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HomeMy WebLinkAboutVillage Audit Report-1953 HANLEY, ZIMMERMAN MOEN r ACCOUNTANTS AND AUDITORS ANDRUS BUILDING MINNEAPOLIS 2, MINN. ATLANTIC 2394 February 24, 1954 Mr. Paul Weekly, Village Clerk Village of Brooklyn Center Hennepin County, Minne sota Dear Sir: We have examined the accounts and records of the Village of Brooklyn Center at December 31, 1953 and for the year then ended. Our examination was made in accord- ance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we deemed necessary in the circumstances with the exceptions stated below. Under the terms of our engagement we did not observe nor test the physical exist- ence of inventories in the Municipal Liquor Store, nor did we perform any substantial auditing procedures or test checks relative to the liquor store operations. We are precluded from expressing an independent accountant's opinion on the over- all representations contained in the statements submitted in this report because of the materiality of the Municipal Liquor Store inwentories and transactions. During the course of our examination nothing came to our attention which would indicate that the accounts are not correctly stated and also we found na indication of any violations of public trust. Respectfully submitted, HANLEY, ZIMMERMAN MQEN Luther J. Moen Certified Public Accountant REC�MMENDATION5 AND COMMENTS Re cornmendations In the course of our examination several instances were noted where there is need for improvement in the internal control procedures followed in the recording and trans- acting of Village business. The faulty procedures and suggested methods of improvement are discussed below: 1. Receipts are not bein� issued for all monies received. It was discovered that the Justice of Peace issued receipts only upon request. It was also found that cash on hand in the Village offices was in excess of re- ceipts issued. For proper accounting controi, receipts should be issued for all monies recei- ved or collected. The initial receipt of monies as well as the subsequent trans- fers of these monies from one Village representative to another should be a matter of record from the time of initial receipt to the ultimate deposit in the bank account. For this purpose, it is suggested that all ViZlage representatives responsible for the collecting and handling of monies be provided with official pre-nu.mbered duplicate receipt books for the recording of all initial receipts and subsequent transfers. 2. Deposits are not being made as frequently as desirable. Monies are accumulated in the Village offices for undue lengths of time between council meetings. The procedure of infrequently depositing such accumulations obviously increases the risk of substantial robbery and burglary losses. It is recomrnended that the Village Clerk or other responsible employee of the Village be authorized to make deposits in the bank account for the Village Treas- urer during the interim period between meetings. The duplicate deposit slips and receipts can then be presented to the treasurer in lieu of cash. This pro- cedure would eliminate the transportation of large cash amounts to and from council meetings and it would minimize the size of the accumulations in the Village offices. 3. Improper forms in use. Some receipt forms found in the Clerk's office were not pre-numbered, and in some instances licenses and germits for certain functions were merely type- written letters of authorization. It is suggested tha.t all receipt, permit and license forrns be pre-nurnbered and in book form. These books should provide for an original and carbon copies, one carbon copy to rernain attached in the book. All books not in use should be kept under lock and key in the custody of a designated responsible individual and new books shauld be issued only when the expired or completed book properly filled out with voided receipts, licenses and permits attached is presented to the custodian. HANLEY, ZIMMERMAN 8c MOEN RECOMMENDATIONS AND COMMENT� Recommendations, Continued 4. 5pecial assessment fund transactions, To facilitate the recording of Special Assessment Fund txansactions it is recom- mended that a separate number series of checks with a corresponding series of verified accounts be used in the disbursements of these funds, This change in procedure would reduce the possibility of erroneous entries in the records and facilitate the preparation of bank reconciliations by the Village Treasurer. 5. Establishrnent of a petty cash fund, Miscellaneous cash disbursernents are made directly from cash receipts in the Municipal Liquor Stflre. In the interest of effective accounting control all re- ceipts should be deposited intact and miscellaneous disbursements should be made from an established petty cash fund. Under this system the petty cash fund is replenished at periodic intervals by a withdrawal from. the bank account for the total of the petty cash vouchers presented for reimbursement. Comments Additional funds established during the year 1953 and their purpases are set forth below. 1. 1953 A Special Assessment Fund Purpose To account for transactions relating to sanitary and storm sewex improvements in the process of construction. 2. 1953 B Special Assessment Fund Purpose To aceount for transactions relating to sanitary and storm sewer and blacktopping improvements in the process of construction. 3. Working Capital Fund Purpose To account for the financing of tha.t type of improvement which bene- fits certain property owners. The cost of such improvements will, upon com- pletion of the pro�ect, be assessed against benefited property owners. General Description The overall purpose of this fund is ta eliminate the nec- essity of issuing bonds for special assessment projects and to eliminate nec- essary costs pertaining to the issuance thereof. The first step in the operation of such a fund is to provide working capital. This is usually accomplished by permanent transfers from other fun.ds. The fund is at present being financed by temporary borrawing from the 1953 B Special Assessment Fund. This fu.nd to be of use in future periods, should be provided with permanent capital. Expenditures can then be made from this fund for tlze designated purposes and the amounts so expended become, upon the completion of a project, rec- eivables from the persons benefited by the expenditures. These receivables are in turn converted to cash as payments on assessments are received. Thus the amount of the assets of the working capital fund is kegt constant unless it is subsequently increased or decreased by permanent transfers to or from the fund. HANLEY, ZIMMERMAN 8c MOEN REGOMMENIIATICJNS AND CQMMENTS All of the Village funds, with the exception of the Municipal Liquor Store Fund, are presently maintained on a modified cash receipts and disbursements basis. Accounts of the Municipal Liquor Store are maintained on an accrual basis similar to other com- mercial enterprizes of the same nature. The activities of the Village are ra.pidly ex- panding and it will be desirable at some date in the near future to change the system over gradually to the accrual basis for better accounting and budgetary control. HANLEY. ZIMM�RMAN dy MO�N Village of Brooklyn Center INDEX OF STATEMENTS SUBMITTED December 31 1953 E�i.ibit Qne Combined Balance Sheet of A11 Funds December 31, 1953 E�chibit Two General Fund Analysis of Changes in Unexpended Surplus Year Ended December 31, 1953 Exhibit Three General Fund Statement of Revenue and Non Revenue Receipts Year Ended _Decernber 31, 1953 Exhibit Four General Fund 5tatement of Disbursements and E�enditures Year Ended December 31, 1953 E�iibit Five Working Capital Fund -�tatement of Receipts, Disbursements, Resources and Obligations Year Ended December 31, 1953 Exhibit Six Municipal Liquor �tore Fund Balance Sheet, December 31, 1953 Exhibit Seven Municipal Liquor Store Fund Income and Expense Statement Year Ended December 31, 1953 Exhibit Eight Special Revenue Funds -�tatement of Receipts, Disbursements and Unexpended Surplus Year Ended December 31 1953 Exhibit Nine Special Assessment Funds Construction Completed Balance �heet December 31, 1953 Exhibit Ten Storm Sewer Special Assessment Fund #1 -�tatement of Cash Receipts and Disbursements to December 31, 1953 Exhibit Eleven -�anitary Sewer �pecial Arsessment Fund #1 Statement of Cash Receipts and Disbursements to December 31, 1953 Exhibit Twelve -�pecial Assessment Funds Construction in Process Balance Sheet December 31, 1953 �xhibit Thirteen 1953A Special Assessment Fund 1953B Special Assessment Fund Statement of Cash Receipts and Disbursements to December 31, 1953 Exhibit Fourteen General Fixed Assets Statement of General Fixed Assets Decemher 3I, 1953 Exhibit Fifteen 5tatement of General Sonded Debt and Interest December 31, 1953 HANLEY, ZIMMERMAN MOEN Exhibit �ne Village of Bxooklyn Center COMBIN�D BALANCE �HEET ALL FUNDS December 31, 1953 Special Special Cxeneral Warking Municipal Special Assessment Assessment General Bonded Ceneral Capital Liquor Revenue Fu.nds Funds Fixed Debt and ASSETS Total Fund Fund Fund �'unds Completed In Process Assets Interest I Cash on hand 17, 552. 1$ 16, 204. 34 1, 347. 84 Restricted cash on hand 33, 023. 14 4, 000. 00 2, 952. 52 10, 863, 50 15, 207. 12 Cash in bank 24, 361. 29 7, 961. 27 �6, 400. 02 j Restricted cash in bank 4q, 533. 95 46, 216. 88 480. 38 2, 836. b9 Cash in hands of County Treasurer 1, 358. 23 1, 358, 23 Certificates of deposit 4, OQO. 00 4, 000. 00 Future assessment receipts for pay- ment of principal 419, 000. 00 334, 000. 00 85, 000. 00 Inventories 32, 561. 16 32, 561. 16 Prepaid e�8nses 24. 98 24. 98 Due from other funds 2$, 193. 47 2, 993. 52 885. 72 498. 92 3, 815. 31 20, 000. 00 Due from employee 2. 45 2. 45 Receivable from property owners for street oiling 19, 114. 28 19, 114. 28 Amount available and to be pravided General Bonded Debt and Interest 30, 720. 00 30, 720. Ofl 659, 445. 13 27, 161. 58 20, 000. 00 $100, 550. 88 9, 290. 05 $351, 515. 50 $1 Z0, 207. 12 30, 720. 00 Buildings and improvements 18, 165. 91 18, 165. 91 Machinery and equipment 50, 623. 12 50, 623. 12 Furniture and fixtures 3, 509. 00 2, 623. 25 885. 75 Specialasse�smentprojects completed 394, 988. 74 394, 988. 74 Municipalbuilding-Under construction 5, 447. 31 5, 447. 31 Totals 472, 734. 08 8, 070. 56 $464 663 52 Less: Allowance for Depreciation 937. 08 937. 08 -0- Book Value of Fixed Assets 471, 797. 00 7, 133. 48 $464, 663. 52 Land 1, 184. 7 5 1, 184. 7 5 Tota.ls $1, 132, 426. 88 27, 161. 58 20, 000. 00 $107, 684. 36 9, 290. 05 $351, 515. 50 $120, 207. 12 $465, 848. 27 30, 720. 00 LIABILITIES Accounts payable 15, 820. 64 15, 820. 64 Warrants payable 5, ?97. 07 5, 797. 07 Due to employees 7. 70 7.70 Accrued taxes and pensions l, 112. 39 920. 84 191. 55 Due to other funds 28, 193. 47 1, 384. 64 20, 000. 00 39. 72 2, 680. 95 4, 088. 16 Contract and license deposits 1, 110. 00 1, 110. 00 Bonds payable 495, 100. 00 50, 000. 00 334, 000. 00 85, 000. 00 26, 100. 00 Interest }�ayable 5, 817. 90 1, 197. 90 4, 620. 00 Liabilities 552, 959. 17 9, 220. 25 20, 000. 00 67, 249. 81 $336, 680. 95 89, 088. 16 30, 720. 00 FUND BALANCES AND SURPI�US Fund Balances 539, 033. 16 17, 941. 33 9, 290. 05 14, 834. 55 31, 118 96 $465 848. 27 Surplus 40, 434. 55 40, 434. 55 Totals $1, 132, 426. 88 27, 161. 58 20, 000. 00 �107, 684. 36 9, 290. 05 $351, 515. 50 $120, 207. 12 $465, 848. 27 30, 720. 00 HANLEY, ZIMMERMAN MOEN Exhibit Two �Village of Brooklyn Center General Fund ANALYSIS OF CHAN�ES IN UNEXPENDED SUR.PLUS Year Ended December 31, 1953 Une�ended Surplus, Janua.ry 1, 1953 4, 632. 03 Add: Receipts per Exhibit Three �102, 700. 86 Refunds of previaus year's expenses (insurance) 54. 56 102, 755. 42 Total Balance and Additions $107, 387. 45 Deduct: Disbursements per Exhibit Four 89, 446. 12 Unexpended Surplus, December 31, 1953 $17, 941. 33 5urplus at December 31, 1953 Consists of: Surplus after 1953 operations 4, 107. 21 Surplus Representing early receipt of tax settlement. This settlernent is usually received in January and is used to defray expenditures in the year of receipt. This settlement wa.s received in December, 1953, and wi11 be used to defray 1954 expenditures 13, 834. 12 Unexpended Surplus, December 31, 1953 $17, 941 33 HANLEY, ZIMMERMAN MO�N �xhibit Three Village of Brooklyn Center General Fund STATEMENT OF REVENUE AND NON R�VENUE REGEIPT� Year Ended December 31, 1953 Taxes General property Real and personal $52 992 42 Share of state liquor taxes 4, 583. 88 Share of state cigarette taxes 4, 198. 32 Total Receipts from Taxes $61, 774. 62 Licenses and Permits Off-sale rnalt licenses 20. 00 Cigarette licenses 118. 00 Dog licenses 105. 75 Garbage collection licenses 323. 00 Building permits 3, 596. 45 Sewage permits 2, 360. 00 Plumbing permits 1, 556. 00 Well permits 1, 110. 00 Heating permits 125. 00 Plumbing licenses 525. 00 Well drilling licenses 325. 00 Heating licenses 50. 00 Total Receipts from Licenses and Permits 10, 214. 20 F`ine s Justice of Peace fines 1, 291. 50 �ervice Charges and Other Receipts Election filing fees 9. 00 Fire calls and.plowing 27.00 Unclassified 30. 00 Su.rnmer recreational prograrn donations 223. 80 Total Sexvice Charges and Other Receipts 289. 80 Non Revenu:e Receipts �ale af dirt 1, 075. 00 Sale of furnace 200.00 Recoveries and refunds insurance 31.24 Total Non Revenue Receipts 1, 306. 24 'Transfers In From �iquor Fund 27, 824. 50 Total Receipts General Fund $102, 700. 8b HANLEY. ZIMMERMAN Bc MO�N Exhibit Four Village of Brooklyn Center General Fund STATEMENT OF DISB_URSEMENTS AND EXPENDITURES `Year Ended December 31, 1953 Cxeneral Government Mayor and Council Salaries paid 1, 847. 50 Printing and binding 4A6. 06 Insurance Over all coverage of village 2, 617. 67 Dues and subscriptions 167. 00 5, 038. 23 Elections Election judges and clerks 72. 00 Printing, binding and subscriptions 486.00 558. 00 Treasurer and Assessor Salaries and wages paid 3 619 45 Printing, binding and notices 44. 55 3, 664. 00 Legal .Services Fees and expenses 1, 635. 50 Village Clerk Offices Salaries and wages paid 4, 775. 36 Travel and mileage payments 430. 26 Printing, binding and notices 100. 30 i Office and other supplies 315. 58 Insurance and bonds 5. 00 5, 626. 50 City Hall Utility services 766.38 Repairs 81. I 0 Supplie s 55. 61 Capital outlay: a. Ghairs 225.00 b. Village share air raid warning equipment 1, 355. 23 2, 483. 32 Fina.ncial Statements and Audit Accountants' fees and expenses 450. 00 Publishing and printing 13�i. 80 586. 80 Total General Governrnent $19, 592. 35 Fublic Safety and Protection Police Frotection Salaries and wa.ges paid 5, 495. O1 Equipment rental 700. 00 Operation and maintenance of equipment 891. 19 Board of prisoners 109. 82 Supplies 39. 27 7, Z35. 29 Fire Protection Salarie s and wage s paid 1, 282. 00 Travel and miteage pay3nents 410. 45 Equipment rental 50. OD Po stage, telephone and telegraph 237. 28 HANLEY. ZIMMERMAN 8c MOEN Exhibit Four Page Two `Village of Brooklyn Center General Fund STATEMENT OF D3SBLTRSEMENTS AND EXPENDITURES Year Ended Decernber 31, 1953 Public �a.fety and Protection, Continued Fire Frotection, Cantinued Operation and maintenance of motor equipment 404. 7? Supplie s 173. 70 Insurance 295. 99 Capital outlays Equipment 493. 15 3, 347. 34 Health and Recreational Programs Payments nursing services Z, Z87. 9� Salaries and wages Recreational directors 447. 60" 2, 735. 54 Total Public 5afety and Protection $13, 318. 1? �treet, Sidewalk and Sewer Maintenance Salaries and wa.ges paid 9, 293. 64 Equipment rent�.l 548. 00 Printing, binding and advertising 140. 70" Utility services 23. 33 Uperation and maintenance of street equipment 2, 382. 08 Sugpli e s 3 07 52 Building repairs 6. 73 �anitary sewer Rental payments to City of Minneapolis 2, 154. 95 Capital outlays: Tool shed improvements 675. 00 Equipment 16, 319. 24 Construction Village share not assessed to property owner s Street drains and signs 360. 10 Grading and leveling streets 19, 328. 30 Oiling of streets 4, 996. O1 24, 684. 41 Total Streets, Sidewa.lks and Sewer Maintenance $56, 535. 60 Total IJisbursements and Expend.itures General Fund $89, 446. 12 HANLEY, ZIMMERMAN 8L MOEN Exhibit Five Village of Brooklyn Center Working Capital Fund �TATEMENT OF RECEIFTS, IIISBURSEMENTS, RE�OURCES AND OBLIGATIONS Year �nded December 31, 1953 Re ceipts From Special Assessment Fund Ternporary loan from 1953 B Fund $20, 000. 00 From collection of oiling assessments 885. 72 Total Receipts $20, 8$5. 72 Disbur sements Financing of oiling improvements Assessed against property owners 20, 000. 00 Excess of Receipts over Disbursements 885. 72 RESOURCE� AND OBLIGATIONS Re sour ce s Due from General Fund Monies collected from assessmsnts for oiling'` of s�reets, unremitted by General Fund at December 31, 1953 885. 72 Assessments receivable frorn. property owners for street oiling $20, 000. 00 Less: Payments received 885. ?2 19, 114. 28 I Total Resources $20, 000. 00 I Obligations Due to 1953 B Special Assessment Fund Temporary loan $20, 000. 00 Total Obligations $20, 000. 00 HANLEY, ZIMM�RMAN 8c MOEN �xhibit Six Village of Brooklyn Center Municipal Liquor Store Fund BALANCE SHEET December 31, 1953 ASSETS Current Assets Cash in bank $16, 400. 02 Cash on ha.nd 1, 34?. 84 Check cashing fund 4, 000. 00 Inventories of inerchandise fox sale 32, 561. 16 Unexpired licenses 24. 98 Total Current Assets $54, 334. 00 Fixed Assets Furniture and fixtures 2, 623. 25 Less: A1lowance �or depreciation 937. Q8 Book Value of Fixed As sets 1, 686. 17 Other Assets Assets of Liquor Store Revenue Certificate Fund: Cash in bank for retirement of certificates 1, 250. 00 Cash in bank for interest payrnents 414. 19 Cash in bank for purposes of construction 44, 552 69 Construction in process paid 5, 447. 31 S Total Assets of Liquar Store Revenue Certificate Fund 51 664 19 Total Assets $107, 684. 36 LIABILITIE� AND SURPLUS Current Liabilities Accounts payable �15, 860. 36 Withholding tax and pensions 191. 55 Total Current Liabilities $16, 051. 91 Other Liabilities Liabilities of Liquor Store Revenue Certificate Fu.nd: Accrued interest payable 1, 197.90 Revenue certificates payable 50, 004. 00 Tota.l Liabilities of Liquor Store Revenue Certificate Fund 51, 197. 90 Earned �urplus Surplus, December 31, 1952 $43, b41. 3? Add: Net profit for the year ended I2ecember 31, 1953 24, 617. 68 Total $68, 259. 05 IIeduct: Amount transferred to General Fund 27, 824. 50 Surplus December 31, 1953 40, 434. 55 Total Liabilit�es and Surplus $107, 684. 36 HANLEY, ZIMMERMAN Bz MOEN �xhibit Seven 'Village of Brooklyn Center Municipal Liquor Store Fund INCOME AND EXPENSE STATEMENT vYear Ended I�ecember 31, 1953 Percentage Amount To Sale s Sales $184, 884. 36 100. OOeJo Cost of Goofls Sold Inventory, January 1, 1953 21 099 62 Purchases 161, 310. 14 Available for sale $182, 409. 76 Less: Inventory, December 31, 1953 32, 561. 16 Cost of Goods Sold 149, 848. 60 81. 05 Gross Profit 35, 035. ?6 18. 95% Operating Expenses Accounting 865.00 Depreciation 289, 40 Heat 195. 35 Insurance 231.50 Laundry 74.35 Mi s cellaneous 12. 11 Qperating supplies 375.78 Power 303. 01 Protection service 102. 00 Repairs and maintenance 78. 75 Salarie s and wage s 11, 573. 43 Taxes and licenses 60. 00 Telephone 237. 41 'T'ransportation expense 66 08 14, 464. 17 7. 83 20, 571. 59 11. 12°fo Add: Other Income Discounts taken 4, 589. 16 Check cashing fund 240. 64 4, 829. 80 Net Income on Liquor Store Operations 25, 401 39 13. 74°fo Income and Expense Liquor Store Revenue Certificate Fund Interest expense Accrued to December 31, 1953 1, 197. 9D Interest income Accrued interest received with proceeds of certificate issue 414. 19 783. 71 Net Incoxne 24, 617. 68 13. 32% HANL�Y. ZIMMERMAN Bt MOEN Exhibit Eight Yillage of Brooklyn Center Special Revenue Funds STATEMENT OF REGEIPTS AND DISBURSEMENTS AND UNEXPENDED SURPLUS 'Y'ear Ended December 31, 1953 Fire Dept. Certificate of Relief Poor State Loan Indebtedness Association Total Fund Fund Fund Fund Unexpended Surplus, January 1, I953 3, 320. 96 -0- 1, 119. 26 -0- 2, 201. 70 Receipts General propertytaxes 14, 574. 72 5, 060. 94 2, 098. 97 5, 861. 74 1, 553. 07 Relief grants and public 325.27 325.27 Insurance premium tax 1, 083. 57 1, 083. 57 Interest income 1. 87 1• 87 $19, 306. 39 5, 3$6. 21 3, 218. 23 5, 861. 74 4, 840. 21 Disbursements �ebt retirement 5, 300. 00 1, 300. 00 4, 000. 00 Interest and service charges 724. 50 560. 00 164. 50 Relief orders 3, 991. 84 3, 991. 84 $_10, 016. 34 3, 991 84 1, 860. 00 4, 164. 50 Unexpended aurplus, December 31, 1953 9, 290. 05 1, 394. 37 1, 358. 23 1, b97. 24 4, 840. Z1 HANLEY, ZIMMERMAN Bc MO�N ,Exhibit Nine Village of Brooklyn Center BALANCE SHEET Special Assessment Funds Construction Completed December 31, 1953 Sto rm Sanitary ASSETS Sewer #1 Sewer #1 Total Cash on hand and in banks Principal and interest 7, 709. 25 5, 789. 73 13, 498. 98 Cash in bank For construction 2, 680. 95 2, 479. 74j 201. 21 To be provided for principal by future assessment receipts 288, 000. 00 46, 000. 00 334, 000. 00 Due from 1953A Fund 3, 815. 31 3, 815. 31 Total Assets $298, 390. 20 53, 125. 30 $351, 515. 50 LIA.BILITIES ANU UNEXPENDED BALANCES Due to General Fund 2, 680. 95 2, 680. 95 Bonds payable 288, 000, 00 46, 000. 00 334, 000, 00 Une�ended balance Construction 1, 335. 57 1, 335. 57 IInexpended balance Principal and interest 7, 709. 25 5, ?89. 73 13, 498. 98 Total Liabilities and I7nexpended Balances$298,390. 20 53, 125, 30 $351, 515. 50 HANLEY. ZIMMERMAN 8� MOEN Exhibit Ten Village of Brooklyn Center �torm Sewer �pecial Assessment Fund Completed STATEMENT OF CASH RECEIPTS AND DISBURSEMENT� Decernber 31, 1953 For For Payment Construction of Bonds Total Purposes and Interest Receipts Pxoceeds of bond sales $305, 230. 90 $304, 000. 00 1, 230. 90 Assessment payments received to December 31, 1953 37, 611. 39 37, 611. 39 Total Receipts $342, 842. 29 $304, 000. 00 38, 842. 29 Disbursements Construction of storm sewers comgleted $304, 000. 00 $304, 000. 00 Principal Bonds 16, 000. 00 16, 000. 00 Interest payments 15, 075. 36 15, 075. 36 Service charges 57.68 57. 68 Total Disburaements $335, 133. 04 $304, 000. 00 31, 133. 04 Unexpended Surplus, December 31, 1953 7, 709. 25 -0- 7, 709. 25 SANLEY. ZIbIMERbiAN Bc MO�N �xhibit Eleven Village of Brooklyn Center Sanitary Sewer 5pecial Assessment Fund Completed STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS December 31, 1953 For For Payment Construction of Bonds Total Purposes and Interest Receipts Proceeds of bond sales $48, 152. 72 $48, 000. 00 152. 72 Assessments payments received to December 31, 1953 9, 377. 58 9, 3??. 58 Total Receipts $57, 530. 30 $48, 000. 00 9, 530. 30 Disbursements For construction $46 664 43 $46 664 34 Principal Bonds 2, 000. 00 2, 000. 00 Interest payments 1, 733. 59 1, 733. 59 Service charges 6 .98 b .98 Total Disbursements $50, 405. 00 $46, 664. 43 3, 740. 57 Unexpended Surplus, December 31, 1953 7, 125. 30 1, 335. 5? 5, 789. 73 Exhibit Twelve 'Village of Brooklyn Center BALANCE �HEET Special Assessment Funds Construction in Process December 31, 1953 1953 A 1953 B Fund Fund Total ASSET S Cash in bank Construction 1, 265. 64) $15, 754. 10 $14, 488. 46 Cash in bank Principal and interest 45I 82 266 84 718. 66 To be provided for principal by future assessment receipts 30, 000. 00 55, 000. 00 85, 000. 00 Due from Working Capital Fund 20, 000. 00 20, 000. 00 Total Assets $29, 186. 18 $91, 020. 94 $120, 207. 12 LIABILI�'IES AND UNEXPENDED BALANCES Due to General Fund 12. 60 260. 25 272. 85 Due to 5anitary Sewer #1 3, 815. 31 3, 815. 31 Bonds payable 30, 000. 00 55, 000. fl0 85, 000. 00 Une�ended balance Construction (note) 5, 093. 55) 35, 493. 85 30, 400. 30 Unexpended balance Principal and interest 451. 82 2b6. 84 ?18. 66 Total Liabilities andUnexpendedBalances $29, 186. 18 $91, 020. 94 $120, 207. 12 Note Construction on the two projects are related. In some instances one contract covers construction on both projects. For accounting purposes and control, payments made on engineer's estimates of percentage of completion on con- tracts which involve both projects are allocated to each fund on an estimated percentage basis. This estimate will be corrected to actua.l when the con- struction is completed and final figures are available as to what the actual cost is on each project. During the interim period until completion the "Un- expended Balance Construction" will contain errors af allocation, that is, one fund will be understated and the other fund overstated by the amount of the error in the estimated percentage for allocation. However, the combined total of the two u.nexpended balances for construction accounts ($30, 400. 30j is actual and not an estimate. HANLEY, ZIMMERMAN Bz MOEN �xhibit Thirteen Village of Brooklyn Center 1953A Special Assessment Fund (Sanitary and Storm Sewers In Frocess) 19�38 5pecial Assessment Fund (Sanitary and �torm �ewers and Black Topping In Process� STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS December 31, 1953 Fox For Payment Construction of Bonds Total Furposes and Interest Re ceipts Proceeds of bond sales: 1953A Fund $30, 108. 33 $30, 000. 00 108. 33 1953B Fund 55, 115. 96 55, 000. 00 115. 96 Assessment payments received to Decernber 31, 1953: I953A Fund 343. 49 343. 49 1953B Fund 150. 88 150. 88 Total Receipts $85, 718. 66 $85, 000. 00 718. 66 Di sbur s exnents Construction $54, 599. 70 $54, 599. 70 -0- Unexpended Balance, December 31, 1953 $31, 118. 96 $30, 400. 30 ?1$. 66 HANLEY. ZIMMERMAN 8c MOEN E�ibi� Fourteen Yillage of Brooklyn Center STATEMENT OF GEN�RAL FIXED ASSETS IIecember 31, 1953 Balance Balance January 1, De c embe r 31, 1953 Additions Deductions 1953 Fixed As s et Inve stment Land 1, 184. 75 1, 184. 75 $uildings Municipal Hall 17, 082. 77 948. 00 16, 134. ?7 Tool 5hed 1, 356. 14 675. 00 2, 031. 14 Fire Protection �quipment 11, 497. 40 493. 15 11, 990. 55 Office �quipment and Furniture 660. 75 225. 00 885. 75 �treet Maintenance �quipment 18, 460. 00 1 b 679 34 35, 139. 34 Police Equipment 2, 138. 00 2, 138. 00 Air Raid Warning Equipment 1, 355. 23 1, 355. 23 Street Oiling completed 24 996 O1 24 996 O1 Storrn Sewer Project 1- completed 323, 328. 30 �2�, 328. 30 Sanitary Sewer Project 1- completed 46, 664. 43 46 664 .43 52, 379. 81 $414, 416. 46 948. 00 $465, 848. 27 Source of Investment From General Bonds and Certificates: State Loan Fund 24, 526. 46 24, 526. 46 Certificates of Indebtedness 13, 585. 00 13, 585. 00 From General Revenues 14, 268. 35 19, 427. 72 948, 00 32, ?48. 07 From Property Owners Share of Assessment Improvement Costs 370, 664. 43 370, 664. 43 From Municipalities' Share of Assessment Improvement Costs 24, 324. 31 24, 324. 31 52, 379. 81 $414, 416. 46 948. 00 $465, 848. 27 HANL�Y. ZIMMERMAN 8t MO�N Eachibit Fifteen 'Village of Brooklyn Center �TATEMENT OF GENERAL BONDED DEBT AND INTEREST Decernber 31, 1953 Amount Available and to be Provided for the Payment of General Bonds and Interest: Bond Principal and Interest Amount Available in Special Revenue Funds a. �utate Loan Fund 1, 358. 23 b. Certificates of Indebtedness Fund 1, 697. 24 To be Provided in Future Years 23, 044. 53 Total Available and to be Provided $26, 100. 00 To be Provided in Future Years for Interest 4, 620. 00 Total Available and to be Provided $30, ?20. 00 General Bonds and Interest Payable in Future Years: General Bonds �tate of Minnesota Loan Bonds $21, 100. 00 Certificates of Indebtedness 5, 000. 00 Total General Bonds Payable $26, �AO. 00 Interest Payable in Future Years 4, 620. 00 $30, 720. 00 HANLEY, ZIMMERMAN 8c MOEN