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OFFICE OF AUDITOR OF STATE STATE OF IOWA - page 34 / 39

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Villisca Municipal Power Plant

Schedule of Findings

Year ended December 31, 2003

Other Findings Related to Required Statutory Reporting:

(1)

Official Depository – A resolution naming the official depository has been approved by the Board. The maximum deposit amount stated in the resolution was exceeded during the year ended December 31, 2003. Also, the bank name has changed and the Power Plant has not amended the resolution to update the bank name change.

Recommendation – A new resolution in an amount sufficient to cover anticipated balances

at the should

approved depository be updated to ensure

should be continued

adopted coverage.

by

the

Board.

Also,

the

bank’s

name

Response – We will approve a resolution in an amount sufficient to cover anticipated balance and name Bank Iowa as official depository.

Conclusion – Response accepted.

(2)

Certified Budget – Disbursements during the year ended December 31, 2003 exceeded the amount budgeted. Chapter 384.20 of the Code of Iowa states in part that public monies

may not be appropriation.

expended

or encumbered

except under an

annual

or continuing

Recommendation – The budget should have been amended in sufficient amounts in accordance with Chapter 384.18 of the Code of Iowa before disbursements were allowed to exceed the budget.

Response – The Board will have on its monthly agenda “A review of Financial Indicators”. It will be a review of the statement of revenue and expenses with the following categories: current month, same month one-year ago, year to date, and year to date one year ago and budget. The Board will amend the budget in sufficient amount in accordance with Chapter 384.18 before disbursements are allowed to exceed budget.

Conclusion – Response accepted.

(3)

Questionable Disbursements – Certain disbursements were noted that may not meet the requirements of public purpose as defined in an Attorney General’s opinion dated April 25, 1979 since the public benefits to be derived have not been clearly documented. These disbursements are detailed as follows:

James Sayre

Attorney fees for Michael

Casey’s D&D Wal-Mart Holiday Inn

Johnson, employee Meals Meals Employee Christmas party food Movies and phone calls for

Flower Basket

employee attending training Flowers

Paid to

Transaction Description

Amount

46 44

$

148 130 126 57

33

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