Audit Report 12/31/1963 - Laserfiche WebLink

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COMMENTS MW RECOMMENDATIONS - continued ustments A. Civil Defense Fund and Special Ditch Assessments are for prior years. B. General Fund reconciliation Difference 1 -1 -63 $ (414.83) Less: General Fund expense charged to Road & Bridge Fund 252.83 Bank service charges not recorded 13.00 Deposit adjustments 13.75 Disbursement adjustments 12.00 Adjustment 12 -31 -63 $ (706.41) CQ Road and Bridge Fund reconciliation Difference 1 -1 -63 $ (70.45) Add: General Fund Expenses charged to Road & Bridge Fund 252.83 Amount clerk's control account exceeds the breakdown in Road & Bridge Fund (disbursement) 25.00 Adjustment 12 -31 -63 $ 207.38 8. The build -up in the Debt Redemption Fund #1 appears to be the result of the payment of the improvement costs in excess of the bond proceeds out of the Road and Bridge Fund while all taxes assessed have been credited to the Debt Redemption Fund. The basis would seem to be as follows: Total cost and expense incurred $ 9,258.18 Less: Village share of improvement $1,500.00 Bond sold 5000.00 6,500.00 Difference $ 2,758.18 Total special assessment on above - $ 8,257.68 The difference of $2,758.18 apparently was paid out of the Road & Bridge fund and it is, to the best of legal council's independent recol- lection a "loan" to be reimbursed from the receipts of the special assessment. Based on the above information and legal council recollection, we recomment that the $3,000.00 temporary transfer be returned and, if legally possible at this point, a permanent transfer be made to the Road and Bridge fund to compensate that fund for amounts paid in excess of its share. However, the transfer should not exceed that amount which would have been received to retire the bonds in accordance with legal requirements. Any balance that msy presently be in excess, or be expected to exist when the bends are completely retired may not be transferred from the fund until the bonds are fully retired. -14-