1982-775-R - Laserfiche WebLink

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FIXED ASSETS (1) THE CITY DOES NOT MAINTAIN A DETAILED FIXED (1) EACH DEPARTMENT HEAD IS NOW IN THE PROCESS OF TAKING A ASSET LEDGER. A DETAILED FIXED ASSET LEDGER PHYSICAL INVENTORY OF EQUIPMENT. A FIXED ASSET LEDGER SHOULD BE MAINTAINED AND EQUIPMENT SHOULD BE WILL BE ESTABLISHED FROM THIS INVENTORY. MARKED SO AS TO IDENTIFY IT WITH ENTRIES IN THE LEDGER. A PHYSICAL COUNT OF EQUIPMENT SHOULD BE CONDUCTED ANNUALLY AND RECONCILED WITH THE LEDGER. GLNERAL ACCOUNTING POLICIES (1) THE CITY MAINTAINS ITS BOOKS OF RECORD ON THE (1) DUE TO THE NATURE OF THE CITIES RECORDS AND FOR THE SAKE CASH BASIS OF ACCOUNTING. THIS METHOD IS NOT OF CONSISTENCY OF PRESENTATION WITH PRIOR YEARS , THE CITY IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING HAS ELECTED TO CONTI14UE USE OF THE CASH BASIS OF ACCOUNTING. PRINCIPLES. IT IS OUR RECOMMENDATION THAT FUTURE ACCOUNTING RECORDS AND FINANCIAL STATE- MENTS BE PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. (2) A GENERAL LEDGER IS NOT MAINTAINED FOR THE (2) BOTH DETAILED SUBSIDIARY LEDGERS AND GENERAL LEDGERS ARE POLICEMAN'S PENSION FUND, THE FIREMEN' S PENSION MAINTAINED AND RECONCILED ANNUALLY. FUND, OR THE MUNICIPAL COURT RETIREMENT FUND. IN ORDER TO IMPROVE THE CITY' S ACCOUNTING SYSTEM WE RECOMMEND THAT A GENERAL LEDGER BE MAINTAINED FOR EACH OF THESE FUNDS . IN ADDITION, A DETAILED SUBSIDIARY LEDGER SHOULD BE MAINTAINED SHOWING EACH PARTICIPANT' S ACCOUNT BALANCE . THIS SUB- SIDIARY LEDGER SHOULD BE RECONCILED ANNUALLY TO THE TOTAL CASH AVAILABLE IN EACH RETIREMENT PLAN AS SHOWN IN THE GENERAL LEDGER. (3) CITY BUDGETS SHOULD BE PREPARED IN A MANNER TO (3) BUDGETS ARE NOW PREPARED IN A MORE COMPREHENSIVE MANNER AS REFLECT ALL PROJECTED RECEIPTS AND EXPENDITURES , RECOMMENDED. INCLUDING REVENUE SHARING RECEIPTS AND CONSTRUCTION EXPENDITURES . ALSO, BUDGETS SHOULD BE PREPARED TO MORE CLOSELY APPROXIMATE THE ACCOUNTING LEDPERS AND SYSTEMS IN USE.