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Show Council reviews audit Jim Wilson and Mitch Bealer of J.H. Gubler & Assoc. met with the Council Coun-cil Monday to review the audit of the 1980-81 fiscal year which ended June 30, 1981. Wilson told the Council that Milford's audit was one of the most detailed that the company does, since Milford has just about every type of fund possible. He said Salt Lake may have 12 special Improvement districts, but they are all pretty much the same. Milford has a special lm -provement district, recreation recrea-tion bonds, Water Resource funds, Community Impact funds, Industrial Park bonds and water bonds. He cautioned the city that all enterprise funds, (sewer, water, and airport) had a net loss last year and should be watched closely. He said Utah law does not allow a negative fund balance. The General Fund also ran a deficit in 1981 which exceeded ex-ceeded available surplus, and Is also In violation f Utah law. He said the city must take Immediate action to stem any future losses. They made several recommendations that would assist the next audit, and help the city to comply with state law. But in the whole he commended the Council for a fine job, and requested they study the audit before accepting it. |