Audit Report 12/31/1972 - Laserfiche WebLink

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SPECIAL ASSESSMENTS - CURRENT - $89,262.50: Water and sewer assessments were made against property owners in the Chomonix development for a total of $461,865.52. Assessments may be made all at once or in equal annual installments over a seven -year period with interest at 8% from the assessment date, October 24, 1972. Collections during 1972 amounted to $86,858.00, leaving a principal balance of $375,007.52 which is part of the Deferred Assets reflected on the Balance Sheet to provide for the retirement of long -term bonds. The current portion of the special assessments not collected during 1972 were placed on the tax rolls for collection during 1973. FIXED ASSETS (PROPERTIES) - $645,550.44: Village -owned general properties are summarized in Schedule A -6, totaling $212,065.36. Additions for a total of $5,693.01, during 1972, are detailed in Schedule A -6a. Where original costs are not readily available, valuations are based on insurable and estimated values as used on a recently prepared inventory of properties. Construction contracts were let out and work begun on water and sewer service for the Chomonix development late in the year 1971. The projects as now completed for these utility services are summarized in Schedule A -7, totaling $433,485.08. CURRENT LIABILITIES - $33.763.75: No liability for Metro sewer service is reflected as we understand that pre- viously assessed charges for years 1972 and prior were cancelled. The current maturities of $5,000.00 on bonded debt are classified as current liabilities for information purposes only, inasmuch as the Village funds are main- tained on a cash basis. Contracts payable are detailed in Schedule A -8, with the land contract remaining as the only contract balance as of December 31, 1972. NON- CURRENT LIABILITIES - $642,750.00: The balance of bonds in the amount of $640,000.00, remaining outstanding after excluding payments becoming due within one year, has been classified as a non - current liability on the balance sheet. Details on the bonds outstanding are shown in Schedule A -9. DEFERRED REVENUE - $221,418.84: Since the Village funds are maintained on a cash basis, the unrealized revenue from receivables, reduced by liabilities, is shown as an offsetting contra account- - deferred revenue. In other words, no revenue is reflected in the funds until received in cash, nor are liabilities (unpaid bills) reflected in disbursements until paid in cash. The receivables and payables are reflected on the balance sheet for information purposes only.