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Other Auditor Reports 12/31/2003
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Other Auditor Reports 12/31/2003
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Other Auditor Reports
Date
12/31/2003
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DEBT SERVICE FUNDS (Continued) <br />Developer Escrow Accounts <br />The City maintains an Agency Fund to account for the activity related to developer escrows. It is our <br />understanding that developers deposit an escrow prior to a project beginning and that certain costs <br />may be applied against this escrow. We noted that there are several escrow accounts that carry a <br />"negative" balance, which represents an additional receivable balance from the developer. We <br />recommend that the City monitor these escrow balances and if they go negative that the developer be <br />contacted so that an additional deposit can be made. <br />Conclusion <br />We welcome the opportunity to discuss the points mentioned in this letter or any other accounting and <br />procedural issues in order to coordinate our efforts with you, the mutual objective being the <br />development of more effective accounting procedures for the City. We understand that some of the <br />aforementioned points are in the process of implementation or may already have been implemented; <br />however, these points are noted so that effective follow -up can be accomplished. <br />We sincerely appreciate all the courtesies and cooperation extended to us by you and the staff of the <br />City, and thank you for the opportunity to be of service to you. We look forward to working with you in <br />the future. <br />This report is intended solely for the information and use of the City, management, the City Council and <br />others within the administration and is not intended to be and should not be used by anyone other than <br />these specified parties. <br />Austin, Minnesota <br />March 25, 2004 <br />OEM <br />Z /jt/vs`"i L L, <br />LARSON, ALLEN, WEISHAIR & CO., LLP <br />
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