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o the Voters and of Sea Isle City

mt has been compiled for your benefit and does set forth the exact financial condition of the GasandElectric utilities. .. . mto continue operation ot these utilities under city ownership, as die average deficit has been $16,000.00 per year since the utilities lave - n <

will the

tSBWy

ope that you will consider this report seriously, as it affects every owns of real estate in this dty. of these utilities will not only relieve the city of an annual lots of $16,000.00, but will hsing to our city two of the largest utility

assist us in our growth. __,

the present conditions we cannot

age assessed valuation of the last _

of $16,000.00, or 7-10 of one per cent and eli minating or saving to die city of $8,640.00 of interest charges e hope that you will all come out to the polls on Tuesday, October 26th, and vote ‘ Yes" to sell the utilities.

t grow with this annual loss. The city's net debt at this time is about $160,000.00, whidi represents abmit 6 8-10 pai eesit of t three yean. If these utilities are sold for $144,000.00, this money will be applied to this debt and will leave the city will, <

>er cent, and eli minating or saving to die city of $8,640.00 of interest charges for 1927.

Statement of all receipts and disbursements for Electric Utility for the years of 1922, 1923, 1924, 1925 and to October 13th, 1926.

YEAR OF 1822

' From Consumer* for Electric Consumed.

Total for Year .

$16,940.34

Total Expenditures for Year of 1922— Total Deficit for Year 1SZ2

YEAR OF 1923

from Consumers for Current Cot City Appropriation for Year Material Sales, Garage and Rent 9team SoM..-

„$16,940.34 _ 27,716.11

Total Disbursements for Year 1924 — 36,430.04 Total Loes or Deficit fartflll $ 3,47237

410,778.77

YEAR OF 1928

From Consumers for Current Consumed Less Dis-

counts and Adjustments— City Appropriation

Steam SokL.

Total Receipts for Year 1923— Total Disbursements for 1923Total Lots or Deficit far 1923

7,527.77 5,000.00 - 1,17745 l_ 4,375.10 $27,070.62 40,561.33 4134B9.71

Material Sales, Garage Rent-

Total Receipts fog. Yei Total Expenditures

„$21.378.65

5,000.00 2,521.24

449.19

NOTE: City sold old machinery, for i $5.100.00—same will be applied to redoce TOTAL USS TO COT ntOM MR TO 1

Y«r of 1922 Deficit. Year of 1923 DeficitYon of 1924 Delia Year of 1925 Dofi.

1925-

-X28.349.08 _ 34,421.62

YEAR OF 1824

Prom Consumers for Current Consumed Cty Appropriation for Year-

Material Sales. Garage and Rent Total Raceipts for Year 1924

.$21,471.77 _ 5.000.00 _ 5,020.83 _ 1,465.17

Total Loes or Dafidt for Yare 1928 $ 8,07244 YEAR OF 1926, UP TO AND INCLUDING

From Consumers for Cash Balance Brought Gty Appropriation -

Year of 1926 Deficit to October 13th. Total Deficit on Electric Utttty to

To wipe out this deficit the city has had l- v - taxatkm in the 1926 tax budget tbs sum of $20,207. L It will be again necessary for the dty to inrhrd* m tlx. tar budget for 1927 a sum of at least $16/100.00 to wipe

out beWe of the def^H eo far created.

There is at thb time Utility the following

Total Receipts Total Expenditures.-.

-$21,787.53 _ 30,286.43

.$32,957.77

Total Loes or Deficit up to October 13th-.

$ 8,498.90

Notes l Total Obligations—

araet the Electric

-452,500.00

18,665.50

-471.165.50

Statement of all receipts and disbursements for Gas Utility for the years of 1922, 1923, 1924, 1925, and to October 13th, 1926.

YEAR OF 1922 income from all Sources year 1922 Expenditures all Sources Year 4922

Total Lose or Deficit for Year 1922

.411,235.91 „ 14,939.47

Gty Appropriation— Steam Sold

3,000.00 1,197.05

YEAR OF 1923 Receipts from Consumers for Gas Used. Gty Appropriation- ~~ Material and Supplies.— —

Total Receipts-..

Total Expenditures for Year 1923 Total Loss or Deficit for Year 1923

Yl ’AR OF 1924 i from Consumers for Gas Consumed

Total Income from All Sources for 1924... Total Expenditures for Year 1924-

Total Profit for 19fi4YEAR OF 1925 Receipts from Consumers for Gas Consumed

4 3,70346

$12,836.84 2,000.00 - 440.64 $15,277.38 22,209.54 $ 6,932.16

Total Income from All Sources for Year 1925Total Expenditure* for All Sources

421.424.19 31,026.67

Lees Profit for Year 1924Tetal Lose or Deficit To Dale-

Total Lose or Deficit for Year 1928 $ 9,602,48

YEAR OF 1926

i from Consumers for Present Year up to

I3th_

Cash Balance Brought ForwardTotal Receipts from All Sources

4I5.I74.70

893.11

Total Expenditures up to October 13th ...

416.06f.8l - 30.486 99

To wipe out thb deficit the dty has bed to « Hon in the 1926 tax budget the sum of $5,417.82. > ^ It will be ague neriwy foe the dty to tncWo at the tax budeet for 1927 a earn of at beet 827.776.56 to wipe out the balance of the deficit eo far trearer! ' Them i» at thir tane ootataadiag a^inat the Gee Utility

the following obligations:

Bonds*— I $16,000.00 Notes 16,500.00

Total Obiigatioos—

442,500.00

.$16,764.26 3,000.00

$19,764.26 — 18.301.26

•$ 1,463.00

417.227.14

Total Lose or Dafidt up to October 13th, l«6 $14,41918 NOTE: This lose will be considerably more from this date to end cf this year, considering expense and income to December 31, 1926. / TOTAL LOSS TO CITY BY DEFICITS M GAS

UTILITY—1922 to 10-13-1926

Year 1922 $ 3.703.56 Year 1923 - 6,932 16 Year 1925 I : 9,602.48

$41,194.38. Deficit in E

Deficit in Gas Utility

Total Deficits in Both Uribbei

Deficit in Electric Udlirir to d

iiity To Dal

Year 1926 as of October 13th— Total Deficit —

_ .14,419.18 434,657.38

60 per cent, above the present tax rate, giving the city a tax rate of over $5.00.

NOTE: Daria* the yeare of I92J. 1924 and 192$ the dty by appropriation donated to the Gaa Utility, for which it cay by eppeoprw^oa-mmamt^ the twal deficit in the Gee Utility to

-841810.19 _ 41.194.38 —$82,50487

The both plant, hey* *yan*ed e lom to the dty about $16,000.00 each year aiace the dty pUKhaeed the utilities. This loss has ran for fire years. v

This deficit or loss has caused an increase in the tax rate for the year pf 1926 of $ 1.39 on each Hundred Dollars worth of assessed property. If this deficit had not occuned our tax rate in 1926 would have been $2. II per $ 100, in place of $3.40. The effect of this deficit in the tax rate for the coming you of 1927, if the city still retain* ownership and runs the utilities will be as follows, considering the appropriations to be on an equal basis of those in 1926, and the city wipes out the remainder ol

the deficit, which is necessary under the law, the amount being $43,776.56. If this

amount is placed in the tax budget of 1927, it will mean an additional amount of

Signed:

M. M. SOFRONEY, H. CLOVE, , JOHN L. MAHER. Commwioners