Red Hook WatchIndependent Community Resource

Balance Sheet Liabilities Corrections

↑Meetings/Resolutions/17-2013
One-time (complete)formal_resolutionone_timeThe Board authorizes correction of the 2010 and 2011 AUD liabilities by reducing due-to amounts to properly reflect that Water Fund transfers to the General Fund and Garbage Fund transfers are not liabilities but proper utilization of revenues under Village Law.
First seen
2013-09-19
Latest event
2013-09-19
adopted
Expires
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Resolution text

RESOLVED

  1. 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
  2. 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
Show preamble — 6 WHEREAS clauses
  • 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
  • WHEREAS, Village Law allows funds from water operations to be utilized in the General Fund, as a fair return on investment
  • WHEREAS, the two transfers are not a liability, but a proper utilization of water revenue funds
  • WHEREAS, the two incorrectly labeled liabilities have been carried over in subsequent AUD reports
  • WHEREAS, 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
  • WHEREAS, 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

Lifecycle (1 event)

2013-09-19adoptedvote: unanimous
Authorize correction of 2010 and 2011 AUD liabilities totaling $130,000 related to improper recording of water and garbage fund transfers.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. 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
  2. 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
Whereas
  • 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
  • WHEREAS, Village Law allows funds from water operations to be utilized in the General Fund, as a fair return on investment
  • WHEREAS, the two transfers are not a liability, but a proper utilization of water revenue funds
  • WHEREAS, the two incorrectly labeled liabilities have been carried over in subsequent AUD reports
  • WHEREAS, 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
  • WHEREAS, 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
Subject key: aud_liabilities_correction_2010_2011