Q#2TheCi

tyofAshl
and’
sGener
alFundhadt
hef
oll
owi
ngpost
-cl
osi
ngt
ri
albal
anceatApr
il
30,
2010,
theendofi
tsf
iscal
year
:

Dur
ingt
hey
earendedApr
il30,2011,t
hef
oll
owi
ngt
ransact
ions,i
nsummar
yfor
m,
wi
thsubsi
diar
yledgerdet
ail
omi
tt
ed,
occur
red:

1.Thebudgetf
orFY2011pr
ovi
dedf
orGener
alFundest
imat
edr
evenuest
otal
i
ng
$3,
140,
000andappr
opr
iat
ionst
otal
i
ng$3,
100,
000.
2.Theci
tycounci
laut
hor
izedt
empor
arybor
rowi
ngof$300,
000i
nthef
orm ofa120-
dayt
axant
ici
pat
ionnot
e.Thel
oanwasobt
ainedf
rom al
ocalbankatadi
scountof6
per
centperannum (
debi
tExpendi
tur
esf
ordi
scount
).
3.Thepr
oper
tyt
axl
evyf
orFY2011wasr
ecor
ded.Netassessedv
aluat
ionoft
axabl
e
pr
oper
tyf
ort
hey
earwas$43,
000,
000,andt
het
axr
atewas$5per$100.I
twas
est
imat
edt
hat4per
centoft
hel
evywoul
dbeuncol
l
ect
ibl
e.
4.Pur
chaseor
der
sandcont
ract
swer
eissuedt
ovendor
sandot
her
sint
heamount
of$2,
059,
000.
5.TheCount
yBoar
d ofRev
iew di
scov
ered unassessed pr
oper
ti
eswi
th at
otal
t
axabl
eval
ueof$500,
000.Theowner
soft
hesepr
oper
ti
eswer
echar
gedwi
tht
axes
att
heci
ty’
sGener
alFundr
ateof$5per$100assessedv
alue.(
Youneednotadj
ust
t
heEst
imat
edUncol
l
ect
ibl
eCur
rentTaxesaccount
.)
6.$1,
961,
000ofcur
rentt
axes,
$383,
270ofdel
i
nquentt
axes,
and$20,
570ofi
nter
est
andpenal
ti
eswer
ecol
l
ect
ed.
7.Addi
ti
onali
nter
estandpenal
ti
esondel
i
nquentt
axeswer
eaccr
uedi
ntheamount
of$38,
430,
ofwhi
ch30per
centwasest
imat
edt
obeuncol
l
ect
ibl
e.
8.Becauseofachangei
nst
atel
aw,t
heci
tywasnot
if
iedt
hati
twi
l
lrecei
ve$80,
000
l
essi
nint
ergov
ernment
alr
evenuest
hanwasbudget
ed.
9.Tot
alpay
rol
ldur
ingt
hey
earwas$819,
490.Oft
hatamount
,$62,
690waswi
thhel
d
f
orempl
oyees’
FICAt
axl
i
abi
l
ity
,$103,
710f
orempl
oyees’
feder
ali
ncomet
axl
i
abi
l
ity
,
and$34,
400f
orst
atet
axes;
thebal
ancewaspai
dtoempl
oyeesi
ncash.
10.Theempl
oyer
’sFI
CAt
axl
i
abi
l
itywasr
ecor
dedf
or$62,
690.
11.Rev
enuesf
rom sour
cesot
hert
han t
axeswer
ecol
l
ect
ed i
ntheamountof
$946,
700.
12.Amount
sduet
hef
eder
algov
ernmentasofApr
il30,2011,andamount
sduef
or
FI
CAt
axes,
andst
ateandf
eder
alwi
thhol
dingt
axesdur
ingt
hey
earwer
evoucher
ed.
13.Pur
chaseor
der
sandcont
ract
sencumber
edi
ntheamountof$1,
988,
040wer
e
f
il
ledatanetcostof$1,
987,
570,
whi
chwasv
oucher
ed.
14.Voucher
spay
abl
etot
ali
ng$2,
301,
660wer
epai
daf
terdeduct
ingacr
edi
tfor
pur
chasesdi
scountof$8,
030(
credi
tExpendi
tur
es)
.
15.Thet
axant
ici
pat
ionnot
eof$300,
000wasr
epai
d.
16.Al
lunpai
dcur
renty
ear
’spr
oper
tyt
axesbecamedel
i
nquent
.Thebal
ancesoft
he
cur
rentt
axr
ecei
vabl
esandr
elat
eduncol
l
ect
ibl
eswer
etr
ansf
err
edt
odel
i
nquent
account
s.
17.Aphy
sical
inv
ent
oryofmat
eri
alsandsuppl
i
esatApr
il30,
2011,
showedat
otal
of
$19,
100.I
nvent
oryi
srecor
dedusi
ngt
hepur
chasesmet
hodi
ntheGener
alFund;t
he
consumpt
ionmet
hodi
susedatt
hegov
ernment
-wi
del
evel
.
Requi
red
a.Recor
dingener
alj
our
nalf
ormt
heef
fectoft
heabov
etr
ansact
ionsont
heGener
al
Fundandgov
ernment
alact
ivi
ti
esf
ort
hey
earendedApr
il30,2011.Donotr
ecor
d
subsi
diar
yledgerdebi
tsandcr
edi
ts.
b.Recor
dingener
alj
our
nalf
orm ent
ri
est
ocl
oset
hebudget
aryandoper
ati
ng
st
atementaccount
s.
c.Pr
epar
eaGener
alFundbal
ancesheetasofApr
il30,
2011.
d.Pr
epar
east
atementofr
evenues,expendi
tur
es,andchangesi
nfundbal
ancef
or
t
he y
earended Apr
il30,2011.Do notpr
epar
ethe gov
ernment
-wi
de f
inanci
al
st
atement
s.
Q#3Constructi
onFund.Dur
ingFY2011,t
hev
oter
soft
heTownofDexappr
oved

const
ruct
ingandequi
ppi
ngar
ecr
eat
ioncent
ert
obef
inancedbyt
ax-
suppor
ted
bonds i
nthe amountof$3,
000,
000.Dur
ing 2011,t
he f
oll
owi
ng ev
ent
s and
t
ransact
ionsoccur
red.

1.Pr
eli
minar
ypl
anni
ngandengi
neer
ingexpensesi
ntheamountof$60,
000wer
e
i
ncur
red.No money was i
mmedi
atel
y av
ail
abl
eforpay
ing t
hese cost
s(cr
edi
t
Voucher
sPay
abl
e).

2.Acont
ractwasl
etundercompet
it
ivebi
dsf
oramaj
orsegmentoft
heconst
ruct
ion
pr
ojecti
ntheamountof$2,
500,
000.

3.Ani
nvoi
cef
or$1,
600,
000wasr
ecei
vedf
rom acont
ract
orf
orapor
ti
onofwor
k
t
hathadbeencompl
etedundert
hegener
alcont
ract
.

4.Thebondi
ssuewassol
datparpl
usaccr
uedi
nter
estof$25,
000(
theaccr
ued
i
nter
estwasdeposi
tedi
nthef
undt
hatwi
l
lser
vicet
hebondeddebt
).

5.Thecont
ract
or’
sbi
l
l,l
essa4per
centr
etent
ion,
wasv
oucher
edf
orpay
ment
.

6.Al
lvoucher
spay
abl
e,except$1,
300(
aboutwhi
cht
her
ewassomecont
rov
ersy
),
wer
epai
d.

7.Fi
scal
year
-endcl
osi
ngent
ri
eswer
epr
epar
ed.

Requi
red

a.Pr
epar
ejour
nalent
ri
est
orecor
dthepr
ecedi
ngi
nfor
mat
ioni
ntheTownofDex
Recr
eat
ionCent
erConst
ruct
ionFundandt
hegov
ernment
alact
ivi
ti
esgener
alj
our
nal
att
hegov
ernment
-wi
del
evel
.

b.Pr
epar
eaTownofDexRecr
eat
ionCent
erConst
ruct
ionFundbal
ancesheetf
ort
he
y
earendedDecember31,
2011.
c.Pr
epar
e a Recr
eat
ion Cent
er Const
ruct
ion Fund st
atement of r
evenues,
expendi
tur
es,
andchangesi
nfundbal
ancef
ort
hey
earendedDecember31,
2011.

d.How woul
dthesecapi
talexpendi
tur
esf
ort
her
ecr
eat
ioncent
erappearont
he
TownofDex’
sgov
ernment
-wi
dest
atement
sofnetasset
sandact
ivi
ti
es?

Q#4Capi
tal
Proj
ectTr
ansact
ions.I
n2011,
Fal
tsCi
tybeganwor
ktoi
mpr
ovecer
tai
n

st
reet
sto bef
inanced byabond i
ssueand suppl
ement
ed byaf
eder
algr
ant
.
Est
imat
edt
otalcostoft
hepr
ojectwas$4,
000,
000;$2,
500,
000wast
ocomef
rom
t
hebondi
ssue,andt
hebal
ancef
rom t
hef
eder
algr
ant
.Thecapi
talpr
oject
sfundt
o
accountf
ort
hepr
ojectwasdesi
gnat
edast
heSt
reetI
mpr
ovementFund.

Thef
oll
owi
ngt
ransact
ionsoccur
redi
n2011:

1.I
ssued$100,
000of6per
centbondant
ici
pat
ionnot
est
ober
epai
dfr
om t
he
pr
oceedsofbondsi
n180day
s.

2.Thef
eder
algr
antwasr
ecor
dedasar
ecei
vabl
e;hal
foft
hegr
anti
stobepai
dto
Fal
tsCi
tyi
n2011andt
her
emai
nderl
atei
n2012.Thegr
ant
orspeci
fi
est
hatt
he
por
ti
ont
ober
ecei
vedi
n2012i
snotav
ail
abl
eforuseunt
il2012becauset
her
eisno
guar
ant
eet
hatt
hef
eder
algov
ernmentwi
l
lappr
opr
iat
ethe2012por
ti
on.

3.A cont
ractwasl
ett
oAppelConst
ruct
ionCompanyf
ort
hemaj
orpar
toft
he
pr
ojectonabi
dof$2,
700,
000.

4.Ani
nvoi
cer
ecei
vedf
rom t
heci
ty’
sSt
oresandSer
vicesFundf
orsuppl
i
espr
ovi
ded
t
otheSt
reetI
mpr
ovementFundi
ntheamountof$60,
000wasappr
ovedf
orpay
ment
.
(
Thi
samounthadnotbeenencumber
ed.
)

5.Pr
eli
minar
ypl
anni
ngandengi
neer
ingcost
sof$69,
000wer
epai
dtot
heMi
d-
At
lant
icEngi
neer
ingCompany
.(Thi
scosthadnotbeenencumber
ed.
)

6.Av
oucherpay
abl
ewasr
ecor
dedf
oran$18,
500bi
l
li
ngf
rom t
hel
ocalt
elephone
companyf
ort
hecostofmov
ingsomeofi
tsunder
groundpr
oper
ti
esnecessi
tat
edby
t
hest
reetpr
oject
.

7.Ani
nvoi
cei
ntheamountof$1,
000,
000wasr
ecei
vedf
rom Appelf
orpr
ogr
esst
o
dat
eont
hepr
oject
.Thei
nvoi
cewasconsi
stentwi
tht
het
ermsoft
hecont
ract
,anda
l
i
abi
l
itywasr
ecor
dedi
ntheamountof$1,
000,
000.
8.Cashr
ecei
veddur
ing2011wasasf
oll
ows:

Fr
om f
eder
algov
ernment $750,
000

Fr
om sal
eofbondsatpar 2,
500,
000

9.Thebondant
ici
pat
ionnot
esandi
nter
estt
her
eonwer
erepai
d(seeTr
ansact
ion1)
.
I
nter
esti
sanexpendi
tur
eoft
hecapi
talpr
oject
sfundand,perGASBst
andar
ds,wi
l
l
notbecapi
tal
i
zedaspar
toft
hecostofst
reeti
mpr
ovement
s.

10.Theamountbi
l
ledbyt
hecont
ract
or(
seeTr
ansact
ion7)l
ess5per
centr
etai
nage
waspai
d.

11.Tempor
aryi
nvest
ment
swer
epur
chasedatacostof$1,
800,
000.

12.Cl
osi
ngent
ri
eswer
epr
epar
edasofDecember31,
2011.

Requi
red

a.Pr
epar
ejour
nalent
ri
est
orecor
dthepr
ecedi
ngi
nfor
mat
ioni
nthegener
all
edger
account
sfort
heSt
reetI
mpr
ovementFund.(
Youmayi
gnor
etheent
ri
est
hatwoul
d
al
sober
equi
redi
nthegov
ernment
alact
ivi
ti
esgener
alj
our
nalatt
hegov
ernment
-
wi
del
evel
.)

b.Pr
epar
eabal
ancesheetf
ort
heSt
reetI
mpr
ovementFundasofDecember31,
2011.

c.Pr
epar
east
atementofr
evenues,expendi
tur
es,andchangesi
nfundbal
ancef
or
t
heper
iod,
assumi
ngt
hatt
hedat
eofaut
hor
izat
ionwasJul
y1,
2011.