upr000269 200

fin Mr. I. I. Hulsiser | § * j j j j *ill be m incom e for that year or any near future year except that the amount of the present revenue Is greatly exceeded. the gross revenues for 19^2 amounted to $93,06*1. ©f whieh 17,6^6. was rported as income after has been de-ducted as Joint facility rent. Mr. sexton's computation of in- ©one for 19%2 approximates $33,000. He contends this rental Is not a proper charge against operating income; that it should be treated as interest and de&acted after the operating income has been calculated. the Governor, who is Chairman of the Tax Commission, has requested these matters be composed before the September meeting of the Commission: felling to have satisfied the Commission* s re­quests we have no grounds on which to protest an assessment, no matter how objectionable it may be. | recommend, (1) the accounts of the water department be kept apart from any other activity of the LTLSai Co. that & com­plete and intelligible report of its operations may be had ( 2 ) the Joint facility rest be reduced as follows: (a) decrease interest rate from # to ¥ and apply interest on one half the valuation of the Joint facilities, (b) decrease depredation rate from ^f§ to 2& (o) eliminate direct charge for maintenance, (d) eliminate charge for taxes not specifically determinable.'