Audit Report 12/31/1966 - Laserfiche WebLink

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FI - COMMENTS ON FUND TRANSACTIONS Exhibit B presents a summary of the cash receipta and disbursements by funds for the year 1966, shcwin g the fund balance remaining in each fend as of December 31, 1966. Schedules B -1 through B-8 present detailed analyses of the cash transactions in the various funds together with cc parable budget estimates as made by the Village Council a year in advance. Condensed com- parisons of receipts and disbursements for the General Fund end for the Road and Bridge Fund with those of the prior year aze presented in Schedules B - ;a and B -6a, respectively. These tuo schedules should help in caking eazepar:iaous of fund treaniacctions for the past two yea_c. The Road and Bridge Fund ended for the year with a deficit belance of $4,876.81. All other funds had reguicrr debit balances. Total of all fund belences amounted to $13,274.30. A transfer from the General Fund or from other: revenue funds to the Road and Bridge Fund would be in order to offcat the deficit. However, there is no Legal require- ment to segregate revenue funds into several separate funds. All revenue funds could be included in the General Fund. We confirmed the tan 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, T essur-er and Village Clerk. III - =sun COMMENTS Bleed on our a semination of the cccounts and records of the Village Clerk, we conclude that the ;cords were well kept and in agreement with those kept by the Village Tre wired. We understand that a far different situation prevailed € ari recent prior years. We ceroestl7 hope that the Council will appoint a person capable of continuing to keep village records in order. The village is in a sound finenciel condition. Even thcugh the books are kept on a cash basis we have tried to develop as complete a financial picture as . reasonably possible on the Balance Sheet, E:chibit A. This we have done by funds so as to make it yore meaningful. Details on the accessed valuation of property on the tar rolls end the tax favios, as voted by the Council, are shorn in Schedule 1 at the end of this report, on a comparative basic for the lest three years. Insurance end bonds in force are detailed in Schedule 2 at the very end of the report. Adequate coverages appear to be carried on the usual risks except that no fire end extended coverage is carried on equipment. Other observations and utters which case to our attention during our audit and which bear nenti.on; ug are as foliates: t 1. Plan A form of village government was adopted by your village. Under this plan the clerk and the treasurers are no longer elected officials and the positione may be caMbined into one. 2. A letter dated Decor 14, 1966, frcam Borth Central Public Service Company advised your village that they have completed their con- struction program for 1966. In the letter they stated that 69,500 feet of gas main had been laid and 116 customers connected and in service. 4