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Balance Sheet Liabilities Corrections

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  1. 12013-09-19
    Balance Sheet Liabilities Corrections
    inline resolutionmeeting · 2013-09-19 · resolution 17-2013 · passed

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Balance Sheet Liabilities Corrections

Resolution #17-2013 — 2013-09-19

WHEREAS

  • the 2010 and 2011 AUD (annual update data) reports showed due to and due from figures that incorrectly recorded the $65,000.00 annual funds transfer from Water to General as liabilities, for a total of $130,00000
  • Village Law allows funds from water operations to be utilized in the General Fund, as a fair return on investment
  • the two transfers are not a liability, but a proper utilization of water revenue funds
  • the two incorrectly labeled liabilities have been carried over in subsequent AUD reports
  • the prior AUD preparation firm blended the $130,000.00 as due from General Fund $67,103.00 and Garbage at $70,431.00 as due to Water, recording them as liabilities
  • the current 2013 AUD needs to be finalized by our preparation firm September 2013 and will need to reflect corrections of the 2010 and 2011 bookings

RESOLVED

  • the Village of Red Hook Board of Trustees authorizes the correction of the 2010 and 2011 liabilities of $130,000.00 by motion to reduce the due to amounts of $67,103.00 General Fund and $70,431.00 Garbage by $130,000.00, bringing General to $0 owed Water and Garbage to $7,534.00, as supported by the attached spreadsheets
  • the Comptroller and Treasurer will correctly adjust the records and provide data to the audit firm Sedore and Co. so the 2013 AUD can be completed and filed within the September extension