Audit Report 12/31/1967 - Laserfiche WebLink

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GENERAL FIXED ASSETS (Properties) - $60,674.68: 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 record of all properties for insurance and control purposes is recommended. Principal additions to properties during the year 1967 by funds consisted of: General Fund: Office Equipment $ 742.61 Police Equipment 384.05 Parks and Playgrounds Fund: Playground Equipment 1,024.80 Gas Furnace 185.22 Well at Sunrise Park 998.00 CURRENT LIABILITIES - $5,692.50: An assessment for Judicial Ditch #3 in the amount of $3,500.00 against your village, dating back to October 10, 1959, remains unsettled. The County Auditor indicated to us that a compromise settlement might be possible with the court which made the original assessment. In any event he is very anxious to get this old matter settled. The current maturities on bonded debt and the applicable intent, its the amounts of $2,000.00 and $227.50, respectively, are classified as current liabilities for information purposes only, inasmuch as the funds are maintained on a cash basis. NON- CURRENT LIABILITIES - $4,227.50: The deferred portion of the bonded debt - namely, the remaining balance after excluding the payments due within one year -o 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 1967, payments on principal were made for a total of $2,500.00, leaving a total bonded debt of $6,000.00 outstanding at the end of the year on two remaining bond issues. DEFERRED REVENUE - $44,933.50: Since the village funds are maintained on a cash basis, the unrealized revenue from receivables, reduced by current 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 - $68,422.33: 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 investments only since the various village funds are maintained on a cash basis.