HomeMy WebLinkAbout1964 12 31 Financial Report - City of Friendswood f
CITY OF FRIENDSWOOD, TEXAS
FINANCIAL REPORT
For the Fiscal Year Ended
December 319 1964
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TABLE OF CONTENTS
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Page.
Letter of Transmittal
Statement of Combined Cash Receipts and Disbursements
All Funds Except Utility Fund 1
General Fund - Operating Expenses
General and Administrative Expenses - Schedule I 2
Police Department Expenses - Schedule II 3
Street and Drainage Department Expenses - Schedule III 4
Garbage Department Expenses - Schedule IV 4
Capital Expenditures - Schedule V 5
Comparison of the Budget with the Actual Receipts and
Disbursements - General Fund 6
Water and Sewer System - Statement of Income and Expenses 7
Galveston County Water Control & Improvement District #15
(assumed City of Friendswood) Bonded Indebtedness -
Interest and Sinking Fund - Statement of Combined Cash
411114 Receipts and Disbursements 8
Galveston County Water Control & Improvement District #15
(assumed City of Friendswood) Bonded Indebtedness -
Interest and Sinking Fund Reserve Account - Statement of
Combined Cash Receipts and Disbursements 9
Water and Sewer System - Construction Account - Statement
of Cash Receipts and Disbursements 10
Balance Sheet - Water and Sewer System 11 & 12
Balance Sheet - All Funds 13 & 14
Statement of Reserves and Surplus 15
Schedule on Reserve for Retirement of Sinking Fund Bonds -
(assumed City of Friendswood) 16 & 17
Schedule of General Fixed Assets 18
Schedule of Property, Plant and Equipment - Water and Sewer System 19
Schedule of Expenditures and Encumbrances Compared with
Appropriations - Construction in Progress - Water and
4 Sewer System 20 & 21
Schedule on Contracts Payable - Construction in Progress -
Water and Sewer System 22
TABLE OF CONTENTS
continued
Page
Schedule of Principal and Interest Maturities - Galveston
County Water Control and Improvement District #15
(assumed City of Friendswood) Waterworks and Sanitary
Sewer System Combination Revenue and Unlimited Tax Bonds 23
Schedule of Principal and Interest Maturities - Galveston
County Water Control and Improvement District #15
(assumed City of Friendswood) Waterworks and Sewer
System Unlimited Tax Bonds 24
Schedule of Insurance in Force 25, 26 & 27
HELOISE BROWN CANTER
CERTIFIED PUBLIC ACCOUNTANT
1101 Memorial Professional Building
HOUSTON, TEXAS 77002
February 12, 1965
Honorable Mayor and City Council
City of Friendswood, Texas
•
Gentlemen:
At your request, I have set up an accounting system for the CITY of
FRIENDSWOOD, TEXAS. I have posted to the accounts all recorded cash
receipts and disbursements for the period from May 1961 to December 31,
1964.
By City Ordinance #51A, passed and approved on December 21, 1964, the
City of Friendswood elected, under the provision of the state law governing,
to absorb the Galveston County Water Control and Improvement District #15.
By this ordinance, the City of Friendswood assumed all outstanding legal
indebtedness and all outstanding bonds and interest unpaid thereon. All
properties and assets of the Galveston County Water Control and Improve-
ment District #15 became the property of the City of Friendswood, Texas.
In connection therewith, I have analyzed the various statements rendered
to you by the County Auditor in his report dated November 30, 1964, and
I have set up records of account for the City of Friendswood Water and
Sewer System.
Submitted herewith is the Financial Report of the City of Friendswood for
the fiscal year ended December 31, 1964. The report covers all funds
and accounts of the city. Accounting records for the city are maintained
on a cash basis; the records for the Water and Sewer System are maintained
on an accrual basis.
The City of Friendswood levied taxes for the first time on October 1, 1964.
Taxes and other revenues are reported as received. Taxes levied in 1964
by the Galveston County Water Control. and Improvement District #15 and
01111 unpaid on December 1, 1964 were assigned to the City of Friendswood Water
and Sewer System along with all taxes unpaid from prior years. These
tax receivables have been accrued to the proper Interest and Sinking Fund
accounts. Interest on the Water and Sewer System bonds due within one
year has been removed from the Reserve for the Retirement of Sinking
Fund Bonds. A detailed schedule on this has been included in this report
to help you in your financial planning.
In 1965, the City will render taxes for general fund operations as well
as for the retirement of bonds assumed from the Galveston County WCID #15.
It is my recommendation that at that time a special tax fund account be
used as a clearing account for all tax monies. All collections would be
• deposited in the Tax Fund Account and checks written at the end of each
month to disburse the tax fund collections to the various funds set up
to receive them.
Certain comparative figures on your operations are as follows:
General City Government
The following is a summary of the cash receipts and disbursements of
the General Fund for the fiscal years ended December 31, 1963. and 1964.
12/31/63 12/31/64
Revenues - Operating $ 9,679.02 $30,472.04
Revenues - Other 607.29
Total Revenues $10,286.31 $30,472.04
Disbursements
Operating Expense $ 9,005.17 $15,279.84
Capital Expenditures 405.73 1,622.63
Other 1,572.00
Total Disbursements $ 9,410.90 $18.474.47
Excess of Revenues over
Disbursements $ 875.41 $11.997.57
Taxes - General Fund
The 1964 tax levy and collections through December 31, 1964 are as
follows:
Appraised Value - October 19 1964 $10,599,600
Assessed Value - October 1, 1964 6,359.760
Taxes Assessed $ 31,798.80
Less: Changes and Corrections 17.77
Taxes Assessed (Adjusted) $ 31,781.03
Less: Collections (?964) 13.202.34
0.4
Taxes Unpaid as of December 31, 1964 $ 18,578.69
Tax Collections through December 319 1964 41.54%
Water and Sewer System
The following is a summary of income and expenses of the operating
4111 fund of the Water and Sewer System for the month of December 1964.
Operating Revenues $ 4,956.70
Less: Operating Deductions 3.1099.00
Income Available for Debt Service $ 1,857.70
Less: Provision for Depreciation 684.49
Operating Income (December 1964) $ 19173.21
Taxes levied by the Galveston County WCID #15 and collections thereon
are as follows:
1962 1963 1964
Assessed Valuation $1,611,685 $2,148,151 $3,056,800
Tax Levy $ 16,116.85 $21,481.51 $30,568.02
Collections to 12/31 $ 7,593.86 $ 9,195.79 $15,955.52
Total Collections $ 16,061.45 $21,010.87 In Process
% Collections to 12/31 47.12% 42.81% 52.20%
% Total Collections 99.65% 97.81%
As of December 31, 1964, there were 508 water connections and 404
sewer connections.
Bond Provisions
At the time you assumed the indebtedness of the Galveston County WCID
#15, you agreed to pay current interest on said bonds as it accrued and
to pay each installment of principal as it became due. There are
certain provisions of the Bond Orders that I must call to your attention.
These orders state that all taxes collected for payment of principal
and interest on the bonds shall be deposited, as collected, in the official
depository of the unit to the credit of the Interest and Sinking Fund. The
net revenues of the system are also pledged to the payment of the 1957
and 1958 Series Bonds. In.n connection therewith, the Water and Sewer System
must deposit all revenues as collected in a separate operating account
which must be kept separate and apart from all other funds of the unit.
This fund shall be administered as follows: 1) All expenses in operating
the water and sewer system are paid from this fund, and 2) There shall be
paid each year from the Water and Sewer Operating Fund into the Interest
and Sinking Fund not less than 100% of the amount required to meet interest
eh and principal payments falling due on or before the following March 1.
Payments required under this provision shall be made in monthly installments
not later than the 15th of each month after reserving in the Water and
Sewer Operating Fund an amount equivalent to total administration costs for
the month immediately preceding.
The 1957 and 1958 Series of Bonds also require that a Bond Reserve
Fund be set up and that after payments have been made as required under
number 1 and 2 above then there shall be paid each year from the Water and
Sewer Operating Fund into the Bond Reserve Fund a sum equal to 20% of the
principal and interest payments required by #2 above until such time as
there is in the Bond Reserve Fund an amount equal to the average annual
principal and interest requirements coming due on bonds authorized hereby.
These payments into the Bond Reserve Fund each year shall be in substantially
equal monthly installments and shall be deposited by the 15th of each month.
Prior to the time that the City of Friendswood absorbed the water
district, the Operating Fund had contributed $60,370.47 out of its funds
for Capital Improvements. This type of expenditure should be planned and
executed only after previous obligations of the Operating Fund have been met.
The total debt service for 1964 was $28,699.56; however, in 1964, you had
$13,000.00 provided by transfer from the Construction Fund to pay the interest
on the last bonds sold. In 1965, your debt service amounts of $29,190.00
and for 1966, this figure increases to $33,030.00. You should take careful
note of the increase in the scheduled debt service and decide at the time of
your tax levy if the assessed valuation has increased sufficiently to take
up the difference and if the tax rate will have to be raised and what portion
of the debt service will have to be realized from the Operating Fund. The
Bond Reserve Fund, on December 31, 1964, had a balance of $8,113.19 which
was considerably short of the amount that should be in this fund according
to the Bond Indenture relating to the _957 and 1958 Series Combination
Revenue and Unlimited Tax Bonds. The balance in this account should be
$18,164.33.
The provision in the Bond Indenture concerning the contribution from
the Operating Fund is an irrevocable promise to the purchasers of these
bonds that you assumed, and unless some unforeseen catastrophe prevents
you from complying, the required money should be deposited in this Reserve
Fund on a regular basis. These provisions have not been fully complied
with in the past. I call them to your attention so that you will have
knowledge of these provisions.
Recommendations
I would encourage you to give consideration to the installation of an
accounting machine for the use of the City as well as the Water and Sewer
System. The system of water billing and collection used by the District
in the past and still in use does not afford the proper control of accounts
receivable. With an accounting machine, journal control of water accounts
could be set up by using a ledger sheet for each customer. This would
give control on water billings as well as payments on account. The machine
would be very useful in the preparation of a tax roil and posting tax
payments to record sheets. At the present time, there is no control over
tax collections. To attempt to have these controls, without the aid of
an accounting machine, would require additional help in your office. Your
system of internal control is further handicapped by the fact there is no
local bank and the City and the Water office are frequently called upon to
cash more than a normal number of checks in order to collect revenues.
eh
Opinion
In my opinion, the accompanying statements present fairly, in accordance
with generally accepted accounting principles, the financial position of
the City of Friendswood, Texas as of December 31, 1964, and the results of
its operations for the fiscal year then ended.
Very truly yours,
i
------'L' .
C.-tk-t 4t>t- / 51- 44/1‘-Vj (?1-,ci-6---A.._
Heloise Brown Canter
Certified Public Accountant
CITY OF FRIENDSWOOD, TEXAS
STATEMENT OF COMBINED CASH RECEIPTS AND
ALL FUNDS EXCEPT UTILITY FU
FOR THE FISCAL YEAR ENDED DECEMBER
T
F
Cash Balance - January 1, 1964 $ 1
Receipts
Revenue
Ad Valorem Taxes - 1964 Roll $13
Tax Certificates
• Franchise and Gross Receipts Taxes 3
Fines and Forfeits 4
Building Permits 6
Electrical Permits 1
Plumbing Permits 1
Miscellaneous Other Permits
Dog Tags
Fee - Approval of Subdivision Lots
Copies of Subdivision Code
Copy of Accident Report
Other Receipts - Unidentified
Cancellation of Outstanding Checks
Total Revenue 130.
Miscellaneous
Transfer from General Fund $ 1
Transfer from Water & Sewer System _
Total Miscellaneous $ 2,
Total Receipts $32,
Total Available $34.
Disbursements
Operating Expenses
General and Administrative Expenses (Schedule I) $ 8,
Police Department Expenses (Schedule II) 5,
Street and Drainage Department (Schedule III) 1,
Garbage Department Expenses (Schedule IV)
Total Operating Expenses $15.
Capital Outlay (Schedule V) $1.
Total Capital Outlay $ 1.
Miscellaneous
Transfer to Water & Sewer Construction Fund $
Transfer to Social Security Fund 1,
Reduction of Notes Payable
Total Miscellaneous $ 3,
Total Disbursements $19,
Cash Balance - December 31, 1964 $14,
1
SCHEDULE I
CITY OF FRIENDSWOOD, TEXAS
GENERAL FUND
GENERAL AND ADMINISTRATIVE EXPENSES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1964
Salaries and Wages
Mayor and Council $ 6.00
City Secretary and Clerk 2,629.89
City Engineer 750.00
Building Inspector 1,810.21
Tax Assessor and Collector _ 700.00
Total Salaries and Wages $5,896.10
Insurance and Bonds 230.00
Telephone 296.85
Utilities 18.00
Office Supplies and Postage 497.67
Box Rental - Post Office 2.80
Dog Tags 22.96
Rental of Office Equipment 25,00
Legal Expense 900.00
Dues, Subscriptions and Publications 91.26
OR Election Expense 219.12
Printing and Legal Notices 96.76
Janitor Supplies 1.86
Tax Appraisal Expense 52.21
Rent 252.50
Total General and Administrative Expenses $8,603109
2
SCHEDULE II
CITY OF FRIENDSWOOD, TEXAS
0' GENERAL FUND
POLICE DEPARTMENT EXPENSES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1964
Salaries
Chief $1,464.96
Patrolmen 1,100.00
Special School Patrol 259.38
Warrant Expense _220.00
Total Salaries $3,044.34
Telephone 26.07
Office Supplies 134.91
Maintenance of Equipment 837.49
Gas and Oil 724.63
Miscellaneous Materials and Supplies 32.90
Uniforms and Badges 250.96
Total Police Department Expenses $5,051.30
3
SCHEDULE III
CITY OF FRIENDSWOOD, TEXAS
gENERAL FUND
STREET AND DRAINAGE DEPARTMENT EXPENSES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1964
Utilities - Street Lights $ 609.00
Maintenance of Streets 187,45
Materials and Supplies 554.00
Total Street and Drainage Department Expenses $11350.45
SCHEDULE IV
CITY OF FRIENDSWOOD, TEXAS
GENERAL FUND
GARBAGE DEPARTMENT EXPENSES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1964
Service - Griffin & Griffin $ 275.00
Total Garbage Department Expenses $ 275,00
p
4
SCHEDULE V
CITY OF FRIENDSWOOD, TEXAS
GENERAL FUND
CAPITAL OUTLAY
FOR THE FISCAL YEAR ENDED DECEMBER 31,_ 1964
General and Administrative
Clary Adding Machine $ 160.00
Cabinet 45.24
Fan 21.45
IBM Electric Typewriter 250.00
Memo Cabinet 7,OO
Total General and Administrative $ 483,69
Police Department
Additions - 1963 Plymouth Police Car $ 35.25
C B Radio 60.00
Radar Unit 732.85
Fire Extinguisher for Police Car ,6.90
Total Police Department 1 1345,00
Streets and Drainage
Street Signs $ 293.94
Total Streets and Drainage $ 293.94
Total Capital Outlay $1,622163
5
CITY OF FRIENDSWOOD, TEXAS
016 GENERAL FUND
COMPARISON OF THE BUDGET WITH THE ACTUAL
REVENUE AND DISBURSEMENTS
1964 EXCESS OR
BUDGET ACTUAL DEFICTENCY*
Revenue
Ad Valorem Taxes $13,202.34 $13,202.34
Tax Certificates 2.00 2.00
Franchise and Gross Receipts Taxes $ 2,696.64 3,878.38 1,181.74
Fines and Forfeits 4,193.52 4,122.00 71.52*
Permits 15,942.33 9,046.97 6,895.36*
Dog Tags 116.00 116.00
Fee - Approval of Subdivision Lots 66.00 66.00
Copies of Subdivision Code 6.00 6.00
Copy of Accident Report 1.00 1.00
Other Receipts - Unidentified 20.35 20.35
Cancellation of Outstanding Checks _ _ 11.00 11.00
Total Revenue $22,832.49 $30,472.04 $ 7,639.55
Operating Expenditures
General and Administrative Expenses $11013.65 $ 8,603.09 $ 3,310.56
Police Department Expenses 5,795.62 5,051.30 744.32
Street and Drainage Department Expenses 2,419.20 1,350.45 1,068.75
Garbage Department Expenses 275.00 275.00
Total Operating Expenditures $20,403,47 $15,279.84 $ 5,123.63
Excess of Revenues over Expenditures $ 2,429.02 $15,192.20 $12,763.18
C?pital Outlay
General and Administrative $ 455.24 $ 483.69 $ 28.45*
Police Department 1,437.10 845.00 592.10
Street and Drainage 36.30 293.94 257,64*
Total Capital Outlay $ 1,928,64 $ 1,622,63 $ :306.01
Tran, r of Funds
Transfer to Social Security Fund $ 1,572.00 $ 1,572.00*
Total Transfer of Funds $ 1,572.00 $_ 1,572.00*
Addition to Surplus $ 00.38 $4 ,997.57 $11,,497.19
•
CITY OF FRIENDSWOOD, TEXAS
WATER AND SEWER SYSTEM
STATEMENT OF INCOME AND EXPENSES
FOR THE PERIOD FROM DECEMBER 1, 1964 through DECEMBER 31, 1964
Operating Income
Water and Sewer Service Charges $ 3,866.70
Tap Fees 1,090,00
Total Operating Income $ 4,956.70
Less: Operating Deductions
Salaries and Wages $1,352.50
Insurance and Bonds 359.99
Office and General Administrative Expense 95.40
Operating Supplies 532.36
Repairs - Plant 161.92
Repairs - Lines 14.52
Truck Expense 150.57
Utilities _ 431.74
Total Operating Deductions 3,099.00
Income Available for Debt Service $ 1,857.70
Provision for Depreciation 684.49
Operating Income $ 1,173.21
Non-Operating Disbursements
Transfer to Interest and Sinking Fund 0.00
Transfer to Interest and Sinking Fund Reserve Account 0,00
Net Transferred to Surplas $ 1,173.21
414
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT
(assumed CITY OF FRIENDSWOOD BONDED INDEBTE:
STATEMENT OF COMBINED CASH RECEIPTS AND DISBU:
INTEREST AND SINKING FUNDS
FOR THE_PERIOD FROM DECEMBER 1, 1964 through DECE/
WATERWORKS & Si
COMBINATION RE,
TOTAL 1957 Series
Cash Balance - December 1, 1964
Transfers
From Galveston County WCID
#15 - Interest and Sinking
Fund Accounts $22,539.02 $ 2,960.38
From Water & Sewer System
Operating Fund 0.00 0.00
Receipts
Taxes - 1964 Roll 7,889.95 3,290.11
Taxes - 1963 Roll 47.60 19.85
Penalty and Interest 8.23 3.43
Tax Certificates 12.00 5,00
Total to be Accounted For $30,496.80 $ 6,278.77
D35bur§_ements
Payment of Interest 0.00 0.00
Bonds Retired 0.00 0.00
Cash Balance - December 31, 1964 $30,496.80 $ 6,278.77
8
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT 15
(a§sumed CITY OF FRIENDSWOOD BONDED INDEBTEDNESS)
STATEMENT OF COMBINED CASH RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND RESERVE ACCOUNT
FOR THE PERIOD FROM DECEMBER 1, 1964 through DECEMBER 31, 1964
WATERWORKS AND SANITARY SEWER SYSTEM
COMBINATION REVENUE & UNLIMITED TAX
TOTAL 1957 Series 1958 Series
Ca.5h Balance - December 1,1964
Tran5fgr�
From Galveston County WCID
#15 - Interest and Sinking
Fund Reserve Account $7,850.51 $7,143.97 $ 706.54
From Water & Sewer System
Operating Fund 0.00 0.00 0.00
Receipts
• Interest Earned _ 262.68 _ 239.04 _ 23.64
Total to be Accounted For $8,113.19 $7,383.01 $ 730.18
Disbursement _ 0.00 _ 0.00 _ 0100
Cash Balance - December 31,1964 $8,113.19 17,383101 $ 730.18
p
9
CITY OF FRIENDSWOOD, TEXAS
WATER AND SEWER SYSTEM
CONSTRUCTION FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD FROM DECEMBER 1,_1964 through DECEMBER_3J.. 1964
Cash Balance - December 1, 1964 $ 0.00
Receipt§
Transfer from Galveston County Water Control and
Improvement District #15 Construction Fund $ 85,789.84
Transfer from General Fund 840.00
Housing and Home Finance Agency _ 20.600.00
Total Receipts L07L229184
Total to be Accounted For $107,229.84
Disbursements
Transfer to General Fund - deposited to
Social Security Fund in error $ 840.00
Payment on Contracts 840.00
Total Disbursements 1.680.00
Cash Balance - December 31, 1964 $105,549.84
p
10
CITY OF FRIENDSWOOD, TEXAS
WATER AND SEWER SYSTEM
BALANCE SHEET
DECEMBER 31. 1964
ASSETS
CURRENT ASSETS
Petty Cash $ 225.00
Cash on Hand - Revenues Undeposited 1,023.04
Cash in Bank 5,508.72
Accounts Receivable 5,664.33
Utility Deposits - 30.00
Total Current Assets $ 12,451.09
UTILITY FIXED ASSETS
Schedule Attached 832,638.34
FUND ACCOUNTS
Water and Sewer System Construction Fund
Cash in Bank $105,549.84
Due from Housing & Home Finance Agency 80.100.00
Total Water and Sewer System -
Construction Fund Assets $185,649.84
Interest and Sinking Funds
Cash on Hand -
Tax Collections Undeposited $ 5,925.80
Cash in Bank 24,571.00
Taxes Receivable (Levies by Galveston
County WCID #15)
1964 $14,612.50
1963 470.64
1962 55.40
1961 32.30
1960 and Prior Years 107.90 15.278.74 45,775.54
Interest and Sinking Fund Reserve Accounts
Cash in Bank 8,113.19
Total Interest and Sinking Fund Reserve Assets 8.113.19
Total Fund Accounts 239,538.57
7
Total Assets $1,084,628,00
11
e
LIABILITIES, RESERVES AND SURPLUS
•
CURRENT LIABILITIES
Accounts Payable $ 3,441.23
Withholding Tax Payable 65.70
Social Security Tax Payable 12.69
Customers' Meter Deposits _ 665.00
Total Current Liabilities $ 4,184.62
FUND ACCOUNT CURRENT LIABILITIES
Water and Sewer System Construction Fund
Contracts Payable $157,005.70
Interest and Sinking Fund
Bond Interest Payable Within One Year $ 27,190.00
Bonds Payable Within One Year 2.000,00 29.190.00
Total Fund Account Current Liabilities 186,195.70
LONG TERM DEBT
Total Bonds Payable $596,000.00
Less: Bonds Due Within One Year 2.000.00
Total Long Term Debt 594,000.00
RESERVES
For Authorized Expenditures - Water and Sewer
System Construction Fund $ 28,644.14
For Depreciation 684.49
For Retirement of Sinking Fund Bonds
1957 Series $ 7,886.72
1958 Series 1,549.20
1962 Series 7,360.49
1963 Series 9.902.32 _ 26,698.73
Total Reserves 56,027.36
CONTRIBUTIONS
Maintenance and Operating Fund for New Addition Assets $ 60,370.47
Contribution by Land Owners 5,367.87
Federal Agencies _170,900.00
Total Contributions 236,638.34
SURPLUS
Earned 7s581:48
Total Surplus 7,581=98
Total Liabilities, Reserves and Surplus $1,0841628.00
12
CITY OF FRIENDSWOOD, TEXAS
COMBINED BALANCE SHEET - ALL FUNDS
as of DECEMBER 31, 1964
COMBINED
TOTAL GED
ALL FUNDS FL
ASSETS AND OTHER DEBITS
ASSETS - Other than Fixed
Petty Cash $ 247.74 $
Cash on Hand - Revenues Undeposited 5,559.90 4,
Cash in Bank 15,749.97 7,
Accounts Receivable 5,664.33
Utility Deposits 30.00
Due from Social Security Fund 840.00
Fund Accounts
Water & Sewer System Construction Fund
Cash in Bank 105,549.84
Due from Housing & Home Finance Agency 80,100.00
Interest and Sinking Fund
Cash on Hand - Tax Collections
Undeposited 5,925.80
Cash in Bank 24,571.00
Taxes Receivable -(Galveston County
WCID #15 Tax Levies) 15,278.74
Interest & Sinking Fund Reserve
Cash in Bank 8,113.19 _
Total Assets - Other than Fixed $ 267,630.51 $13,',
FIXED ASSETS
Land $ 10,791.95
Structures and Improvements 312,847.00
Machinery and Equipment 4,556.23
Construction in Progress 508,524.16
Furniture, Fixtures and Equipment 907.17
Total Fixed Assets $ 837,626.51
Less: Allowance for Depreciation 684.49
Net Fixed Assets $ 836.942.02
Grand Total $1,104,572.53 $13,2
LIABILITIES) RESERVES AND SURPLUS
LIABILITIES - Other than Long Term
Accounts Payable $ 3,441.23
Withholding Tax Payable 65.70
Social Security Tax Payable 12.69
46, Customers" Meter Deposits 665.00
Due to General Fund 840.00
Contracts Payable 157,005.70
13
CITY OF FRIENDSWOOD, TEXAS
COMBINED BALANCE SHEET - ALL FUNDS
41111* as of DECEMBER 31, 1964
COMBINED
TOTAL GENEI
ALL FUNDS FUNI
Continued from Prior Page
Interest on Bonds - Payable Within 1 Year $ 27,190.00
Bonds Payable - Within One Year 23000,00
Total Liabilities - Other than Long Term $ 191,220.32
LONG TERM LIABILITIES
Bonds Payable $ 594,000.00
•
Total Long Term Liabilities $ 594,000.00
Total Liabilities $ 785,220.32
OTHER CREDITS
For Authorized Expenditures - Water &
Sewer System Construction Fund $ 28,644.14
Reserve for Retirement of Sinking Fund
Bonds
1957 Series 7,886.72
1958 Series 1,549.20
1962 Series 7,360.49
1963 Series 9,902.32
Social Security Fund Reserve 1,572.00
Contributions
By Maintenance and Operating Fund
for New Addition Assets 60,370.47
By Land Owners 5,367.87
By Federal Agencies 170,900.00
Total Other Credits $ 293,553.21
SURPLUS
Investment in Fixed Assets $ 4,988.17
Unappropriated Surplus 20.810.433 $13,22
Total Surplus $ 25,799,00 $13,22
Grand Total $1,104,572.53 $13,22
14
CITY OF FRIENDSWOOD, TEXAS
STATEMENT OF RESERVES AND SURPI
4.11 FOR THE FISCAL YEAR ENDED DECEMBEI
GENERAL
FUND
UNAPPROPR:
• TOTAL SURPLUS
BaJ. nce - January 1, 1964 $ 4,,59 ,$2 1,2J1,
Additions
Galveston County WCID #15
absorbed by City of Friendswood
and Reserve and Surplus Accounts
transferred to City of
Friendswood Water & Sewer System
Unappropriated Surplus $ 6,408.77
Interest & Sinking Funds 22,539.02
Interest & Sinking Fund
Reserve Account 7,850.51
Taxes Receivable 23,216.29
Unappropriated Surplus -
Construction Fund 31,684.14
Excess of Revenues over
Expenditures 17,049.90 $15,192.
Ilk Additional Revenue - Interest
& Sinking Fund 20.23
Additional Revenue - Interest
& Sinking Fund Reserve 262.68
Transfer of Funds from General
Fund to Social Security Fund 1,572.
Property Additions 1.622.
Total Additions $109,031.54 $11,9974
Total to be Accounted For $113,628.36 $13,228.
Deductions
Appropriations - Construction
Fund $ 3,040.00
To Accrue Bond Interest payable
3-1-65 and 9-1-65 27,1901_00
Total Deductions $ 30,230.00
Balance - December 31, 1964 $ 83,398,36 $13,228.
40
15
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT #15
(aaaumed CITY OF FRIENDSWO0D BONDED INDEBTEDNESS)
SCHEDULE ON RESERVE FOR RETIREMENT OF SINKING FUND BONDS
as of DECEMBER 31, 1964
INTEREST AND SINKING FUND
WATERWORKS AND SANITARY SEWER SYSTEM
COMBINATION REVENUE AND UNLIMITED TAX
1957 Series 1958 Series
Cash Balances in Fund - December 31, 1964 $ 6,278.77 5 1,419,60
Additions
Taxes Receivable - Galveston County WCID #15
1964 Taxes $ 6,093.41 $ 613.72
1963 Taxes 196.26 19.76
1962 Taxes 32.69 3.32
1961 Taxes 29.39 2.91
1960 and Prior Years" Taxes 98.19 9.71
Total Taxes Receivable $ 6.449.94 $ 649.42
Maximum Tax Funds Available for Debt Service $12,728.71 $ 2.069.02
Deductions
Bond Interest due 3-1-65 $ 6,135.00 $ 625.00
Bond Interest due 9-1-65 f_090.00 625.00
Total Bond Interest Payable Within One Year $12,225.00 $ 1,2 0.00
Funds Available for Retirement_of
Sinking Fund Bonds $ 503.71 $ 819.02
16
•
INTEREST AND SINKING FUND INTEREST AND SINKING FUND RESERVE ACDOUNT
WATERWORKS AND SEWER SYSTEM WATERWORKS AND SANITARY SEWER SYSTEM
UNLIMITED TAX BONDS COMBINATION REVENUE AND UNLIMITED TAX BONDS
1962 Series 1963 Series 1957 Series 1958 Series
$10,320,31 $12,478,12 1 7,383,01 $ 730,18
$ 3,653.13 $ 4,252.24
117.66 136.96
19.39
$3,790.1,8 $ 4,3 9 20
$141110.49 $16,867.32
$ 3,375.00 $ 3,482.50
3,375.00 3.482.50
$ 6,750.00 $ 6,965.00
$ 7,360.49 $ 9,902.32 $ 7,383.01 $ 730,18
17
41/1/14 CITY OF FRIENDSWOOD, TEXAS
SCHEDULE OF GENERAL FIXED ASSETS
as of_DECEMBER 31, 1964
BALANCE BALANCE
1 --1-64 ADDITIONS RETIREMENTS 12-31-64
Furniture, Fixtures and Office Equipment
2 dr. Filex File Cabinet $ 18.46 $ 18.46
Desk and 8 Chairs 273.30 273.30
•
Council Table 50.52 50.52
Civil Defense Antenna 81.20 81.20
Clary Adding Machine $ 160.00 160.00
• Cabinet 45.24 45.24
Fan 21.45 21.45
IBM Electric Typewriter 250.00 250.00
Memo Cabinet 7.00 7.00_
Total Furniture, Fixtures and Office
Equipment $ 423.48 $ 483.69 $ 907.17
Machinery and Equipment
1963 Plymouth Police Car $2,414.78 $ 35.25 $2,450.03
2 CB Units and Antennas 130.76 130.76
2-Way Radio 100.00 100.00
Emergency Warning Light 65.00 65.00
1 CB Radio 60.00 60.00
Radar Unit 732.85 732.85
Fire Extinguisher _ 16.90 16.90
Total Machinery and Equipment $2,710.54 $ 845.00 $3,555.54
Streets
Street Improvement $ 28.80 $ 28.80
Street Signs 202.72 $ 293.94 496.66
Total Streets $ 231.52 $ 293.94 $ 525.46
Total General Fixed Assets $3,365.54 $1,622.63 $4,988.17
e
18
414 CITY OF FRIENDSWOOD, TEXAS
WATER AND SEWER SYSTEM
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
as of DECEMBER 31, 1964
BALANCE BALANCE
1- 1-64 ADDITIONS RETIREMENTS 12-31-64
Acquired from Galveston County
Water Control and Improvement
District #15_
Land $ 10,791.95 $ 10,791.95
Total Land $ 10,791.95 $ 10,791.95
Structures and Improvements
Office Building $ 5,650.35 $ 5,650.35
Water Plant 50,058.08 50,058.08
Water Distribution 137,450.60 137,450.60
Sewage Collection System 82,253.23 82,253.23
Sewage Disposal Plant 36.909.28 36,909.28
Total Structures and Improvements $312,321.54 $312,321.54
Construction in Progress $508,524.16 $508.524.16
Total Construction in Progress 1508,524.16 $508.524.16
Other
Office Furniture and Fixtures $ 1,980.13 $ 1,980.13
Truck 2,790.42 2,790.42
Small Tools 230.14 230.14
$ 5,000.69 $ 5,000.69
Less: Bonds Matured Prior to
Acquisition of System 4,000.00 4,,000.00
Total Other $ 1,000.69 $ 1,000.69
Total Property, Plant and Equipment $832,638.34 $832,638.34
Source of Funds
From Bonds Assumed $596,000.00
From Maintenance and Operating Account 60,370.47
From Contribution by Land Owners 5,367.87
From Federal Agencies 170,900.00
Total $832,638.34
19
CITY OF FRIENDSVOOD,_TEXAS
WATER AND SEWER SYSTEM
CONSTRUCTION FUND
STATEMENT OF EXPENDITURES AND ENCUMBRANCES
COMPARED WITH APPROPRIATIONS
FOR THE PERIOD ENDED DECEMBER 31,1964
PURCHASE OF
TOTAL PRELIMINARY LANDS
APPROPRIATIONS _ EXPENSE AND R-O-W
From sale of remainder of
1958 Series bonds .$ 5,000.00
From sale of 1962 Series bonds 150,000.00
From sale of 1963 Series bonds 175,000.00
Contribution by HHFA - Phase 1 88,500.00
Contribution by HHFA - Phase 2 82,400.00
Transfer from Operating Fund 7.624.16
$508.524.16 $ 250.00 $iO,000.00
Expenditures other than
Construction Contracts .+
Louis Pauls - sale of bonds $ 1,850.00
Attorneys 225.00
Paul Milligan - Surveyor 235.00
Wyatt C. Hedrick - Engineering 5,681.88
League City State Bank - for
purchase of land 16,796.00 $16,796.00
Transfer to Sinking Fund
for Interest _ 13,000.00
$ 37,787.88 _ $16,796.00
ENCUMBRANCES
(Construction Contracts)
Wyatt C. Hedrick - Engineering $ 26,057.39
Texas Water Wells 19,710.50
Bost Ditching Service 196,679.75
Navajo Constructors Inc. 52,613.00
Bayshore Constructors 59,991.50
Couch Construction Company 84,000.00
C. D. Rayburn 840.00
American Steel Building Company _ 2,200.00
$442,092.14
UNENCUMBERED BALANCE $ 28 4644.14 $ 250.00 $_c6,796.00)
( ) Over-encumbered
20
CONSTRUCTION CONSTRUCTION LAB AND LEGAL & INTEREST MISCELLANEOUS
OF OF STORAGE FISCAL ENGINEERING DURING AND
WATERWORKS SEWER SYSTEM BUILDING EXPENSE EXPENSE CONSTRUCTION CONTINGENCIES
$192,524.16 $253,570.00 $3,040.00 $4,,875.00 $16,055.00 $13,000.00 $151210.00
$1,850.00
225.00
$ 235.00
5,681.88
_ $13,0001_00 _
$2.075.00 $ 5,916.88 $131 000.00
$26,057.39
$ 19,710.50
156,592.97 $ 40,086.78
52,613.00
59,991.50
84,000.00
$ 840.00
• 2,200.00
$176.303.47 $236,691,28 $3,040100 $26,057,39
430 ;6.220169 $ 16,878,72 $2,800.00 (15,919.27) ]5,210.00
21
CITY OF FRIENDSWOODA TEXAS
CONSTRUCTION FUND
WATER AND SEWER SYSTEM
CONTRACTS PAYABLE
DECEMBER 31s 1964
TOTAL
CONTRACT PAYMENTS BALANCE DUE
Wyatt C. Hedrick $ 269057.39 $ 229892.76 $ 3,164.63
Texas Water Wells 199710.50 19,710.50 000
Bost Ditching Service 1969679.75 639675.72 1339004.03
Navajo Constructors Inc. 529613.00 529613.00 000
Bayshore Constructors 599991.50 549991.50 5,000.00
Couch Construction Company 849000.00 709362.96 139637.04
C. D. Rayburn 840.00 840.00 000
American Steel Building Company 2,200.00 _ _ 2,200.00
11114 Totals $442.092.14 $285,086.44 $157 005.70
22
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT DISTRAil _:
(assumed CITY OF FRIENDSWOOD)
WATERWORKS AND SANITARY SEWER SYSTEM
COMBINATION REVENUE AND UNLIMITED TAX BONDS
SCHEDULE OF PRINCIPAL AND INTEREST MATURITIES
as of DECEMBER 31, 1964
TOTAL TOTAL
FISCAL YEAR PRINCIPAL INTEREST 1957
ENDING DUE DUE PRINCIPAL
• 12-31-65 $ 2,000.00 $ 13,475.00 $ 2,000.0
12-31-66 2,000.00 13,385.00 2,000.0
12-31-67 2,000.00 13,295.00 2,000.0
12-31-68 4,000.00 13,150.00 4,000.0
12-31-69 4,000.00 12,950.00 4,000.0
12-31-70 4,000.00 12,750.00 4,000.0
12-31-71 4,000.00 12,550.00 4,000.0
12-31-72 5,000.00 12,325.00 5,000.0
12-31-73 5,000.00 12,075.00 5,000.0
` 12-31-74 5,000.00 11,825.00 5,000.0
12-31-75 6,000.00 11,550.00 6,000.0
12-31-76 6,000.00 11,250.00 6,000.0
12 31-77 7,000.00 10,925.00 7,000.0
12-31-78 7,000.00 10,575.00 7,000.0
12-31-79 7,000.00 10,225.00 7,000.0
12-31-80 7,000.00 9,875.00 7,000.0
12-31-81 8,000.00 9,500.00 8,000.0
12-31-82 8,000.00 9,100.00 8,000.(
12-31-83 10,000.00 8,650.00 10,000.(
12-31-84 10,000.00 8,150.00 10,000.(
12-31-85 11,000.00 7,625.00 11,000.(
12=31-86 11,000.00 7,075.00 11,000.(
12-31-87 12,000.00 6,500.00 12,000.(
12-31-88 12,000.00 5,900.00 12,000.E
. 12-31-89 13,000.00 5,275.00 13,000.(
12-31-90 14,000.00 4,600.00 14,000.(
12-31-91 15,000.00 3,875.00 15,000.(
• 12-31-92 20,000.00 3,000.00 20,000.1
12-31-93 25,000.00 1,875.00 25,000.1
12-31-94 25,000.00 625.00
Totals $271,000.00 1273,930.00 $246,000.
.
23
t
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT DIS_
(assumed CITY OF FRIENDSWOOD)
WATERWORKS AND SEWER SYSTEM
UNLIMITED TAX BONDS
SCHEDULE OF PRINCIPAL AND INTEREST MATURITI
as of DECEMBER 31, 1964
TOTAL TOTAL
FISCAL YEAR PRINCIPAL INTEREST 196
ENDING DUE DUE PRINCIPA]
12 31-65 $ $ 13,715.00 $
12-31-66 4,000.00 13,645.00
. 12-31-67 4,000.00 13,505.00
12-31-68 4,000.00 13,365.00
12-31-69 4,000.00 13,225.00
' 12-31-70 4,000.00 13,085.00
12-31-71 5,000.00 12,927.50
12-31-72 5,000.00 12,752.50
12-31-73 5,000.00 12,577.50
12-31-74 5,000.00 12,402.50
12-31-75 5,000.00 12,227.50
N 12-31-76 6,000.00 12,035.00
i 12-31-77 6,000.00 11,825.00
12-31-78 6,000.00 11,615.00
12-31-79 6,000.00 11,382.50
12-31-80 6,000.00 11,127.50
12-31-81 7,000.00 10,851.25
12-31-82 7,000.00 10,553.75
12-31-83 7,000.00 10,256.25
12-31-84 7,000.00 9,958.75
12-31-85 7,000.00 9,661.25
12-31-86 8,000.00 9,342.50
12-31-87 8,000.00 9,002.50
12-31-88 9,000.00 8,641.25
12-31-89 10,000.00 8,237.50
12-31-90 10,000.00 7,812.50
12-31-91 10,000.00 7,387.50
12-31-92 10,000.00 6,962.50
12-31-93 6,750.00
12-31-94 6,750.00
12-31-95 30,000.00 6,075.00 30,000.
12-31-96 30,000.00 4,725.00 30,000.
12-31-97 30,000.00 3,375.00 30,000.1
12-31-98 35,000.00 1,912.50 35,000.1
12-31-99 25,000.00 562.50 25,000.1
•
Totals $325,000.00 $340,230.00 $150,000.1
API
24
4114 CITY OF FRIENDSWOOD., TEXAS
_SCHEDULE OF INSURANCE IN FORCE
DECEMBER 31. 1964
GENERAL FUND
Aetna Insurance Company
Policy Number 61S5979
• Term April 25, 1964 to April 25, 1965
Kind Public Official Bond
Premium $50.00
Person Covered Laurence Byron Cline (Tax Assessor)
Amount of Coverage $10,000.00
Policy Number 61S3702 BC
Term May 8, 1964 to May 8, 1965
Kind Position Schedule Bond for Public Employees
+ Premium $50.00
Persons Covered City Treasurer; City Clerk-Secretary
Amount of Coverage $5,000.00 each
Policy Number S51005140
Term August 23, 1964 to January 25, 1965
Kind Public Official Bonds
Premium $55.00
Persons Covered Cecil Brown, Myron Worden, Malcolm B. McGinnis,
Elmo Brundrett, and Ralph Lowe::
Amount of Coverage $5,000.00 each
++ WATER AND SEWER SYSTEM
Planet Insurance Company
Policy Number P2-00-78-27
Term February 2, 1964 to Indefinite
Kind Public Official Bond
Premium $25.00
Person Covered Wesley A. Unruh
Amount of Coverage $5,000.00
• Policy Number P2-00-78-32
Term January 21, 1964 to Indefinite
Kind Public Official Bond
Premium $25.00
Person Covered Laurence Byron Cline
Amount of Coverage $5,000.00
Policy Number P2-00-78-30 and P2-00-78-31
Term January 14, 1964 to January 14, 1965
Kind Public Official Bond
Premium $25.00 each Policy
Persons Covered John Hoover Cartmill and Robert John James
Amount of Coverage $5,000.00 each policy
25
SCHEDULE OF INSURANCE IN FORCE
continued
Planet Insurance Company
Policy Number P2-00-78-28, P2-00-78-26, and P2-00-78-29
Term February 2, 1964 to February 2, 1965
Kind Public Official Bond
Premium $25.00 each
Persons Covered Keith Smith, Norman Weaver, and Marvin Foster
Amount of Coverage $5,000.00 each
Reliance Insurance Company
Policy Number WC9429611
Term December 6, 1964 to December 6, 1965
Kind Workmen's Compensation and Employers' Liability
• Premium $191.74
Persons Covered Waterworks Operations; Sewage Disposal and
Clerical Office Employees
Rolicy Number AX715913
Term December 6, 1964 to December 6, 1965
Kind Public Liability (Except Automobile)
Premium $168.25
Amount of Coverage Bodily Injury (Except Automobile)
$100,000 each person; $200,000 each accident;
$200,000 aggregate products
Property Damage (Except Automobile)
$5,000 each accident; $25,000 aggregate operations;
$25,000 aggregate protective; $25,000 aggregate
products; $25,000 aggregate contractual
Policy Number AC7858288
Term July 24, 1964 to July 24, 1965
Kind Automobile Liability -
Premium $125.55
Amount of Coverage Bodily Injury
$50,000 each person; $100,000 each accident
Property Damage
$5,000 each accident
• Medical Payments
$500 each person
Policy Number 5624808
Term March 21, 1962 to March 21, 1967
Kind Fire, Lightning and Extended Coverage
Premium $291.00
Amount of Coverage Water Tank and Tower
$10,000.00
Office Building
$2,500.00
Policy Number 5624809
Term March 21, 1962 to March 21, 1965
Kind Fire, Lightning and Extended Coverage
- Premium $41.40
Amount of Coverage Contents - Office Building
$1!000,0Q
26
SCHEDULE OF INSURANCE IN FORCE
continued
The Canadian Fire Insurance Company
Policy Number 91-32142
Term January 20, 1960 to January 20, 1965
Kind Fire, Lightning and Extended Coverage
Premium $345.00
Amount of Coverage Water Tank and Tower
$10,000.00
Office Building
$2,500.00
United States Fidelity and Guaranty Company
Policy Number F2951241
Term January 20, 1960 to January 20, 1965
Kind Fire, Lightning and Extended Coverage
Premium $345.00
Amount of Coverage Water Tank and Tower
$10,000.00
Office Building
$2,500.00
Blue Cross and Blue Shield
Kind Hospital Insurance
+Aetna Insurance Company policy #6153702 issued but the premium has not been paid
++ Endorsements to City of Friendswood have been requested
27
CONSTRUCTION CONSTRUCTION LAB AND LEGAL & INTEREST MISCELLANEOUS
OF OF STORAGE FISCAL ENGINEERING DURING AND
WATERWORKS SEWER SYSTEM BUILDING EXPENSE EXPENSE CONSTRUCTION CONTINGENCIES
$192,524.16 $253,570.00 $3,040.00 $4,875.00 $16)055.00 $133000.00 $15,210.00
4/14 $1,850.00
225.00
$ 235.00
5,681.88
_ $13,00010°
$2.075.00 $ 5,916.88 $13.000.00
$26,057.39
$ 19,710.50
156,592.97 $ 40,086.78
52,613.00
59,991.50
84,000.00
$ 840.00
_2,200.00
$176,303.47 $236,691,28 $3,040,00 $26„057.39
410 $ §,220,69 $ 16,878,72 $2,800.00 (15,919.27) $]5,210.00
21
CITY OF FRIENDSWOOD, TEXAS
CONSTRUCTION FUND
WATER AND SEWER SYSTEM
CONTRACTS PAYABLE
DECEMBER 31, 1964
TOTAL
CONTRACT PAYMENTS BALANCE DUE
Wyatt C. Hedrick $ 26,057.39 $ 22,892.76 $ 3,164.63
Texas Water Wells 19,710.50 19.,710.50 000
Bost Ditching Service 196,679.75 63,675.72 133,004.03
Navajo Constructors Inc. 52,613.00 52,613.00 000
Bayshore Constructors 59,991.50 54,991.50 5,000.00
Couch Construction Company 84,000.00 70,362.96 13,637.04
C. D. Rayburn 840.00 840.00 000
American Steel Building Company _ 2,200,00 _ 22200.00
Totals $44.2 092.14 $285,086.44 $1579005.70
22
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT DISTR:
441111 (assumed CITY OF FRIENDSWOOD)
WATERWORKS AND SANITARY SEWER SYSTEM
COMBINATION REVENUE AND UNLIMITED TAX BONDS
SCHEDULE OF PRINCIPAL AND INTEREST MATURITIES_
as of DECEMBER 31, 1964
TOTAL TOTAL
FISCAL YEAR PRINCIPAL INTEREST 1957
ENDING DUE _ DUE PRINCIPAL
12-31-65 $ 2,000.00 $ 13,475.00 $ 2,000.0
•
12-31-66 2,000.00 13,385.00 2,000.0
12-31-67 2,000.00 13,295.00 2,000.0
12-31-68 4,000.00 13,150.00 4,000.0
12-31-69 4,000.00 12,950.00 4,000.0
12-31-70 4,000.00 12,750.00 4,000.0
12-31-71 4,000.00 12,550.00 4,000.0
12-31-72 5,000.00 12,325.00 5,000.0
12-31-73 5,000.00 12,075.00 5,000.0
12-31-74 5,000.00 11,825.00 5,000.0
12-31-75 6,000.00 11,550.00 6,000.0
12 31-76 6,000.00 11,250.00 6,000.0
12-31-77 7,000.00 10,925.00 7,000.0
12-31-78 7,000.00 10,575.00 7,000.0
12-31-79 7,000.00 10,225.00 7,000.0
12-31-80 7,000.00 9,875.00 7,000.0
12-31-81 8,000.00 9,500.00 8,000.0
12-31-82 8,000.00 9,100.00 8,000.0
12-31-83 10,000.00 8,650.00 10,000.(
12-31-84 10,000.00 8,150.00 10,000.(
12-31-85 11,000.00 7,625.00 11,000.(
12=-31-86 11,000.00 7,075.00 11,000.(
12-31-87 12,000.00 6,500.00 12,000.(
12-31-88 12,000.00 5,900.00 12,000.(
12-31-89 13,000.00 5,275.00 13,000.(
12-31-90 14,000.00 4,600.00 14,000.(
12-31-91 15,000.00 3,875.00 15,000.(
• 12-31-92 20,000.00 3,000.00 20,000.1
12-31-93 25,000.00 1,875.00 25,000.1
12-31-94 25,000.00 625.00 _
Totals $271,000.00 1273,930.00 $246,000.
.
23