HomeMy WebLinkAboutMINUTES Administrative Committee 1973-04-11CD
RECORD OF PROCEEDINGS
Administrative Committee Meeting -April 11,1973
Committee:Chairman Petrocine;Trustees Prosser and Wagner
Attending:Chairman Petrocine;Trustees Prosser and Wagner
Also Attending:Town Administrator Dale G.Hill
AUDIT REPORT:
The Administrative Committee discussed the letter dated March 5,1973,
from the Wayne Hunt Company,Town Auditors,and authorized the implemen
tation of the suggested changes.
The above mentioned letter is attached to and made a part of these
proceedings.
CASH REGISTER:
One of the above suggestions is the purchase and operation of a cash
register for all Town receipts.
The Committee authorized the staff and Mr.Henderson of the Wayne Hunt
Company to proceed with the necessary work to obtain proposals on the
purchase of an electronic register.
This machine will adequately perform the necessary duties to effect the
desired control and prepare the data for the computer.
It is estimated the costs will be as follows:
Register $4,300.00
Magnetic tape 1,200.00
$5,500.00
A mail room attachment will be extra.It is not definite as to the avail
ability of this device.
The Committee will review the proposals when they are complete.
The Committee discussed the possibility of financing this purchase with
revenue sharing funds.
VEHICLE PURCHASE:
The Town Administrator was authorized to obtain bids for the purchase
of a vehicle to be assigned to his office.Use other than by this
office will be scheduled by the Town Administrator.
There being no further business,the meeting adjourned.
Town Administrator
(-N 1Th
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WAYNE HUNT
COMPANY
Certified Public Accountants
March 5,1973
Town Board
Town of Estes Park,Colorado
Estes Park,Colorado
Gentlemen:
During the course of our annual examination of the books and records
of the Town of Estes Park we have noted several problem areas with the in
ternal control and office procedure upon which we would like to comment.
Cash on Hand
Daily deposits should be made of all cash and checks received.This
procedure will alleviate the possibility of misplacing monies or the possi
ble theft of monies.
The Town should consider the purchase of cash registers which will
properly segregate receipts and provide for better overall control of monies
received.
Cash in Bank
It appears that the Town need maintain only four checking accounts as
follows:
Operational account
Bond and interest account
Federal fund account
Payroll account
The operational account would have all receipts other than bond and interest
and federal receipts deposited into it.All checks would be written on a
write-it—once disbursement system from this account.
Write—It—Once System
We realize that it is necessary for an organization to have some types
of duplication occur when a new system is begun.All functions that were
intended to be on the write—it—once system should now be totally included
and all functions performed under the old voucher and check systems should
be discontinued.
Investments
The individuals responsible for obtaining the most advantageous rates
of return on investments should maintain an annual record of rate quotations.
Post Office Box 2H Estes Pork,Colorado 80517
Town Board Page 2
Town of Estes Park,Colorado
This record should contain the following information:
Date of investment
Amount of investment
Term
Rate from each establishment from whom a quote was received
An indication of which quote was accepted
This procedure will protect those individuals involved with the investments
by providing evidence of the best rate of return for the Towns funds which
are invested.
The above recommendations are of necessity in summary only.If we can
provide further assistance with the implementation of these recommendations,
please call upon us.
Very truly yours,
Carl Henderson,CPA
CHfmac