1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 1997 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 0-8084 Connecticut Water Service, Inc. (Exact name of registrant as specified in its charter) Connecticut 06-0739839 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 93 West Main Street, Clinton, CT 06413-1600 (Address of principal executive offices) (Zip Code) (860) 669-8636 (Registrant's telephone number, including area code) Not Applicable (Former name, address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a count. Yes No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 3,017,101 Number of shares of common stock outstanding, June 30, 1997 2 CONNECTICUT WATER SERVICE, INC. Financial Report June 30, 1997 and 1996 TABLE OF CONTENTS PART I, ITEM 1: FINANCIAL STATEMENTS Consolidated Balance Sheets at June 30, 1997 and December 31, 1996 Page 3 Consolidated Statements of Capitalization at June 30, 1997 and December 31, 1996 Page 4 Consolidated Statements of Income for Three Months Ended June 30, 1997 and 1996 Page 5 Consolidated Statements of Income for Six Months Ended June 30, 1997 and 1996 Page 6 Consolidated Statements of Income for Twelve Months Ended June 30, 1997 and 1996 Page 7 Consolidated Statements of Retained Earnings for Three Months Ended June 30, 1997 and 1996 Page 8 Consolidated Statements of Retained Earnings for Six Months Ended June 30, 1997 and 1996 Page 8 Consolidated Statements of Retained Earnings for Twelve Months Ended June 30, 1997 and 1996 Page 8 Consolidated Statements of Cash Flows for Six Months Ended June 30, 1997 and 1996 Page 9 Notes to Consolidated Financial Statements Page 10 PART I, ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Page 11-12 Signature Page Page 13 3 Page 3 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS AT JUNE 30, 1997 AND DECEMBER 31, 1996 JUNE 30, 1997 DEC. 31, ASSETS (UNAUDITED) 1996 --------- --------- (THOUSANDS OF DOLLARS) Utility Plant Utility Plant $ 196,334 $ 195,223 Construction Work in Progress 11,547 8,940 Utility Plant Acquisition Adjustments (1,206) (1,206) --------- --------- 206,675 202,957 Accumulated Provision for Depreciation (50,766) (49,059) --------- --------- Net Utility Plant 155,909 153,898 --------- --------- Investments 1,515 1,290 --------- --------- Current Assets Cash 326 35 Accounts Receivable (Less Allowance, 1997 - $152; 1996 - $140) 3,882 3,736 Accrued Unbilled Revenues 2,731 2,830 Prepayments and Other Current Assets 944 736 --------- --------- Total Current Assets 7,883 7,337 --------- --------- Deferred Charges Unamortized Debt Issuance Expense 5,118 5,212 Taxes Recoverable Through Future Rates 9,000 9,000 Postretirement Benefits Other Than Pension Recoverable Through Future Rates 1,036 1,036 Recoverable Contamination Clean-Up Costs 5,400 5,400 Prepaid Income Taxes on Contributions in Aid of Construction 576 528 Other Costs 1,240 939 --------- --------- Total Deferred Charges 22,370 22,115 --------- --------- TOTAL ASSETS $ 187,677 $ 184,640 ========= ========= CAPITALIZATION AND LIABILITIES Capitalization (See accompanying statements) Common Stockholders' Equity $ 54,527 $ 54,395 Preferred Stock 772 772 Long-Term Debt 54,400 54,430 --------- --------- Total Capitalization 109,699 109,597 --------- --------- Current Liabilities Interim Bank Loans Payable 8,646 5,795 Accounts Payable and Accrued Taxes and Interest 6,345 7,166 Accrued Recoverable Contamination Clean-Up Costs 300 300 Other 2,162 1,951 --------- --------- Total Current Liabilities 17,453 15,212 --------- --------- Long-Term Liabilities Accrued Recoverable Contamination Clean-Up Costs 2,585 2,757 Advances for Construction 13,959 13,600 Contributions in Aid of Construction 18,595 18,563 Deferred Federal Income Taxes 13,217 12,717 Unfunded Future Income Taxes 9,000 9,000 Unfunded Postretirement Benefits Other Than Pension 1,036 1,036 Unamortized Investment Tax Credits 2,133 2,158 --------- --------- Total Long-Term Liabilities 60,525 59,831 --------- --------- TOTAL CAPITALIZATION AND LIABILITIES $ 187,677 $ 184,640 ========= ========= The accompanying notes are an integral part of these financial statements. 4 Page 4 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CAPITALIZATION AT JUNE 30, 1997 AND DECEMBER 31, 1996 JUNE 30, 1997 DEC. 31, (UNAUDITED) 1996 ----------- --------- (THOUSANDS OF DOLLARS) Common Stockholders' Equity Common Stock Without Par Value Authorized - 7,500,000 Shares; Shares Issued and Outstanding: 1997 - 3,017,101; 1996 - 3,012,083 $ 43,780 $ 43,672 Stock Issuance Expense (1,239) (1,216) Retained Earnings 11,986 11,939 --------- --------- Total Common Stockholders' Equity 54,527 54,395 --------- --------- Cumulative Preferred Stock of Connecticut Water Service, Inc. Series A Voting, $20 Par Value; Authorized, Issued and Outstanding 15,000 Shares, Redeemable at $21.00 Per Share 300 300 Series $.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares Issued and Outstanding 29,499 Shares, Redeemable at $16.00 Per Share 472 472 --------- --------- Total Preferred Stock of Connecticut Water Service, Inc. 772 772 --------- --------- Long-Term Debt The Connecticut Water Company First Mortgage Bonds 6.9% Series Q, due 2021 10,000 10,000 5 7/8% Series R, due 2022 14,800 14,830 6.65% Series S, due 2020 8,000 8,000 5 3/4% Series T, due 2028 5,000 5,000 5.3% Series U, due 2028 4,550 4,550 6.94% Series V, due 2029 12,050 12,050 --------- --------- Total Long-Term Debt 54,400 54,430 --------- --------- TOTAL CAPITALIZATION $ 109,699 $ 109,597 ========= ========= The accompanying notes are an integral part of these financial statements. 5 Page 5 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 1997 1996 (UNAUDITED) (UNAUDITED) ----------- ----------- (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Operating Revenues $ 9,633 $9,276 ------- ------ Operating Expenses Operation 3,346 3,367 Maintenance 598 396 Depreciation 869 824 Federal Income Taxes 788 975 Connecticut Corporation Business Taxes 169 241 Municipal Taxes 811 804 Payroll Taxes 100 120 Connecticut Gross Earnings Tax 474 464 Organizational Charges 422 0 ------- ------ Total Operating Expenses 7,577 7,191 ------- ------ Utility Operating Income 2,056 2,085 ------- ------ Other Income (Deductions) Interest 25 24 Allowance for Funds Used During Construction 162 62 Other 64 17 Taxes on Other Income (56) 7 ------- ------ Total Other Income (Deductions) 195 110 ------- ------ Interest and Debt Expense Interest on Long-Term Debt 865 865 Other Interest Charges 139 59 Amortization of Debt Expense 47 47 ------- ------ Total Interest and Debt Expense 1,051 971 ------- ------ Net Income 1,200 1,224 Preferred Stock Dividend Requirement 9 9 ------- ------ Net Income Applicable to Common Stockholders $ 1,191 $1,215 ======= ====== Weighted Average Common Shares Outstanding 3,016 2,994 ======= ====== Earnings Per Average Common Share $ 0.39 $ 0.41 ======= ====== Dividends Per Common Share $ 0.43 $ 0.42 ======= ====== The accompanying notes are an integral part of these financial statements. 6 Page 6 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 1997 1996 (UNAUDITED) (UNAUDITED) -------------- -------------- (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Operating Revenues $ 18,645 $18,363 -------- ------- Operating Expenses Operation 6,510 6,710 Maintenance 1,008 842 Depreciation 1,739 1,644 Federal Income Taxes 1,521 1,745 Connecticut Corporation Business Taxes 324 430 Municipal Taxes 1,623 1,610 Payroll Taxes 269 310 Connecticut Gross Earnings Tax 924 917 Organizational Charges 422 0 -------- ------- Total Operating Expenses 14,340 14,208 -------- ------- Utility Operating Income 4,305 4,155 -------- ------- Other Income (Deductions) Interest 49 48 Allowance for Funds Used During Construction 315 114 Other 181 47 Taxes on Other Income (106) 6 -------- ------- Total Other Income (Deductions) 439 215 -------- ------- Interest and Debt Expense Interest on Long-Term Debt 1,730 1,730 Other Interest Charges 262 134 Amortization of Debt Expense 94 94 -------- ------- Total Interest and Debt Expense 2,086 1,958 -------- ------- Net Income 2,658 2,412 Preferred Stock Dividend Requirement 19 19 -------- ------- Net Income Applicable to Common Stockholders $ 2,639 $ 2,393 ======== ======= Weighted Average Common Shares Outstanding 3,015 2,984 ======== ======= Earnings Per Average Common Share $ 0.88 $ 0.80 ======== ======= Dividends Per Common Share $ 0.86 $ 0.84 ======== ======= The accompanying notes are an integral part of these financial statements. 7 Page 7 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME FOR THE TWELVE MONTHS ENDED JUNE 30, 1997 AND 1996 1997 1996 (UNAUDITED) (UNAUDITED) -------------- -------------- (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Operating Revenues $ 38,874 $ 39,715 -------- -------- Operating Expenses Operation 12,764 13,807 Maintenance 1,830 2,017 Depreciation 3,410 3,177 Federal Income Taxes 3,654 3,974 Connecticut Corporation Business Taxes 828 1,007 Municipal Taxes 3,297 3,214 Payroll Taxes 454 532 Connecticut Gross Earnings Tax 1,937 1,984 Organizational Charges 422 0 -------- -------- Total Operating Expenses 28,596 29,712 -------- -------- Utility Operating Income 10,278 10,003 -------- -------- Other Income (Deductions) Interest 180 128 Allowance for Funds Used During Construction 538 134 Other 81 151 Taxes on Other Income (133) (37) -------- -------- Total Other Income (Deductions) 666 376 -------- -------- Interest and Debt Expense Interest on Long-Term Debt 3,460 3,460 Other Interest Charges 447 279 Amortization of Debt Expense 188 188 -------- -------- Total Interest and Debt Expense 4,095 3,927 -------- -------- Net Income 6,849 6,452 Preferred Stock Dividend Requirement 38 38 -------- -------- Net Income Applicable to Common Stockholders $ 6,811 $ 6,414 ======== ======== Weighted Average Common Shares Outstanding 3,013 2,971 ======== ======== Earnings Per Average Common Share $ 2.26 $ 2.16 ======== ======== Dividends Per Common Share $ 1.72 $ 1.68 ======== ======== The accompanying notes are an integral part of these financial statements. 8 Page 8 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF RETAINED EARNINGS FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 1997 1996 (UNAUDITED) (UNAUDITED) ------------ ------------- (THOUSANDS OF DOLLARS) Balance at Beginning of Period $12,091 $10,398 Net Income 1,200 1,224 ------- ------- 13,291 11,622 ------- ------- Dividends Declared: Cumulative Preferred, Class A, $.20 per share 3 3 Cumulative Preferred, Series $.90, $.225 per share 6 6 Common Stock - 1997 $.43 per share; 1996 $.42 per share 1,296 1,256 ------- ------- 1,305 1,265 ------- ------- Balance at End of Period $11,986 $10,357 ======= ======= FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 Balance at Beginning of Period $11,939 $10,468 Net Income 2,658 2,412 ------- ------- 14,597 12,880 ------- ------- Dividends Declared: Cumulative Preferred, Class A, $.40 per share 6 6 Cumulative Preferred, Series $.90, $.45 per share 13 13 Common Stock - 1997 $.86 per share; 1996 $.84 per share 2,592 2,504 ------- ------- 2,611 2,523 ------- ------- Balance at End of Period $11,986 $10,357 ======= ======= FOR THE TWELVE MONTHS ENDED JUNE 30, 1997 AND 1996 Balance at Beginning of Period $10,357 $ 8,916 Net Income 6,849 6,452 ------- ------- 17,206 15,368 ------- ------- Dividends Declared: Cumulative Preferred, Class A, $.80 per share 12 12 Cumulative Preferred, Series $.90, $.90 per share 27 26 Common Stock - 1997 $1.72 per share; 1996 $1.68 per share 5,181 4,973 ------- ------- 5,220 5,011 ------- ------- Balance at End of Period $11,986 $10,357 ======= ======= The accompanying notes are an integral part of these financial statements. 9 Page 9 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 1997 1996 (UNAUDITED) (UNAUDITED) ------------- ------------- (THOUSANDS OF DOLLARS) Operating Activities: Net Income Before Preferred Dividends of Parent $ 2,658 $ 2,412 ------- ------- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation (including $57 in 1997, $48 in 1996 charged to other accounts) 1,773 1,692 Change in Assets and Liabilities: (Increase) Decrease in Accounts Receivable and Accrued Unbilled Revenues (48) 362 (Increase) Decrease in Other Current Assets (208) 27 (Increase) Decrease in Other Non-Current Items (652) (405) Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Current Liabilities (609) (1,436) Increase (Decrease) in Deferred Federal Income Taxes and Investment Tax Credits, Net 475 470 ------- ------- Total Adjustments 731 710 ------- ------- Net Cash Provided by Operating Activities 3,389 3,122 ------- ------- Investing Activities: Gross Additions to Utility Plant (including Allowance for Funds Used During Construction of $214 in 1997 and $144 in 1996) (3,762) (2,686) ------- ------- Financing Activities: Proceeds from Interim Bank Loans 8,646 3,104 Repayment of Interim Bank Loans (5,795) (2,646) Reduction of Long-Term Debt Including Current Portion (30) (5) Proceeds from Issuance of Common Stock 108 1,135 Advances, Contributions and Funds From Others for Construction, Net of (Refunds) 369 528 Costs Incurred to Issue Long-Term Debt, Preferred Stock, and Common Stock (22) 0 Cash Dividends Paid (2,612) (2,523) ------- ------- Net Cash Provided by (Used in) Financing Activities 664 (407) ------- ------- Net Increase (Decrease) in Cash 291 29 Cash at Beginning of Year 35 124 ------- ------- Cash at End of Year $ 326 $ 153 ======= ======= Supplemental Disclosures of Cash Flow Information: Cash Paid During the Year for: Interest (Net of Amounts Capitalized) $ 2,837 $ 1,864 Income Taxes $ 1,595 $ 1,690 The accompanying notes are an integral part of these financial statements. 10 Page 10 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated financial statements included herein have been prepared by CONNECTICUT WATER SERVICE, INC. (the Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for interim periods. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on 10-K. The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors. 2. Earnings per average common share are calculated by dividing net income applicable to common stock by the average number of shares of common stock outstanding during the respective periods as detailed: 3 Months Ended 12 Months Ended ------------------------- ------------------------------------------ 6/30/97 6/30/96 6/30/97 6/30/96 12/31/96 ------- ------- ------- ------- -------- Common Shares Outstanding: January 1, 1996 -- -- -- -- 2,966,757 July 1, 1996 & 1995 respectively -- 3,010,091 2,928,817 -- April 1, 1997 & 1996 respectively 3,016,286 2,991,038 -- -- -- Common Shares Issued: To DRIP - September 15, 1995 -- -- -- 18,906 -- To 401-K - September 30, 1995 -- -- -- 674 -- To DRIP - December 15, 1995 -- -- -- 18,360 -- To 401-K - January 2, 1996 -- -- -- 703 703 To PSP- February 16, 1996 -- -- -- 4,220 4,220 To DRIP - March 15, 1996 -- -- -- 18,615 18,615 To 401-K - March 30, 1996 -- -- -- 743 743 To DRIP - June 15, 1996 -- 18,299 -- 18,299 18,299 To 401-K - June 30, 1996 -- 754 -- 754 754 To PSP - July 1, 1996 -- -- 687 -- 687 To 401-K - September 30, 1996 -- -- 655 -- 655 To 401-K - December 31, 1996 -- -- 650 -- 650 To PSP - February 14, 1997 -- -- 3,526 -- -- To 401-K - March 30, 1997 -- -- 677 -- -- To PSP - June 13, 1997 40 -- 40 -- -- To 401-K - June 30, 1997 775 -- 775 -- -- --------- --------- --------- --------- --------- Common Shares Outstanding: June 30, 1997 & 1996 respectively 3,017,101 3,010,091 3,017,101 3,010,091 ========= ========= ========= ========= December 31, 1996 3,012,083 ========= Weighted Average Common Shares Outstanding: Days outstanding basis 3,016,301 2,994,261 3,012,954 2,970,804 2,997,337 ========= ========= ========= ========= ========= DRIP = Dividend Reinvestment Plan PSP = Performance Stock Program 401-K = Company contribution to employees' 401-K savings plan 11 Page 11 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY 3. The Consolidated Statements of Income reflect the summation of Organizational Charges associated with a Company early retirement program offered to qualifying employees. These charges represent the actuarially determined FASB 88 expense for pension benefits for the 16 employees who accepted the offer of early retirement and the costs of administrative services related to the early retirement plan. 4. Effective July 1, 1997, the Company reduced customer water bill rates by 5%. This reduction is a result of the repeal of the Connecticut Gross Earnings Tax (GRT) on private and investor owned water companies. This rate reduction is equivalent to the reduced cost to the Company due to the elimination of the GRT. There is no earnings impact on the company as a result of this rate decrease. On July 31, 1997, the Company filed an application with the Connecticut Department of Public Utility Control requesting a net increase in customer water rates of .724%. This increase is comprised of the following: 1) an .800% increase for the collection of additional FASB 106 expenses for Postretirement Benefits Other Than Pension and 2) a .076% decrease in rates due to the legislative elimination of the Connecticut sales tax on certain operations and maintenance expense items. A decision on this application is expected in the third quarter. PART I, ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CORPORATE RESOURCES At June 30, 1997 the Company had $3,354,000 of unused lines of interim bank loan credit available. RESULT OF OPERATIONS THE FOLLOWING FACTORS HAD A SIGNIFICANT EFFECT UPON THE COMPANY'S NET INCOME FOR THE THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED WITH THE NET INCOME FOR THE SAME PERIOD LAST YEAR. Net income applicable to common stock for the three months ended June 30, 1997 decreased from that of June 30, 1996 by $24,000, or $.02, per average common share on an increased number of common shares. The decline in net income resulted from a $29,000 decrease in operating income and a $80,000 increase in interest and debt expense, partially offset by a $85,000 increase in other income and deductions. The decrease in operating income is due to a 5.4% increase in operating expense, partially offset by a 3.9% increase in operating revenues. The increase in operating expense is primarily due to Organizational Charges of $422,000 for an early retirement program significantly offset by a reduction in property and liability insurance premiums and a greater percentage of the Subsidiary's overall labor activity being devoted to capital related projects. The increase in revenues is a result of higher than average residential water consumption due to the dry, hot weather in June 1997. The increase in other income and deductions is primarily due to an increase in AFUDC relating to several of the Subsidiary's on-going construction projects. 12 Page 12 CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY The increase in interest and debt expense is attributable to interest on short-term borrowings. This interest is higher due to higher average rates being carried on higher average outstanding balances. THE FOLLOWING FACTORS HAD A SIGNIFICANT EFFECT UPON THE COMPANY'S NET INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED WITH THE NET INCOME FOR THE SAME PERIOD LAST YEAR. Net income applicable to common stock for the six months ended June 30, 1997 increased from that of June 30, 1996 by $246,000 on an increased number of common shares. The improvement in net income resulted from a $282,000 increase in operating revenue, and a $224,000 increase in other income, partially offset by a $128,000 increase in interest and debt expense and a $132,000 increase in operating expense. The increase in operating revenues is due to higher than average residential water consumption as a result of the dry, hot weather in June 1997, and a $70,000 increase in unmetered revenues, primarily from public and private fire customers. The increase in other income is primarily due to an increase in AFUDC relating to several of the Subsidiary's on-going construction projects. Also contributing to the increase are $102,000 in net gains from real estate sales. The increase in operating expenses is primarily due to an Organizational Charge of $422,000 for an early retirement program. This expense is significantly offset by overall lower operating expenses. The increase in interest and debt expense is attributable to interest on short-term borrowings. This interest is higher due to higher average rates being carried on higher average outstanding balances. 13 Page 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Connecticut Water Service, Inc. (Registrant) Date: August 12, 1997 By: /s/ David C. Benoit David C. Benoit Vice President - Finance Date: August 12, 1997 By: /s/ Peter J. Bancroft Peter J. Bancroft Assistant Treasurer