Audit Report 12/31/1967 - Laserfiche WebLink

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Village of Lino Lakes Anoka County, Minnesota I - COMMENTS ON BALANCE SHEET ITEMS Exhibit A presents the financial condition of the Village by funds as of December 31, 1967. A comparative balance sheet of all funds combined is pre- sented in Exhibit C, which shows the financial position of the Village in cos.. 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. Further explanations, analyses, or listings are presented in the next several paragraphs of these comments. CASH IN BANK - $7,747.65: 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 funds had been laced on certificates of interest for a total of $3,500.00, earning interest at 4. TAXES RECEIVABLE - $47,145.24: Current taxes are those which were placed on the 1967 levy and are collectible in 1968. They amounted to $42,500.00, 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 $4,645.24, covering the past six years, as summarized in Schedule A-4. SPECIAL ASSESSMENTS RECEIVABLE - $3,480.76: These assessments have been made against those property owners directly benefiting by village improvements. Assessments may be paid all at once or in equal annual installments with interest added at 6% from the assessment date. All the assessments had been turned over to the County Auditor for collection on the tax rolls. For a description of terms used we might explain that current assessments consist of the installments collectible on the tax rolls during the year 1968. Deferred assessments consist of the remaining balances due in future years. Delia, quent assessments are the uncollected balances remaining on prior tax rolls. Aside from delinquent assessments, all remaining assessments pertain to street improve- ment #2. The special assessments are summarized in the following schedules: Schedule A-3 Current Assessments $ 1,202.96 Schedule A73 Deferred Assessments 2,092.80 Schedule A-4 Delinquent Assessments 185.00 Total $ 3 :480.76 - 2