HomeMy WebLinkAboutOrdinances - O-78-144 - 12/04/1978 - TRANSFER OF FUNDS FROM W/S FUND TO GENERAL FUNDO R D I N A ;I C E 0-78-144
WHEREAS, for many years prior hereto, various and sundry
items of expenditure, in an amount estimated to be in excess of
$80,000.00, have been charged to the General Corporate Fund and
paid for by the revenues of said fund when in fact they should
have been charged as an expenditure to the Waterworks and Sewer-
age Fund and paid for out of its revenues, and as a result of
such inadvertent or erroneous allocations, the assets of the
General Corporate Fund have been understated by the foregoing
amount and the assets of the Waterworks and Sewerage Fund were
overstated by said amount; and
WHEREAS, because of the foregoing accounting procedures
it incorrectly appeared that the general corporate funds were
insufficient to meet certain past obligations thereof; and
WHEREAS, therefore, the sum of $82,448.00 were "borrowed"
from the overstated Waterworks and Sewerage Fund by the General
Fund to meet the latter's accumulated overstated obligations,
thereby creating an apparent, but incorrect account receivable
in the amount of $82,448.00 in the Waterworks and Sewerage Fund
from the General Fund; and
WHEREAS, in the interest of accounting accuracy the books
and accounts of the City should be adjusted to correctly and
accurately reflect the net assets and equities of the afore-
said funds of the City;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
the City of McHenry, Illinois that the aforesaid Waterworks
and Sewerage Fund account receivable in the amount of $82,448.00
and the same amount shown in the General Corporate Fund as a
liability Due to Other Funds be and the same are hereby extin-
guished, and that appropriate adjusting entries be made in the
books and accounts of the City to reflect the foregoing action.
PASSED this 4th day of December, 1978.
AYES: Bolger, Harker, Nolan, Datz, Smith, Adams, Rogers, Schoole
NAYS: None
ABSENT: None
APPROVED this 4th day of December, 1978.
ATTEST:
Mayor
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