Audit Report 12/31/1971 - Laserfiche WebLink

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Schedule A -5a. Where original costa are not readily available, valuations are based on insurable and estimated values as used on a recently prepared inventory of properties. Construction was completed during 1971 on the new Municipal Building at a total cost of $99,980.85. Construction contracts were let out and work begun on eater and sewer service for the Ch©manis development late in the year 19771. The properties for the utility services are summarized in Schedule A -6, totaling $387,514.65. CURRENT LIABILITIES - $315,535.32: Accounts payable for $50,281.68 represents the sewer service charge by the Metro Sewer Board for the year 1972, payable monthly at $4,190.14. We do understand that this amount is subject to further negotiation since there is little likelihood for a hookup into the Metro sewer syntem during the year 1972. The current maturities on bonded debt are classified as current Liabilities for information purposes only, inasmuch as the Village funds are maintained on a cash basis. Contracts payable are detailed in Schedule k-7, tote ling $239,402.39. Nt cuRRB1,Tr I ABILITIES - 5650jOO.00: The balance of bonds remaining outstanding after excluding payments becoming due within one year, amounting to $645,000.00, has been classified as a non- current liability en the balance sheet. Details en the bonds outstanding are shown iaz Schedule A -8. DEFERRED I liEVEifl - 78,119.98: 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 - $813.538.37; The net worth of the Village is reflected by the surplus accounts. Surplus invested in Fixed Assets represents the Village's investment in various fixed properties, totaling $593,887.00. Fund balances represent cash or investments only, since the various Village funds sire maintained on a cash basis. An exception is made in the Water and Sewer Conetruction Fund where the outstanding contracts are deducted from cash end investments in arriving at the fund balance. CONS ON FUND TRANSACTIONS Exhibit 8 present® a summary of the cash receipts and disbursements by funds for the year 1971, showing the fund balance remaining in each fund as of December 31, 1971. Schedules B -1 through 8-10 present detailed analyses of the cash transactions in the various funds together with comparable budget estimates as made by the Village Council a year in advance. Condensed comparisons of receipts and disburse- ments for the General Fund and for the Road and Bridge ?fiend with noose of the prior year are presented in Schedules B-la and 8 -6a, respectively. These schedules should be helpful in making comparisons of fund transactions of the two largest and most important funds of the Village for the ;past two years. All the funds ended with debit balances (in the black) this year. In total, all fund balances at $61,700. -3-