Audit Report 12/31/1971 - Laserfiche WebLink

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Village of Lino !.,,ken Anoka County, Nan, ecote COBS ON BAL&NCE STET ITEMS Exhibit A presents the financial condition of the Village by funds as of December 31, 1971. Similar special revenue funds are combined but are detailed 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 en balance sheet items are shown in Schedules A -1 through A -8. Further explanations, analyses, or listings are presented in the nett several paragraphs of these comments. 06SN ON BAND AND IN EAi4L - 3Es 1A 775.36: The cash en hand consisted of petty cash funds for a total of $75.00. The sum of $56,200.36 was carried in the beak checking account. In addition, temporary excess funds for a total of $5,500.00 had been placed in bank savings certificates, earning interest at 5 %. Further details on these certificates and the bank recon- ciliation are shown in Schedule A-1. The Centennial State Dank of Lexington had been designated as the depository for Village funds. Collateral of $30,000.00 in D. S. Government bonds was pledged by the bank as security for Village funds on deposit. Federal deposit insurance, carried by the hank for $20,000.00 on each customer, provides additional protection for Village funds. Additional collateral should be requested from your bank in order to be fully protected as required by State of Minnesota statutes. U SECURTTTI'E3 -- 385.2221121: Ponds from the $550,000.00 sale of Temporary Improvement Bonds of 1971 were invested in government securities as further detailed is Schedule A -2. These funds are being converted into cash as needed in meeting the obligations in connection with the water and sewer projects. TAXES tLIVABI =117.12 036.03: Current taxes are those which were placed on the 1971 levy and are collectible in 1972. They mounted to $102,624.12, as detailed in Schedule A -3 by funds. Delinquest taxes are those levied for prior years, which are due but have not been collected. These taxes amounted to $19,948.34, covering the last six years, as summarised in Schedule A -4. The delinquent taxes have increased by about $16,000.00 from those at one year age. Included in delinquent taxes is the amount of ;3,592.74, remitted by the County, January 17, 1972, and representing the last portion of 1971 State Homestead Tax Credit. Special assessments have been essentially all collected. Per capita sales tax will be received from the State Sales Tax Fund, based on the 1970 census count of 3,692, at about $13.17 per person, amounting to $48,463.07. In addition, the State may remit special refunds for prior years of undeterminable amounts at this time. ]P' D ASSETS (OPERTIE3) - $593,887.00: Village -vaned general properties are summarised in Schedule A -5, totaling $206,372.35. Additions for a total of $23,576.13, during 1971, are detailed in -2-