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AGENDA ITEM #11 .5 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: August 2, 2005 <br /> Subject: Cash Adjustment from 2004 and Previous Audits <br /> for TDS Loan for Industrial Park project in 1996 <br /> Report: While reviewing the year-end cash balance <br /> adjustments from the 2004 Audit, it was noted that several <br /> �-- thousand dollars was supposed to be taken from the water <br /> and sewer funds and transferred to the general fund for <br /> payment of the loan. This money was for the payment of <br /> the TDS loan for the Industrial Park which was an interest- <br /> free 8-year loan. Previous audits showed that of the <br /> $60,000 per year, 25% was to be paid from the sewer fund, <br /> 15% from the water fund and 60% from the general fund. <br /> We do not know how these percentages were determined. <br /> According to previous audits, the payments were <br /> percentaged out in the audit, but the money was never <br /> transferred to the general fund in the general ledger. <br /> Therefore, at this time, the water fund owes the general <br /> fund $50,823 and the sewer fund owes the general fund <br /> $83,148. <br />