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OFFICE OF AUDITOR OF STATE STATE OF IOWA - page 31 / 39

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Villisca Municipal Power Plant

Schedule of Findings

Year ended December 31, 2003

Response – The Superintendent will review, date and initial timesheets prior to the

Secretary preparing payroll. In the absence of the Superintendent, the Board Chairman

will do starting

the aforementioned.

We will have a contract

wage/salary.

The Secretary and Superintendent

with each employee including will maintain a journal that will

log compensatory time, vacation and sick leave. When compensatory time, vacation sick leave is taken it will be approved by the Board Chairman or Vice-Chairman, noted the journal and initialed by the Chairman or Vice-Chairman.

or in

Conclusion – Response accepted.

(G) Reconciliation of Utility Billings, Collections and Delinquencies – Utility billings, collections and delinquencies were not reconciled throughout the year.

Recommendation – Procedures should be established to reconcile utility billings, collections and delinquencies. The Board should review the reconciliation and monitor delinquencies.

Response – The Superintendent or Board Chairman will review monthly billing and

subsequent collections. All accounts receivables 60 days or older will be brought before

the Board

during the

determine

and approve

financial follow-up

review portion of the Board meeting.

The

procedures and any subsequent write-offs.

Board

will

Conclusion – Response accepted.

(H)

Use of Power Plant Property – The Power Plant maintains a laptop computer which is to be

used for business purposes.

However, based on our review of

computer, this computer was used to visit inappropriate internet sites.

for

non-business

purposes

and

evidence left on the may have been used

Recommendation – The Power Plant should establish written procedures for use of all business property.

Response – We will establish a policy stating that any personal use of utility property will

result in a written reprimand and possible termination depending on the reason

severity. The policy invoke the policy but

should state that the Superintendent or any formal reprimand has to receive majority Board

Board member consent.

and may

Conclusion – Response accepted.

(I)

Reconciliation of Records and Financial Reports – The Clerk’s and Treasurer’s financial reports do not reconcile to the computer printouts or to the receipt and disbursement journals. Also, the annual financial report was revised and we were unable to reconcile this report to the Clerk/Treasurer’s report and to the year-to-date computer printout. Additionally, financial reports given to the Board did not include comparison to the certified budget.

Recommendation – The Power Plant should ensure all reports reconcile to provide reliable financial information. Also, any revisions should be explained and documented and the documentation should be retained.

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