Audit Report 12/31/1969 - Laserfiche WebLink

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Village of Lino Lakes Anoka County, Minnesota I - COMMENTS ON BALANCE TIEMS 1hibit A presents the financial condition of the Village by funds as of December 31, 1969. A comparative balance sheet of all funds combined is pre- sented in Exhibit C, which shown the financial position of the Village in com- parative form with that at the end of the preceding year. Details on balance sheet items are shown in Schedules A -1 through A -6. . farther explanations, analyses, or listings are presented in the next several paragraphs of these comments. CASH ON HAND AND IN BANK - $23,550.42: The cash on hand consisted of petty cash funds for a total of 375.00. The sum of 321,975.42 was carried in the bank checking account. Cash in bank was verified by testing the transactions, by oommunica.ting directly with the depository, and by reconciliation as shown in Schedule A -1. Temporary excess funds had been placed in savings certificates for a total of 31,500.00, earning interest at 4s%. The Centennial State Bank of Lexington had been designated as the depository for Village funds. Collateral of 320,000 in U.S. Government bonds was pledged by the bank as security for village funds on deposit. Federal deposit insurance, carried by the bank for 320,000 on each customer, provides additional protection for village funds. TAXES RECEIVABLE - $104,1 90.24: Current taxes are those which were placed on the 1969 levy and are collectible in 1970. They amounted to 378,405.00, as detailed in Schedule A -2 by funds. Delinquent taxes are those levied for prior yea's, which are due, but have not been collected. These taxes amounted to 34,285.24, covering the last six years, as summarized in Schedule A -4. The delinquent taxes have increased by about $800.00 from those at one year ago. Per capita sales tax again is expected to be received from the State Sales Tax Fund, based on the 1965 census count of 3,103, at 35.22 per person, amounting to about 316,200.00. In addition, a special refund of over 85,000.00 will be remitted by the State some time during the year. SPECIAL ASSESSMENTS RECEIVABLE - 31,086.17: Assessments have been made against those property owners directly benefiting by village improvements. They may be paid all at once or in equal annual installments with interest added at 6% from the assessment date. All the assessments have been turned over to the County Auditor for collection on the tax rolls. -2-