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EHLERS <br /> & ASSOCIATES INC <br /> OTo: Sandy Peine <br /> From: Sid Inman <br /> W Subject: Shelly Eldridge <br /> Pequot Lakes Tax Increment Issues <br /> Date: November 11, 2003 <br /> Sandy: <br /> Following are the issues that came to our attention during the process of completing the <br /> 2002 OSA reporting forms: <br /> 1) Transfers out of the TIF district funds: Fund balances were transferred out of <br /> the TIF funds on a regular basis to the general fund. Most of them were <br /> reported as administrative expenditures. However, there must be <br /> documentation on file for those amounts. Exhibit A outlines the details of the <br /> transfers: <br /> 2) Developer payments were received in 1997 for districts 1-4 and 1-5. <br /> Verification of the payments and the amounts for each district is needed. <br /> There is no breakdown of the amounts in the documentation. <br /> 3) District 1-6 was decertified on August 6, 2002. There is a balance in the fund. <br /> Has that been returned to the county? Second, the project costs, due to the <br /> early termination of the district,totaled$21,300. Administration through <br /> 2002 was reported as $5,172. It is more than 10% of the project costs. <br /> Documentation will need,to be supplied to verify all administration costs. <br /> 4) There are a number of accounting discrepancies and/or questions from the <br /> portions of the financial statements. Those questions are listed on Exhibit B. <br /> It may be necessary to have your auditor involved in resolving these issues. <br /> 5) District 1-1: Need to verify all payments made and dates on which they were <br /> made for TIF Note from 1991 through 2000. <br /> 6) The following documentation needs to be found: <br /> 3060 Centre Pointe Drive ((Phone)) Fax:(651)697-8555 <br /> Roseville,MN 55113-1105 «Email_Address)) <br /> http://www.ehlers-inc.com <br />