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7-1 <br />rc,eport on Internal Control Over Financial Reporting <br />and on Compliance and Other Matters <br />Page 7 <br />2005-5 Capital Asset Depreciation Calculation Errors <br />Criteria: The total accumulated depreciation should not exceed the capital assets cost to the <br />city. <br />Condition: Some of the liquor store's capital assets were depreciated more than the asset's <br />cost to the City. <br />Cause: The City's capital asset system is not calculating depreciation correctly. <br />Effect: The City's accumulated depreciation is overstated an immaterial amount in the <br />Liquor Fund. <br />Management. Response: The City will correct this going forward and will work closely with <br />the softwa-re vendor to ensure that the capital asset system is calculating depreciation <br />correctly. <br />WR <br />