Audit Report 12/31/1968 - Laserfiche WebLink

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Village of Lino Lakes Anoka County, Minnesota I - COBS ON BALANCE SHEET ITEMS Exhibit A presents the financial condition of the Village by funds as of December 31, 1968. A comparative balance sheet of all funds combined is pre - sented in Exhibit C, which shows the financial position of the Village in compare- tive form with that at the end of the preceding year. Details on balance sheet items are shown in Schedules A-1 through A-6. Further explanations, analyses, or listings are presented in the next several paragraphs of these comments. CASE! IN B MK - .$17‘217.62: The Centennial State Bank of Lexington had been designated as the depository for Village funds. Collateral of $20,000 in O.S. Government bonds was pledged by the bank as security for village funds on deposit. Federal deposit insurance, carried by the bank for $15,000 on each customer, provides additional protection for village funds. Cash in bank was verified by testing the transactions, by communicating directly with the depository, and by reconciliation as shoWn in Schedule A-1. Temporary excess finds had been placed on certificates of deposit for a total of $1,500.00, earning interest at 434 TAXES RECEIVABLE - $70,818.43: . Current taxes are those which were placed on the 1968 levy and are collectible in 1969. They amounted to $51,090.00, as detailed in Schedule A-2 . by funds. Delinquent taxes are those levied for prior years, which are due, but have not been collected. .These taxes amounted to $3,528.43, covering the last six years as summarised in Schedule A-4. The delinquent taxes have decreased by about $1,000.00 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 $5.22 per person, amounting to $16,200.00. The first half will be received about June 15 and the last half by about November 15. SPECIAL ASSESSMENTS RECEIVABLE - $2,431.20: These assessments' have been made against those property owners directly benefiting by village improvements. Assessments aey be paid all at once or in equal annual installments with interest added at at from the assessment date. All the assessments had been turned over to the County Auditor for collection on the tax rolls.