Audit Report 12/31/1968 - Laserfiche WebLink

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For a description of terms used we might explain that current asses consist of the installments collectible on the tax rolls during the year 1969, Deferred assessments consist of the remaining balance due in 1970. Delis • assessments are the uncollected balances remaining on prior tax rolls. Aside from delinquent assessments, all remaining assessments pertain to street improvement $2. The special assessments are summarized in the following schedules: Schedule A-3 - Current Assessments $ 1,232.37 Schedule A-3 - Deferred Assessments 1,112.17 Schedule A-4 - Delinquent Assessments *CO Total $ 2,431.20 GENERAL FIXED ASSETS (Properties) - $61,766.78: Village -owned properties are summarized in Schedule A..5. Where original costs were not readily available, valuations are based on insurable and estimated values as used on a recently prepared inventory of properties. A. permanent card record of all properties for insurance and control purposes is recommended. Principal additions to properties during the year 1963 by funds con- sisted of: Civil Defense Fund: Alternator for Float Parks and Playgrounds Fund: Playground Equipment 251.80 840.30 A one-Tear land purchase option was acquired for $100.00 to buy a 30- acre tract of land on Main Street which could be a site for a future Village Hall.. Liberal purchase terms arer being offered by the owner. CURRENT LIABILITIES $4,040.61: An assessment for Judicial Ditch *3 in the amount of $3,500.00 against your village, dating back to October 10, 1959 was settled. for $1,200.00. The current maturities on bonded debt and the applicable interest, in the amounts of $2,000.00 add $122.50, respectively, are classified as current liabilities for information purposes only, inasmuch as the funds are maintained on a cash basis. Likewise, the liability for the'Village's portion of back P.E.R.A. taxes in the amount of $1,918.11 is shown for information. purposes. NON-CURRENT LIABILITIES - $2,105.00: The deferred portion of the bonded debt - namely, the remaining balance after excluding the payments due within one year - has been classified as a non- current liability on the balance sheet. Details on the bonds outstanding are shown in Schedule A-6. During the year 1968, payments on principal were made for a total of $2,000.00, leaving a total bonded debt of $4,000.00 outstanding at the end of the year on two remaining bond issues. The final payment on the Park Improvement Bonds was made early in January, 1969. -3-