Audit Report 12/31/1975 - Laserfiche WebLink

Home Search

II - COMMENTS ON FUND TRANSACTIONS Exhibit B presents a summary of the cash receipts and disbursements by funds for the year 1975, showing the fund balances as of December 31, 1975. Schedules B -1 through B -13 present detailed analyses of the cash transactions in the various funds together with comparable budget estimates as made by the City Council a year in advance. Condensed comparisons of receipts and disburse- 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 -6a, respectively. These schedules should be helpful in making comparisons of fund transactions of the two largest and most important funds of the City for the past two years. All funds ended with debit balances (in the black) this year excepting the Police Fund and the Road and Bridge Fund (in the red), $11,814.88 and $4,697.65, respectively. In total, all cash fund balances at $97,023.6$, including in- vestments, decreased by $3,506.14 from the total balances at the beginning of the year. Information has been received by the City Clerk that no obligation exists against the Metro Sewer Fund balance of $11,698.63. If such is the case, this fund should be closed 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 City Clerk - Treasurer, we conclude that the records are reasonably well kept. The City is in a sound financial condition but with somewhat low cash balance remaining at the end of the year to be carried into the next year. The fact that de- linquent taxes and special assessments have become a problem with your municipality hurts your cash position. Books are maintained on the usual cash basis as is customary for smaller 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 of $10,164,971.00 increased by $1,106,486.00, or 12.21 %, from that of the previous year. The assessed valuation for 1975 is an estimated valuation subject to adjustment for fiscal disparities in the metropolitan area. 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. -12-