Audit Report 12/31/1964 - Laserfiche WebLink

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low Imo Imo Based on observations made during the course of the audit, we submit the following comments and recommendations: 1. Transfers that should have been made during the year are: A. Road and Bridge Fund Special Ditch Assessment Fund To transfer funds received in 1962 and 1963 for Judicial Ditch #3 to Special Ditch Assessment Fund pro- vided for that purpose. B. Debt Redemption Fund Road and Bridge Fund To reimburse the Road and Bridge Fund for interest and principal paid in 1957. C. Road and Bridge Fund Debt Redemption Fund To repay the temporary transfer of 1963. From $ 875.65 800.00 3,000.00 $ 875.65 800.00 3,000.00 In addition to the above transfers, there were several adjustments necessary to bring the clerk's and treasurer's records into agreement with the audit report. These ad- justments stem from recording errors and omissions in 1962 and 1963. Because of the difficulty of reflecting these adjustments, plus the ones occurring in the current year, we recommend that the clerk and treasurer commence 1965 with the balances reflected in this report. 2. When the transfers B and Cof Comment No. 1 are made, Street Improvement Bond #1 will have a cash balance of $4,180.63 and a total debt retirement of $1,590.00. This build -up is the result of the payment of the improvement cost in excess of the bond proceeds out of the Road and Bridge Fund as indicated in Comment No. 8 of last year. A transfer can be made to repay the Road and Bridge Fund for this excess cost, provided the transfer does not exceed that amount which would have been received to retire the bonds in accordance with legal requirements. 3. The village opened a second checking account at the First State Bank of Coon Rapids during the year under review. Because of the difficulties usually en- countered when more than one checking account is maintained, we recommend that one be closed. 4. The disbursement for bond interest made out of the First State Bank of Coon Rapids account was by a charge memo. This practice should be discontinued. All disbursements should be by village checks. 5. Our analysis of Justice of the Peace receipts for fines imposed, indicates that the village is receiving net amounts. Gross amounts should always be remitted to the village and checks issued for costs.