Audit Report 12/31/1963 - Laserfiche WebLink

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L L L L L L L L L L L L L L 1 L L L L L comtattiTS AND L1 Based on observations made during the course of the audit, we submit the following comments and recommendations: 1. During the year under review there were occasions when the amounts on deposit exceeded the Moral Deposit Insurance coverage, Sec. 118.01 L S.A. states that "... at no time shall the treasurer maintain a deposit in any depository against collateral in excess of ninety percent (90x) of the market value thereof..." and that "... such collateral shall not be redeposited in the bank or trust company furnishing the same ". See pchibit "3 ", for an analysis of the high and low amounts on deposit. 2. Expenditures were made from the Road and Bridge Fund and the Parks and Playgrounds Fund while these funds had deficit balances, Since a check can- not properly be issued against any fund which has a deficit balance, a transfer of a sufficient amount should have been made by proper, council action to eliminate the deficit balances. 3. Our analysis of Justice of the Peace receipts for fines imposed indicated that the village is receiving net amounts. Gross amounts should always be remitted to the village and checks issued for costs. 4. We were unable to reconcile monies received from the sale of licenses to bank deposits due to the lack of information on the receipts and the time that elapsed before making the deposit, A recommendation to aid in correcting this and to avoid additional audit procedures is to include the license number on the receipt. 5. Deposits were not made promptly due to the procedure followed whereby the clerk accumulates receipts, turns it over to the treasurer who makes the deposit. Cash should not be allowed to accumulate. We urge that deposits be made without delay unless minor amounts are involved. 6. The ^pecial Ditch Assessment Fund was originally established in 1961 to record receipts from the levy for the Judicial Ditch #3 liability. For clearer accounting, the funds received for this project should be maintained in this fund until settlement of the dispute. We recommend a transfer of the 1962 and 1963 levy receipts of $873,65 from the Road and Bridge Fund to the Special Ditch Assessment Fund. The transfer will place all tax receipts in the fund set up for this purpose. See Note 1, Statement A. 7. The treasurers and the clerk's fund balances should be adjusted to agree -with the audit report balances as of December 31, 1963. It appears that the village records were not adjusted December 31, 1962 and this accounts for most of the adjustment. The necessary adjustments at December 31,1963 are as follows. Audit Repast Treasurer's & Increase or Fund Balance Clerks Bal. ,(Decrease L__ General Fund Civil Defense Fend Road and Bridge Fund Special Ditch Assessments Totals $ 2,394.35 1,134.21 298.49 528.93 4. 4,355.98 13 $ 3,100.76 $ (706.41) 1,200.16 (65.95) 91.11 207.38 0 0 528.93 $ 4,392.03 $ (36.05)