Audit Report 12/31/1975 - Laserfiche WebLink

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The amount of $44,806.50, together with interest, represents the current installment, placed on the 1975 tax rolls to be collected in, 1976. Delinquent assessments rep- resent the assessments placed on the 1972 to 1974 tax rolls but remain uncollected, amounting to $91,039.90 as shown by years in Schedule A -4. FIXED ASSETS (PROPERTIES) - $666,157.45: General properties are summarized in Schedule A -5, totaling $247,331.37. Additions for a total of $8,937.97 during 1975 are detailed in Schedule A -5a. 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 -6, totaling $441,786.08. Inasmuch as the operation of these services had been quite limited, no depreciation was taken on these properties at first. Beginning with the year 1974, a depreciation policy was established and the annual depreciation has amounted to $11,480.00. When these utility operations become more significant, operating statements should be prepared. CURRENT LIABILITIES - $66,070.00: Bond and interest maturities becoming due within one year are shown as current liabilities, amounting to $50,000.00 and $16,070.00, respectively. NON- CURRENT LIABILITIES - $200,000.00: 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 -7 and A -7a. DEFERRED REVENUE - $357,028.03: 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 - $763,181.13: The net worth of the City is reflected by the surplus accounts. Contributed surplus of $418,826.08 represents the cost of 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 $247,331.37. Fund balances represent cash or investments only, since the various City funds are maintained on a cash basis.