Audit Report 12/31/1973 - Laserfiche WebLink

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VILLAGE OF LIMO 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, 1973. Similar special revenue funds are combined but details are shown 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 -8, Further explana- tions,analyses, or listings are presented in the next several paragraphs of these comments. CASH ON HAND AND IN BANK - $228,334.29: Petty cash funds were on hand for a total of $100.00, and in addition, undeposited receipts of $10.69 as further detailed in Schedule A -1. The sum of $49,731.15 was carried in the bank checking account. In addition, tempor- ary excess funds for a total of $178,492,45 had been placed in bank savings certificates, earning interest variously at 5 and 511%. 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 $230,000.00 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. U. $. GOVERNMENT SECURITIES - $94,598.25: Funds from the $550,000.00 sale of Temporary Improvement Bonds of 1971 were originally invested in government securities. These funds have been converted into cash as needed in meeting the obligations in connection with the water and sewer projects which have not been completed. The security transactions during the year 1973 are shown in Schedule A -3. TAXES RECEIVABLE - $208,374.02: The 1973 tax levy, collectible in 1974, amounts to $106,859.00, as detailed in Schedule A -4 by funds. The local government state aid, collectible in quarterly installments, amounts to $67,811.01 and the Federal revenue sharing to $21,564.00. Delinquent taxes, levied for prior years, amount to $12,140.01 for the last six years, as summarized in Schedule A -5. SPECIAL ASSESSMENTS - $124,354.00: Water and sewer assessments were made against property owners in the Chomonix development originally for a total of $461,865.52. Assessments may be paid 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 and $65,213.47, together with interest, during 1973. -10-