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Transcription
V by the Commission in the rate base of the Railroad Company. 3. The said rate base is not based upon the true , original cost of the distribution facilities of the Water Company. The correct depreciated Original Cost rate base for 1951 is §757,100.00 (Ex. S). An average of the true Investment Cost and Original Cost rate bases for the year 1951 would be §715,100.00 (Schedule IV, p. 2) as contrasted with the average base of §618,919.00 found by the Commission. 4. The retirement reserve deduction therefrom of $240,588.68 is excessive in that it includes the full cost ($160,482.97) of defense plant tvi facilities rather than the depreciation accrued thereon which as of December 31, 1950 is only $20,804.00 (June Tr. p. 308). This results in an excess deduction of $139,678.00 which amount represents the undepreciated cost of facilities which are still fully utilized in providing service and which were merely written off for income tax purposes during the war years in an accounting transaction, the burden of which write-off was borne by the owners of the business and not by the users of water service. Deficiency in Operating Expenses of Water Company D - The operating expense allowances of the Water Company are insufficient because: - 6 -
