Red Hook WatchIndependent Community Resource

Adjustments to Budget Lines – AUD 2018

↑Meetings/Resolutions/22-2019
One-time (complete)formal_resolutionone_timeAuthorize inter-fund transfers between General, Water, and Trust & Agency funds totaling no net impact to composite fund balance to reconcile due-to/due-from discrepancies identified in the 2017-2018 audit.
First seen
2019-04-18
Latest event
2019-04-18
adopted
Expires
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Resolution text

RESOLVED

  1. the Treasurer and our Controller reviewed and reports the need for this transaction grouping based on the 5-31-18 Due to/Due from Schedule. Therefore, the Village Board authorizes the transactions necessary. And, the net change to the three funds would be this: No impact on Fund Balance. A200 (General Cash) +$67,468.00; T200 (T&A Cash) -$16,185.00; F200 (Water Cash) -$51,283.00; 0 = No net effect on composite budget
Show preamble — 3 WHEREAS clauses
  • WHEREAS, the 2017-2018 AUD was submitted to the NYS Comptroller(OSC) and they have reviewed that submission
  • WHEREAS, the OSC has identified budget lines and transactions that need attention, in particular there remain due to/due from situations where money has to be moved between funds (General; Water and Trust and Agency)
  • WHEREAS, our Controller and Treasurer have reviewed the situation

Lifecycle (1 event)

2019-04-18adoptedvote: 5-0
Authorize adjustments to budget lines and inter-fund transfers to reconcile the 2017-2018 audit findings, with no net impact on composite fund balance.
moved by Laing · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. the Treasurer and our Controller reviewed and reports the need for this transaction grouping based on the 5-31-18 Due to/Due from Schedule. Therefore, the Village Board authorizes the transactions necessary. And, the net change to the three funds would be this: No impact on Fund Balance. A200 (General Cash) +$67,468.00; T200 (T&A Cash) -$16,185.00; F200 (Water Cash) -$51,283.00; 0 = No net effect on composite budget
Whereas
  • WHEREAS, the 2017-2018 AUD was submitted to the NYS Comptroller(OSC) and they have reviewed that submission
  • WHEREAS, the OSC has identified budget lines and transactions that need attention, in particular there remain due to/due from situations where money has to be moved between funds (General; Water and Trust and Agency)
  • WHEREAS, our Controller and Treasurer have reviewed the situation
Subject key: audit_adjustments_2017_2018