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Transcription
by the Commission. An average of the true Investment Cost and true Original Cost rate bases for the year 1951 would be $752,350.00 (Schedule IV, p. 2) and not the average rate base of $460,061.88 found by the Commission. 5. The deduction for retirement reserve is excessive for the capital base used. Deficiency in Joint Facility Rents B - The sum of $105,063.72 found by the Commission to be the reasonable joint facility rents to be charged by the Railroad Company to Water Company is in error, contrary to the evidence, and is insufficient because: 1. The Commission's rate base of $460,061.88 for ^ the water production facilities and the water-bearing lands of the Railroad Company is in error and is low by over $311,000.00 (which is 40$ of the correct rate base of $771,300.00) for the reasons heretofore stated. 2. The depreciation charge of $8,021.24 computed by the Commission and the allowance for taxes, particularly federal income taxes, are insufficient for the reason that the base' upon whioh they are computed is I low and in error; the depreciation allowance is without , foundation in the evidence and was computed upon the depreciated rather than the undepreciated capital base. 3. - The rate cf return of six per cent allowed upon the rate base of the Railroad Company is less than an adequate and reasonable rate of return. -4—
