Grau & Assoc. - Laserfiche WebLink

Home Browse Search

SECTION 11- FINANCIAL STATEMENT FINDINGS (Continued) Other FlndlnQs (Continued) Procurement cards (Continued) Recommendation We recommend the Town enforce its procedures more vigorously to prevent purchases from occurring without documented approval to avoid the possibility of unauthorized disbursement of funds. We also recommend that documentation be retained for all modifications to invoices to avoid potential errors regarding payments. Budget For the year ended September 30, 2008, expenditures exceeded appr . ns in the Police Department by ($98,765) and in Debt Service by ($53,952) as presented in e atement of Revenues and Expenditures - Budget and Actual (Budgetary Basis) - General Fund. or t y r ended September 30, 2008, expenditures exceeded appropriations in Budget and F ance by ( 49) as presented in the Statement of Revenues and Expenditures - Budget an ctual - C munity Endowment Fund. Expenditures also exceeded appropriations in several de or the fiscal years ended September 30,2007,2006 and 2005. Recommendation We recommend that t approved prior to billi or Uncollectible Accounts The allowance for uncollectible accounts is not being analyzed periodically. During the audit we noted that the Water and Sewer accounts receivable had in excess of $2.5 million in receivables that were greater 90 days past due. It is the Town's policy to allow in full, any balance greater than $1,000 over 90 days, which approximated $1.8 million as of September 30,2008. Recommendation We recommend that the Town's management prepare an analysis of all of the uncollectible accounts and review it quarterly, and make any necessary adjustments to ensure that the estimated loss from the uncollectible accounts receivable is reflected on the Statement of Net Assets. 108