Audit Report 12/31/1969 - Laserfiche WebLink

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shown in Schedule A -6. During the year 1969, payments on principal were made for a total of $2,000.00, leaving a bonded debt of only $2,000.00 outstanding at the end of the year on one remaining bond issue. The final payment on the Park Im- provement Bonds was made in January, 1969. DEPERRED REVENUE - $88,906.41: Since the village funds are maintained on a cash basis, the unrealized revenue from receivables, reduced by liabilities, is shown as an off - setting 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 - $101 :498.42: The net worth of the village is reflected by the surplus accounts. Surplus Invested in Fixed Assets represents the village's investment in general fixed assets (properties). i+t:nd Balances represent cash or investments only, since the various village funds are maintained on a cash basis. II - COMMENTS ON FUND TRANSACTIONS Ferhibit B presents a summary of the cash receipts and disbursements by funds for the year 1969, showing the fund balance remaining in each fund as of December 31, 1969. Schedules B-1 through B -7 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 disbursements for the General end 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 the 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 $23,475.42 increased by $6,257.80 from those of one year ago. It seems to us that the Gopher Control Find serves no important purpose as a separate fund. Our recommendation is to combine it with the General Fund by appropriate Council action. We confirmed the tax receipts directly with the County Auditor. Other receipts were checked against duplicate 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 Village Clerk - Treasurer, we conclude that the records were reasonably well kept. The Village is in a sound financial condition and is improving. The Village books are maintained on the usual cash basis as is customary for municipalities, but we have tried to develop as complete a financial picture as reasonably possible on the Balance Sheet, Exhibit A. This we have done by inclusion of all significant known assets and liabilities by funds, so as to make it more meaningful. -4-