Providence Water Works

Providence Water Works

The report of the City Auditor of Providence, R. I., on the water works of that city is an interesting and unique array of figures. The report shows that since 1872, when the plant became the property of the municipality, it make a net profit of $4,148,005. In addition to this amount, which has been turned into the sinking fund, $683,482, which also represents money remaining after payment of charges, has been placed in the water depreciation and extension fund, making in reality $4,831,487 profit. The figures show that the total cost of the water works, for construction and maintenance, from 1872 up to Oct. 1, 1915, amounted to $24,894,743.22, while receipts in the same period totaled $21,588,654.07, leaving the net cost of the system Oct. 1 only $3,306,089.15. Bonds issued for construction and other purposes amounted to $10,166,000 and of this figure the bonds paid total $7,417,000. In addition, there is in the water sinking funds $1,306,815.69, making the net debt of the department Oct. 1 $1,442,184.31. The receipts from water rentals during 1915, which amounted to $805,814.39, the report shows, were, with a single exception, the largest in the city’s history. The high mark was reached in 1913, when the total was $806,940.22. The first cost of construction of the system was $7,071,283.41 and the cost of maintenance since its completion, covering a period of 43 years, has been $6,644,057.97. Interest on bonds has reached a total of $10,671,123.06, while interest on temporary loans has been $508,278.78. Receipts from all sources up to Oct. 1 last were divided as follows: Water rentals, $20,031,781.69; premiums, less discounts on bonds, $92,774.96; sale of materials, $1,464,097.42. The total valuation of real estate is $4,945,445.86, divided as follows: Buildings and improvements, $4,684,753.51; land, $260,692.35. The area of property included in the system is 15,369,319 square feet.

The report of the City Auditor of Providence, R. I., on the water works of that city is an interesting and unique array of figures. The report shows that since 1872, when the plant became the property of the municipality, it make a net profit of $4,148,005. In addition to this amount, which has been turned into the sinking fund, $683,482, which also represents money remaining after payment of charges, has been placed in the water depreciation and extension fund, making in reality $4,831,487 profit. The figures show that the total cost of the water works, for construction and maintenance, from 1872 up to Oct. 1, 1915, amounted to $24,894,743.22, while receipts in the same period totaled $21,588,654.07, leaving the net cost of the system Oct. 1 only $3,306,089.15. Bonds issued for construction and other purposes amounted to $10,166,000 and of this figure the bonds paid total $7,417,000. In addition, there is in the water sinking funds $1,306,815.69, making the net debt of the department Oct. 1 $1,442,184.31. The receipts from water rentals during 1915, which amounted to $805,814.39, the report shows, were, with a single exception, the largest in the city’s history. The high mark was reached in 1913, when the total was $806,940.22. The first cost of construction of the system was $7,071,283.41 and the cost of maintenance since its completion, covering a period of 43 years, has been $6,644,057.97. Interest on bonds has reached a total of $10,671,123.06, while interest on temporary loans has been $508,278.78. Receipts from all sources up to Oct. 1 last were divided as follows: Water rentals, $20,031,781.69; premiums, less discounts on bonds, $92,774.96; sale of materials, $1,464,097.42. The total valuation of real estate is $4,945,445.86, divided as follows: Buildings and improvements, $4,684,753.51; land, $260,692.35. The area of property included in the system is 15,369,319 square feet.