Audit Report 12/31/1972 - Laserfiche WebLink

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SURPLUS - $962,088.59: The net worth of the Village is reflected by the surplus accounts, Contributed surplus of $433,485.08 represents the cost of water and sewer facilities assessed against benefitted property owners. Surplus Invested in Fixed Assets represents the Village's investment in general fixed properties, totaling $212,065.36. Fund balances represent cash or investments only, since the various Village funds are maintained on a cash basis. II - COMMENTS ON FUND TRANSACTIONS Exhibit B presents a summary of the cash receipts and disbursements by funds for the year 1972, showing the fund balance remaining in each fund as of December 31, 1972, Schedules B -1 through B-10 present detailed analyses of the cash transactions in the various funds together with comparable budget estimates as made by the Village Council a year in advance. Condensed comparisons of receipts and disburse-7 ments for the General Fund and for the Road and Bridge Fund with those of the prior year are presented in Schedules B -la and B-5a, respectively. These schedules should be helpful in making comparisons of fund transactions of the two largest and most important funds of the Village for the past two years. All the funds ended with debit balances (in the black) this year, with the exception of the Water and Sewer Operating Fund (in the red) $1,971.08. In total, all cash fund balances at $316,538.15, including investments, decreased by $131,232.49. Cash funds were used in paying off construction contracts. The prior year balance of $63.38 remaining in the Municipal Building Fund was closed off to Debt Service Fund by appropriate Council action. We confirmed the tax receipts directly with the County Auditor. Other receipts were checked against copies of receipts issued, licenses and other supporting memoranda. Disbursements were properly listed in Council minutes, supported by invoices and checks signed by the Mayor and the Clerk - Treasurer. III - GENERAL COMMENTS Based on our examination of the accounts and records of the Village Clerk- Treasurer, we conclude that the records were well kept. The Village is in a sound financial condition with a reasonable cash balance remaining at the end of the year to be carried into the next year. Books are maintained on the usual cash basis as is customary for municipalities. For the Balance Sheet, Exhibit A, we have tried to develop as complete a financial picture as reasonably possible by including all significant known assets and liabilities by funds. Details on the assessed valuation of property on the tax rolls and the tax levies, as voted by the Council are shown in Schedule 1 at the end of this report, on a comparative basis for the last three years. The assessed valuation at market value $7,038,314.00 may be compared by multiplying the prior valuations by three (3) Insurance and bonds in force are detailed in Schedule 2 at the very end of the report. Adequate coverages appear to be carried on the usual risks as your insurance requirements have been reviewed and adjustments have been made. -10--