Audit Report 12/31/1967 - Laserfiche WebLink

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II - COMMENTS ON FUND TRANSACTIONS Exhibit B presents a summary of the cash receipts and disbursements by funds for the year 1967, showing the fund balance remaining in each fund as of December 31, 1967. 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 receipts and disbursements for the General Fund and for the Road and Bridge Fund with those of the prior year are presented in Schedules B-la and B-6a, respectively. These two schedules should be helpful in making comparisons of fund transactions for the past two years. The General Fund and the Road and Bridge Fund ended the year with deficit balances of $3,879.75 and $5,937.11, respectively. All other funds ended with debit balances. Total of all the fund balances amounted to $7,747.65. A transfer of $5,000.00 from the General Fund to the Road and Bridge Fund was made during the year. There is no legal requirement to segregate revenue funds into several separate funds. All revenue funds could be included in the General Fund. 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 even though the cash fund balances decreased by $5,526.65 for the year. The Village books are maintained on the usual cash basis, 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 funds so as to make it more meaningful. Details on the assessed valuation of property on the tax rolls and the tax levies, as voted by the Council are shown in Schedule 1 at the end of this report, on a comparative basis for the last three years. Insurance'and bonds in force are detailed in Schedule 2 at the very end of the report. Adequate coverages now appear to be carried on the usual risks after a review of your insurance requirements during the past year followed by adjustments to the coverages. Plan A form of village government is now in effect in your village as adopted by popular referendum. Under this plan the clerk and. the treasurer are no longer elected officials but are appointed by the'Village Council. The positions may be combined into one as was done in your Village.