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Honorable Mayor and Members <br /> of the City Council <br /> City of St . Anthony <br /> • June 30, 1983 <br /> Page 3 <br /> Chart of--Accounts <br /> The present chart of accounts is not being consistently used in <br /> accounting for -the activity of various funds. In several <br /> instances, different accounts are used to record the same type <br /> of revenue within the same fund. In addition, similar <br /> expenditures may be assigned different account classifications. <br /> We also noted revenue and -expenditure coding errors which <br /> required correction. We recommend the chart of accounts be <br /> reviewed,- updated as necessary and consistently applied in <br /> accounting for transactions. <br /> General Fixed Assets <br /> As previously noted, the City does not maintain fixed asset <br /> records as required by generally accepted accounting principles . <br /> We suggest a property ledger be maintained for City-owned <br /> furniture and equipment. Such a ledger would: <br /> • -aid in periodically adjusting insurance values and-----.-. <br /> establishing proof of loss in the event of an <br /> insurance claim; <br /> -identify costs of assets sold or disposed; <br /> -establish responsibility for control of assets by <br /> departments; and <br /> -assist in efficiently utilizing existing equipment . <br /> Physical identification can be accomplished by attaching <br /> prenumbered tags to the property, with the tag -numbers <br /> corresponding to an item listed in the ledger. The ledger <br /> should include all .pertinent information for each item of <br /> property, such as date purchased, cost, vendor and estimated <br /> life. Effective control can be maintained by taking a physical <br /> inventory periodically and comparing assets with items listed. i.n. <br /> the ledger.. <br />