Authority has not yet converted its books of accounts to conform with the revised procedure. Accounting under the new procedure will result in more realistic reporting in future years because depreciation will be shown in our profit and loss statement and in the balance sheet. Likewise debt service which currently shows as an expense in the profit and loss statement will be shown in its proper place as a reduction in bonds outstanding with the interest payments, which are now in- cluded in debt service, being the only portion of this item remaining in profit and STATEMENT A.-Statement and estimate of sources and application of funds, operation and maintenance, properties aided by or leased from Public Housing Administra- STATEMENT A.-Statement and estimate of sources and application of funds, operation Reimbursements and advances received-Maintenance and operation of properties, agency code 62, account No. 40100 NOTE.-List of purposes and number serially. Under each purpose list agencies or other sources from which funds are received and letter serially. II. NON-FEDERAL SOURCES A. For work performed. B. For purchasing or contracting. C. Other. Mr. PHILLIPS. Do you desire to make any further statement? Mr. RING. I think that will conclude the general statement, Mr. Chairman. BUDGET REQUEST Mr. PHILLIPS. For what amount is your total request? Mr. RING. The request before the committee is for $43,000, and that figure appears on page 2 of the statement. Mr. PHILLIPS. Let us read this into the record: It is expected that, after the work requested in the 1955 budget is performed, future appropriation requests will decline. A forecast of expense for fiscal years 1956 and 1957 is compared below with actual appropriations for fiscal years 1953 and 1954 and the appropriation estimate for fiscal year 1955: 1953 appropriated $45,000 How much of the amounts appropriated, Mr. Ring, will be exhausted? Mr. MOORE. We will return approximately $1,800 of that appropriated for 1953 to the Treasury. Mr. PHILLIPS. You will have approximately $1,800 left over? Mr. PHILLIPS. Your request is for $43,000 for the year for which you now appear and you expect to ask for $38,000 and $35,000, respectively, for 1956 and 1957? Mr. RING. Yes, sir. Mr. PHILLIPS. During 1956 you propose to reinstate a request for $2,400 on the Williston property. Is that included in the $38,000? Mr. MOORE. Yes, sir; it is. OPERATING COSTS Mr. PHILLIPS. Well, you had better make a little more detailed statement on how you are getting on with your rents and your repairs. Why do you have any request to the Congress at all? Why do not your rents cover your operating costs? Mr. THOMAS. They have to appropriate their own funds for that, Mr. Chairman. Mr. PHILLIPS. Do your rents cover more than the amount you are asking for? Mr. RING. Yes, Mr. Chairman, they do. Mr. Moore has the detailed information on that. Mr. MOORE. During 1955, Mr. Chairman, we anticipate a rental income of approximately $55,759. Mr. ANDREWS. What page is that on? Mr. MOORE. Page 3. Mr. THOMAS. Mr. Chairman, he is asking for roughly $12,000 of their own funds. The question is what part of that $12,000 will be used? Is it 1 percent, 2 percent, or 3 percent? Percentagewise what part of your initial capital investment does that $12,000 take care of? Mr. MOORE. I have a statement on that, Mr. Thomas. Mr. THOMAS. Will you furnish us with that information? Is it one-half of 1 percent or 1 percent? |