Audit Report 12/31/1966 - Laserfiche WebLink

Home Search

_NE AL PAD A$SBTS (POPERTIES) - $40,183.00: An inventory of village-owned properties had been recently taken which we used as a basis for summarizing the properties in Schedule A-5. Valuation are based on coat when available; but when lacking cost, insurable and eatited values have been used. A permanent record of all properties for insurance and control purposes is very desirable. Principal additions to properties during the year 1966 by funds consisted of: General Fund: Office Equipment $1,254.92 Road Basement 300.00 Parka and Playgrounds Fund: 2 Backstops with Wings 710.00 Land Pants 1,400.00 Road and Bridge Fund: Ford Dump Truck Payments 1,725.00 Massey-Ferguson Tractor and Loader 1,970.00 Faasey7Ferguson Bectchoe 1,530.00 1957 Chevrolet Pickup 575.00 COMM LIABILITIES - $6 272.50: An assessment for Judicial Ditch #3 in the amount of $3,500.00 by the County of Anoka against your village, dating beck to October 10, 1959, remains unsettled. The current maturities on bonded debt and the applicable interest, in the amounts of $2,500.00 and $272.50, respectively, are classified as current liabilities for information purposes only as the funds are maintained on e cash basis. BOWCURRENT LIAB1L!T1ES - $6 420.00: 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. tasting the year 1966, payments on principal were made for a total of $2,500.00, leaving a total bonded debt of $8,500.00 out- standing at the end of the year on three bond issues. DEFERRED MEIfUE - $49,41 3.24 Since the village funds are maintained on a cash basis, the unrealized revenue from receivables, reduced by current liabilities, ie shown as an off- setting contra account - deferred revenue. In other words, no revetaue is reflected in the funds until received in cash, not 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. SUP.PLUS - $53,457.30: The net worth of the village is reflected by the surplus accounts. Surplus Inveated in Fixed Assets represents the village's investment in general fisted assets (properties). Fund Balances represent cash only in the vszrio=us village funds which are maintained on a cash basis. - 3 -