EIR.THAYO ANNUAL REPORT of the Municipal Officers of the Town of Tremont, Maine For the Year Ending December 31, 1953 ) COMMENTS Deferred Revenue Re: Audit of the Town of Tremont The 1954 excise taxes collected prior to the close of books is December 31, 1952 to December 31, 1953 being carried forward to the 1954 municipal year for proper alloca- tion. Reserve for Authorized Expenditures An audit has been completed of the financial records of the This account represents the unexpended balances in the School Town of Tremont for the year ended December 31, 1953. and Town Hall Repair Accounts which are being carried forward to the ensuing year. Scope of Audit From an examination of the departmental accounts it was de- termined that the net unexpended balances carried forward to the This audit included an examination of the records maintained by the Selectmen, Assessors, Tax Collector and Treasurer. ensuing year was $384.31. The detail is shown on Exhibit D. While all transactions were not examined in detail, such test checks were made as seemed appropriate. All asset and liability ac- Surplus counts were reviewed and direct verification was made to the extent At the close of books December 31, 1953, the Town had an deemed necessary. Unappropriated Surplus of $15,568.12, as compared with $13,459.27 at the close of books on December 31, 1952. The main factors con- Assets tributing to this increase were unexpended balances in the Appropria- tion accounts. The cash balance as reflected by the records of the Treasurer was verified by reconcilation of the bank balance with the statement furnished by the depository bank. General Accounts Receivable are comprised of amounts due from the Corporate surety bonds were on file covering the required State Aid Construction. Officials. These bonds were examined and found to be in order and The record of collections made by the Tax Collector was re- properly recorded. viewed and it was ascertained that these collections had been deposited Vouchers and payrolls were examined in part, and those with the Town Treasurer. The Collector's copies of the excise tax examined appeared to be proper charges to the account involved. receipts were added and the total so obtained was found to be in agreement with the amount shown by the Treasurer's records. All accounting records examined were found to have been kept in an efficient and accurate manner. All tax lien accounts were checked and the resulting individual It is believed that the accompanying balance sheet and support- balances supported by inspection of the liens on file. These liens had ing statements fairly present the financial position of the Town at been properly recorded at Registry of Deeds. December 31, 1953 and the result of its operations for the year then The securities and savings bank books representing the invest- ended. ment of trust funds were examined in detail and it was ascertained that the funds were legally invested. All income had been accounted for and expenditures appeared to be proper and in conformity with the requirement of the trusts. Liabilities The only recorded liability of the Town was $13.20 due trust funds. 1 2 3 TOWN OF TREMONT COMPARATIVE BALANCE SHEET GENERAL FUND SAWYER & SAWYER ASSETS December 31, 1953 December 31, 1952 ACCOUNTANTS AND AUDITORS Cash: In Bank $ $ 10,855.48 $ $ 13,577.07 MILBRIDGE, MAINE Accounts Receivable 1,929.65 25.51 Taxes Receivable: Current Year 3,008.37 1,977.06 January 27, 1954 Prior Years 292.90 272.06 $ 3,301.27 $ 2,249.12 Board of Selectmen Tax Liens 235.08 294.35 Tremont, Total - General Fund $ 16,321.48 $ 16,146.05 Maine LIABILITIES Gentlemen: Due Trust Funds $ 13.20 $ 13.20 In accordance with Chapter 16, Section 3, Revised Statutes of Deferred Revenue: 1944, and at your request, we have audited the records of the Town Prepaid Excise Taxes 355.93 406.92 of Tremont for the period December 31, 1952 to December 31, 1953. Reserve: The examination was made in accordance with generally ac- For Authorized Expenditures 384.31 2,266.66 cepted auditing standards applicable in the circumstances and in- Surplus: cluded all procedures which were considered necessary. Insofar as Unappropriated 15,568.04 13,459.27 could be ascertained within the scope of the examination the financial Total - General Fund $ 16,321.48 $ 16,146.05 transactions of the Town appear to have been appropriately handled. Exhibits and Schedules included in this report impartially TRUST FUNDS present the financial position of the Town and the result of its opera- tions for the period designated. ASSETS Comments and other data incorporated in the report may prove Cash: of interest to you, all of which, is respectfully submitted. Time Deposits $ 845.04 Investments 11,500.00 Due from General Fund 13.20 Very truly yours, Total Assets - Trust Funds $ 12,358.24 Sawyer and Sawyer By A. F. Sawyer LIABILITIES Accountants and Auditors Principals $ 12,310.00 AFS:MS Unexpended Income 48.24 Total Liabilities - Trust Funds $ 12,358.24 4 1 ANNUAL REPORT of the MUNICIPAL OFFICERS of the Town of Notice to Taxpayers TREMONT, MAINE IMPORTANT! For The Year Ending DECEMBER 31, 1953 ALL TAXPAYERS SHOULD READ THE FOLLOWING REQUIREMENTS AND COMPLY WITH THEM With Report Of Section 70, Chapter 13, Revised Statutes of Maine, 1930 SUPERINTENDENT OF SCHOOLS "Before making an assessment, the Assessors shall give season- and