Audit Report 12/31/1962 - Laserfiche WebLink

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c4SERVATIGN3 . sND REC0M EN3ATIONS :::::6e: during th course of the aua t, we suoe it the w olickcii g oomments and recommendations: 1. During tha year under review there were occasions when the amounts cf). deposit exceeded the Federal Deposit Insurance coverage. Sec. 118.01 M.S.N. state that "... at no time shall the treasurer maintain a deposit in any depository against collateral in excess of ninety percent (90%) of the market value thereof "... and that "... such collateral shall not be redeposited in the bank or trust company furnishing the same'. See Exhibit 2, for an analysis of the high and low amounts s on deposit. 2. The Road and Bridge Fund had a deficit balance at December 31, 1962. Since a check cannot properly be issued against any fund which has a deficit balance, a transfer of sufficient amount should be made to eliminate the deficit balance. This transfer should be made after proper council approval. 3. Our analysis of Justice of. the Peace receipts for fines im- posed indicated that the village is receiving net amounts. More acceptable accounting procedure would require that gross amounts be turned in to the village and checks issued for costs. 4.. Redeemed bond and coupons have not been cancelled. Since these are negotiable instruments proper cancellation should be made immediately following payment. 5. During 1962, all special ditch receipts were credited to the road and bridge fund. If.it is the council's desire not to maintain a separate fund for the special ditch receipts and disbursements then a transfer can be made to close out the ending balance and credit the road and bridge fund. 6. All receipts issued by treasurer for permits, etc., should carry reference numbers and /or description sufficient to avoid additional audit procedures. 7. A review of the building permits issued indicated the amounts received, for such permits, were not turned in as promptly as they should have been. This should be corrected by having funds turned in at regular specified times. We found the acccxint'tng records of both the clerk and treasurer were care - fully maintained during 1962.