,335,664 7.734.137 13,601,527 507.007 14.108.534 623,166 .502,881 2,797,427 1,I04,737 934,483 740,929 60.415 6.764.038 20_872_572 7,573,902 9,514,080 3.400.802 20.488.784 225,831 157.957 383.788 $20.872.572 The accompanying notes are an integral part of these financial statements. BOARD OF PUBLIC WORKS CONSOLIDATED STATEMENT OF INCOME ELE(TRIC, WATER AND SEWER DEPARTMENTS FOR THE YEARS ENDED SEPTEMBER 30. 1997 AND SEPTEMBER 30. 1996 |P97 1996 Operating Revenues $ 5,179,626 $ 5,255,357 Operating expenses and depreciation 4.585.541 4.528.855 Income from Operations 594,085 726,502 Interest income :283.199 198,393 877.284 924,895 Other expense (income) net 53,637 53,942 Interest expense 1.012 839 54.649 54,781 Net Income  822_635 $ 870.114 The accompanying notes are an integral part of these financial statements. I EXHIBIT A 1996 $21,140,257 7.282.230 13,858,027 4171 13.905.198 575,856 332,O24 2,362,474 l;0OO,4O0 1,026,01 ! 667,629 25.892 5.990.286 19.895.484 7,370,566 9,352,014 2.781.503 19.504.083 218,921 172.480 ;91.401 19_895_484 EXHIBIT C BOARD OF PUBLIC WORKS CONSOLIDATED STATEMENT OF EARNED SURPLUS. FOR THE YEARS ENDED SEPTEMBER 30. 1997 AND SEPTEMBER 30. 1996 Balance - beginning of year Add: Net income for the year Less: Net increase (decrease) in investment in municipality 1997 $ 2,781,503 822.635 3,604,138 203.336 $ 3.400.802 Balance - end of year The accompanying notes are an integral part of these financial statements. i 1996 $1,794, ! 50 870.114 2,664,264 (117.239) $2.781_503