Audit Report 12/31/1968 - Laserfiche WebLink

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DEFERRED REVENUE - 07,099.02.: Since the village fends are maintained on a cash basis-, the unrealised revenue from receivables, reduced by liabilities, is ehown'as an off - setting contra account .. deferred revenue. In other words, no ' revenue is reflected in the fund; until received in cash, nor are liabilities (unpaid bills) reflected in disburse - ments until paid in cash. The receivables and payable) are reflected. on the balance. sheet for information purposes only. SURPLUS - 878,984.40: 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). FUnd Balances represent cash or investsents only, since the various village finds are maintained on a cash basis. II - COMMENTS ON FUND TRANSACTIONS Exhibit B presents a summary of the cash receipts and disbursements by funds for the year 1968, showing the fund balance remaining in each fund as of December 81, 1968. Schedules B-1 through B-8 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 re: ceipts and disbursements for the General Fund and for the Road and Bridge Fund with those of the prior year are presented in Schedules &.la and .B- 6a,'respectively. These two schedules should be helpful is making comparisons of fund transactions for the past two years. All the funds ended with debit balances (in the black) after a transfer of $5,000.00 from the Park and Playgrounds Fund to the Road and Bridge Fund. The balance of 8258.78 remaining in the Special Ditch Assessment Fund was closed out by transfer to the General Fund. Total of all fund balances at 817,217.62 had increased by 89,469.97 from those of one year. ago. ' • 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 isproving, 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 inclnsion.of all significant known assets and liabilities by funds, so as to make it more meaningful. -4-