Audit Report 12/31/1974 - Laserfiche WebLink

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 The amount of $54,078.10, together with interest, represents the current installment which was placed on the 1974 tax rolls to be collected in 1975. Delinquent assess - ments represent the-assessments-placed on the 1972 and 1973 tax rolls but uncollected, amounting to $46,959.39. FIXED ASSETS (PROPERTIES) - $668,699.48: General properties are summarized in ,Schedule A -6, totaling $238,393.40. Additions for a total of $18,618.50 during 1974 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. Inasmuch as the operation of these services had been quite limited, no depreciation was taken on these properties in prior years. Beginning with the year 1974, a depreciation policy was established and the annual depreciation amounted to $11,480.00. CURRENT LIABILITIES - $23,807.50: The current maturities on;the Municipal - Building bonds amount to $10,000.00 and the interest to $13,807.50, payments due within one year. The Temporary Improvement Bonds of 1971 for $550,000.00 became due,November;l, 1974, and were paid off. General Obligation-Improvement Bonds of 1974 for $180,000.00 were sold in meeting the indebtedness on the 1971 bonds. NON- CURRENT LIABILITIES - $250,000.00: The balance of the bonded indebtedness, 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 Schedules A -8 and A -8a. DEFERRED REVENUE - $331,890.43: Since the City 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 - $769,229.30: The net worth of the City is reflected by the surplus accounts. Contributed surplus of.$430,306.08 represents the costof water and sewer facilities assessed against. benefited property owners, decreased . by.other -costs incurred and by depreciation. Surplus Invested in Fixed Assets represents the .,City's investment in general fixed properties, totaling $238,393..40. Fund :balances represent cash or investments only, since the various City funds are maintained on a.cash basis.