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original costs are not readily available, valuations are based on insurable <br />and estimeted values as used on a recently prepared inventory of properties. <br />fonattuetio was still in progress on the nsw Municipal Building at the <br />end of the y ar. The general contract vie for $80,795.00. 13u7 idcrs risk <br />insnance far $100,000.00 was in force as provided by the contractor. <br />A land purchase option was acquired in 1969 for $100.00 for the poccib1e <br />purchaae of parkland on Lake Amelia. Purchase on a .ve -year contract 2or <br />deed 10 being offered by the ac er but this option ha not been exercised <br />to date. <br />LBII,MIS - 34 139.Oii: <br />The next payment on the contract for deed, due with_ ;.r_ one year, and <br />amounting to $2,750.00 on principal, is clascif'_od as a current liability. <br />Similarly, other current maturities, including irate .ect on bonded debt, are <br />classified as current liabilities for information purposes cehly, inesmuch <br />as the Village. funds are maintained on a casia basic. Contracts payable are <br />detailed in Schedule A- 6. <br />iii GhJ RE T L1A L TIE i :_a 2.x,250.00: <br />The entire bonded debt of ?"100,000.00 on the Municipal Building hao <br />been classified as a nom-current liability on the balance sheet. Details <br />on the bonds outstanding are shown is Schedule A -5. During the year 1970, <br />the remaining .street improvement bonds were retired fora total of $2,000.00. <br />DEFERIED REVENUE - $102a29.32: <br />Since the Village fends are maintained on a cash basis, the ;nrea1!ized <br />revenge frog rece ivebles, reduced by liabilities, is bon chown as an offsetting <br />ting <br />contra account -- deferred revenue. In other word , no revenue. is reflected <br />in the funds until received in cash, nor are liabilities (unpaid bills) <br />reflected in disbursement: until paid is cach. The receivabler and payables <br />are :reflected on the balance sheet for information purposes only. <br />SURPLUS 2ya 737: <br />The hies: worth of the Village is reflected by the surplus accounts. <br />Surplus invested • n Fixed Asscte represents the Vil.iagef s investment in <br />general fixed assets (properties). Fund dances represent cash or investments <br />only, aince the various Village funds are maintained on a cash basis. <br />II - COTS ON .POND TRANSACTIONS <br />Exhibit B presents a summary of the cash receipts and disburnemants by <br />funds, for the year 1970, showing the fund balance reining in each fund ea of <br />