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1 <br /> REPORT TO MANAGEMENT <br /> I.CURRENT YEAR FINDINGS AND RECOMMENDATIONS <br /> 2013-01 Escrow Accounts: <br /> Observation: During procedures in prior and current years, it was noted that the Village has several <br /> escrow/deposit accounts in the general fund and planning, zoning and building fund used to hold cash <br /> collected in advance of services being rendered or as deposits held until completion of projects (for <br /> example, engineering fees and builder deposits). For certain accounts, the balances have been held prior <br /> to 2008. Approximately $500,000 is being held by the Village that should potentially be returned to <br /> customers. <br /> Recommendation: The Village should do a complete accounting of the amounts and contact the entities <br /> or individuals for refunds. If it is determined that the Village has the authority to retain any of the funds, <br /> those amounts should be reclassified into revenue. <br /> ManagementResponse:Management concurs with this recommendation and will continue and complete <br /> the reconciliation process. The majority of the escrow accounts have been reconciled. <br /> 2014-01 Fully Depreciated Fixed Assets: <br /> Observation: During procedures it was noted that the Village has several significant fixed assets that are <br /> fully depredated listed on the fixed asset schedules.It could not be determined whether these assets were <br /> still in use as they were not tagged and subject to the annual inventory performed by the Village. <br /> Recommendation:The Village should perform a comprehensive inventory listing of all assets that are still <br /> in use and remove those items that are no longer in use. <br /> Management Response: Management concurs with this recommendation and will implement policies and <br /> procedures to accurately manage inventory. <br /> II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS <br /> 2012-01 Utility Billing <br /> Current Status: The matter has been completely resolved and will not be repeated. <br /> 2013-01 Escrow Accounts <br /> Current Status: The matter has not been completely resolved and will be repeated. <br /> 2013-02 Disposal of Fixed Assets <br /> Current Status: The matter has been completely resolved and will not be repeated. <br /> 2013-03 Workers Compensation Payable <br /> Current Status: The matter has been completely resolved and will not be repeated. <br /> 106 <br /> I <br /> 30 <br />