Audit Report 12/31/1972 - Laserfiche WebLink

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Village of Lino Lakes Anoka County, Minnesota I - COMMENTS ON BALANCE SHEET ITEMS Exhibit A presents the financial condition of the Village by funds as of December 31, 1972. Similar special revenue funds are combined but are detailed in Exhibit A -a. A comparative balance sheet of all funds combined is presented in Exhibit C, which shows the financial position of the Village in comparative form with that at the end of the preceding year. Details on balance sheet items are shown in Schedules A -1 through A -9. Further explanations, analyses, or listings are presented in the next several paragraphs of these comments. CASH ON HAND AND IN BANK - $219,360.69: Petty cash funds were on hand for a total of 5100.00, and in addition, unde- posited receipts of $1,130.37 as further detailed in Schedule A -1. The sum of $111,709.82 was carried in the bank checking account. In addition, temporary excess funds for a total of $106,420.50 had been placed in bank savings certificates, earning interest at 5 %. Further details on these certificates and the bank checking account reconciliation are shown in Schedule A -2. The Centennial State Bank of Lexington had been designated as the depository for Village funds. Collateral of $70,000.00 in U. S. Government bonds was pledged by the bank as security for Village funds on deposit. Federal deposit insurance, carried by the bank for $20,000.00 on each customer, provides additional protection for Village funds. Additional collateral should be requested from your bank in order to be fully protected as required by State of Minnesota statutes. U. S. GOVERNMENT SECURITIES - $97,177.46: Funds from the $550,000.00 sale of Temporary Improvement Bonds of 1971 were invested in government securities as further detailed in Schedule A -3. These funds have been converted into cash as needed in meeting the obligations in connection with the water and sewer projects. TAXES RECEIVABLE - $168,670,09: The 1972 tax levy, collectible in 1973, amounts to $106,554.00, as detailed in Schedule A -4 by funds. The local government state aid, collectible in quarterly installments, amounts to $52,406.12. Delinquent taxes, levied for prior years, amount to $9,709.97 for the last six years, as summarized in Schedule A -5.