Show DUCHESNE COUNTY SCHOOL FUND IS CENSURE CEN SUD RED DBY BY STATE state audit cull to Dia chesne flouncing HALT LAKE CITY oct 0 attention IR Is called in a report of it special audit of the accounts and roo roe of county district now on falo in tho office of dr C N jenson state of public ruction to tho condition of tho the sinking fund in that district dietr lct thoro there aro are against tho district sonio in bonde many of which ern issued by tho original districts lator later consolidated into tho the county district A total of 10 wits issued by tho Duclie sno high school 11 district consolidated in 1910 and are known ue as Ducho Duc licano sno high school bonds issued in 1914 tho the special audit waa for tho two your year period ending with tho the cloeo close of or tho last school year juno 30 1923 tho the audit woo mado by lincoln 0 kelly 6 company certified corti nod public accountants of thin city the auditors find flud that at tho the close of tho the audit period thoro was duo tho the sinking fund from tho the denoral fund thie this amount had increased from at tho the bo be ginning of tho the period it la Is pointed out that tho the law requires a levy pf a tax sufficient to create a sinking fund annually of not less than 2 per coni cent of tho total outstanding bonded indebtedness of tho the district in accordance with this provision proY lelon it Is stated there should havo have boon been on an hand in the sinking ff fund juno 30 last tho taj to levy for sinking fund purposes has not boon been sufficient to ralso raise tho the amount required to the extent of tho the depre tho the taxes actually actu Llly levied but not covered cov covO ored rod into this fund tho opert operating ting fund balance sheet shoot however shown cash on hand juno 3 30 4 1 of 0 and an operating fund t 1 nd sur surplus plum after deduction of the 90 of 2348 1 GG th the die t met il ct ther therefore eforo appeared to bm in position to ltd its sinking fund if it 11 undertook to du do so at least to tho extent of tho the tales already collected for that purpose but apparently aly covered into tho general fund of tho district alint jiow Provi provide dem tho the law provides it in pointed out in fit tho audit taxes col locton for sinking fund purposes eon shull rui a fund and dball not bu bo appropriated or used for a any other purpose provision should bo made to bring tho sinking fund up to tho amount required by lau as coon soon possible and tho funds should bo invested invented aa an provided by statute which la is quoted tho the auditors recommend that tho the 1 ag I 00 already collected colle cled from tax levies for mini inking chig fund purposes sua bo he sot act asido as a staking fund from thu available cush on hand and that provi be mado in thu tho current tax luvy jovy to raise the 07 deficit in thia this fund in addition tu tho the 2 per cent cont on tho the outstanding bunda fur for thu current year tho the audit allows shows that tho district haa hus in lit ac accounts coUnti receivable of this way dun duo from tho the county or tho at tho dato of tho audit and hae has boon paid there aldo alao appears to bo be duo due from tho the dank oc of Du chesno and front tho the myton bank of f the total due from tho bank of duchesne Du chesno it la Is found that in 1 covered by a preferred claim ae at la Is tho total owing myton blyton state bank somo was still duo due from tho uintah county school district as unpaid balance in that share of ot operating tho the hoyden hayden school where atten attendance danco is fairly evenly divided between the two school districts the district owes on a current note to hugh barnes dated last alarco the interest rate rato oc of 10 per cent Is in tho the opinion of the auditors excessive school plant value with regard to the school plant as shown by tho the records corda ro including sites buildings and equipments the auditors find excluding Fac luding the reserve for depre I 1 clation on school property which has been set out separately an tho the balance balanco sheet the present liability for outstanding bonds exceeds the value of school property by and into consideration prop or provi stion for depreciation the balanco balance shoot sheet reflects a deficit on juno june 30 1923 ot in the capital and bond funds in reflecting the condition of these funds we have not taken into consideration the 8 4 difference between the annual amount raised from taxation for or sinking fund purposes and the statutory requirement you will observe that tho the statement of revenue and expenses for the two year period indicates a net not excess of operating revenue over expenses of for the school year ended juno 30 1922 however the expenses exceeded tho the operating revenue by school districts are required by law to koe keep their current 0 operating pe rating expenses within the revenue applicable to tho current period for the school year ended june 30 1923 the operating results are much mich more satisfactory while the revenue for this year exceeded that of the previous year by approximately tho the expenses were more than less resulting in an excess of revenue over expenses of for the two year period revenue for the tho first year of the period from al sources was about from which capital outlays of mado made leaving a revenue applicable to operations of against which operating expenses wore in excess of or the last school year the total rev onno was and capital outlay caving not rev eluo against which expenses charged had been cut to of these those revenues the state and federal governments contributed in tho the first year of the biennium blonn lum and in the second in round numbers numb cra tribune |