Audit Report 12/31/1973 - Laserfiche WebLink

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Annual installments are placed on the tax rolls for collection. The amount of $81,016.88, together with interest, represents the current install- ment which was placed on the 1973 tax rolls to be collected in 1974. Delinquent assessments represent the uncollected assessments placed on the 1972 tax rolls which were not collected in 1973, amounting to $43,337.12. FIXED ASSETS (PROPERTIES) - $661,560.98: Village -owned general properties are summarized in Schedule A -6, totaling $219,774.90. Additions for a total of $11,209.54 and removals for a total of $3,500.00 during 1973, 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 of water and sewer service for the Chomonix development begun late in the year 1971 is summarized in Schedule A -7, totaling $441,786.08. In- asmuch as the operation of these services is quite limited, no depreciation has been taken on these properties. CURRENT LIABILITIES - $588,257.50: One more installment of $2,750.00 remains payable on the Village Hall site land contract. The current maturities on bonded debt amount to $560,000.00 The Temporary Improvement Bonds of 1971 for $550,000.00 become due November 1, 1974, and the annual installment on the Municipal Building Bonds amounts to $10,000.00. NON- CURRENT LIABILITIES - $80,000.00: The balance of the building bonds, remaining outstanding after excluding payment 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 -8. DEFERRED REVENUE - $4,470.52: 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. SURPLUS - $984,493.52: The net worth of the Village is reflected by the surplus accounts. Contri- buted surplus of $441,786.08 represents the cost of water and sewer facilities assessed against benefitted property owners, reduced by other costs incurred. Surplus Invested in Fixed Assets represents the Village's investment in general fixed properties, totaling $219,774.90. Fund balances represent cash or invest- ments only, since the various Village funds are maintained on a cash basis.