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Report on Internal Control Over Financial Reporting <br />and on Compliance and Other Matters <br />Page 4 <br />2005-2 Lack of Timely Reconciliation of AccountI. <br />Criteria: Throughout the year there should be proper reconciliation of accounts to a <br />subsidiary ledger or bank statement, and prior year accruals should be reversed. <br />Condition: The City has not been performing timely reconciliations and adjustments to the <br />accounts for utility receivables, miscellaneous receivables and payable accounts, liquor <br />inventory and their COBRA insurance payable. Additionally, due to and due from other <br />funds balances have not been reconciled nor have prior year balances been repaid. <br />Cause: Unknown. <br />Effect: The lack of proper reconciliation of accounts throughout the year makes it difficult to <br />determine when a difference arose and how to resolve it in a timely manner. <br />Management Response: The City is taking steps to properly reconcile the above accounts on <br />a regular basis. In addition, the City intends to eliminate the due to and due from other fund <br />balances by establishing a single checking account for all City, Liquor and HRA activities. <br />In <br />