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1973 Audit/ Financials Liquor1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF MONTICELLO Wri ht Count Minnesota MUNICIPAL LIQUOR STORE TABLE OF CONTENTS Opinion Exhibit A Balance Sheet B Operating Statement for Four Months Ended April. 30, 1973 and Three Months Ended March 30, 1972 Page 1 2 3 1 MEMRRR AMIRICAN INSTITVTi OF CERTIFIip ~VlLIC A[COVNTANTS GRUYS. .JOHNSON, MOSFdRD AND ASSOCIA?'ES CERTIFIED I'u BLIC ACCOUNTANTS 7LLEPhIONE BURKLAND BLDG.. 6UF'FAI...D. MINN. 55313 BBx-1762 To the Village Council Village of Monticello Wright County, Minnesota In accordance with your request, we have examined the Balance Sheet of the Monticello Municipal Liquor Store as of April 30, 1973, and the related operating statement for four months then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying Balance Sheet and ' the related operating statement present fairly the financial position of the Monti cello Municipal 1,iquor Store at April 30, 1 973, and t he results of its operations for four months then ended, in conformity with generally accepted ' accounting principles applied on a basis consistent with that of the preceding year. 1 1 ~_ _~ n 0~ I GRUYS, J HNSON, OSFO AND ASSOCTATES Certified Public Accountants May 14, 1973 -1- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 C~xrrent Assets Petty cash Change fund Cash in bank Investments (C /~'S Merchandise inventory Total Current Assets Fixed Assets VILLAGE OF MONTICELLO Wri ht Count Minnesota MUNICIPAL LIQUOR STORE BALANCE SHEET April. 30, 1.973 ASSETS Cost Reserve Parking lot. $ 3,800®00 Building and improvement 49,824,73 $ .1,4,464.32 Furniture, fixtures and equipment. 31,900..58 25,311.06 Total.. F:i_xed Assets S_ 85, 525.31 $ 39, 775.38 Other Assets Prepaid insurance Deferred maintenance contracts- cash registers Insurance rebates due Total Other Assets TOTAL ASSE'7"S Current. Liabilities LIABILITIES AND EQUITY Accounts payable Accrued payroll, taxes Accrued sales tax Total. Current Liabilities Equity Balance Jan~~ary 1., 1973 Net ancom.e for four months ended April 30, 1973 Lessor Transfers out: Total Equity TOTAI, LIABILITIES AND EQUITY ~2_ $ 69.72 2,000.10 25,914.91 51,096.00 43.948.47 Net $ 3,800.00 35,360.41 6.589.52 $ 3,326.00 1.53.60 1.2.58.00 Exhibit A $ 123,029„20 4.5,749,93 ..4,.737_, 60 51 ~. $ 517.3.1 1,665.92 1,093.51 $ 170,498,01, 9,741.,98 $ 1.80,239.99 1.0.000.00 3,276.74 170239.99 x,1.73, 51.6 ~7~ ~v ~o ~ I( n d~ ~PIQ 11/) itl r-I ~t ,~ ~~o~ N N N N .,~ •,~ W A-~ ~ ~ a v ~ v ro s~ v o w .u ~ E ~ f O ~ N 1..1 n C7 r CT H N r- rn ch U ~+ cd ro a 'O ~.. 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County, Minnesota MUNICIPAL LIQUUR STORE TABLE OF CONTENTS Opinion Exhibit A Balance Sheet B Operating Statement for Four Months Ended August 31, 1973 C Operating Statement for Eight Months Ended August 31., 1973 ~'agE. 1 2 3 4 GRUYB, ..IOHNSON~ MOSFORD .AND ASSOCIATES 1 C GERYIFIL[) PUI9LIC ACCOUNTANTS "YEL6PWONE M!M!E! ' AMlRILAN INSTITUTE BURK6AN^ 6LC7Ca., BUFFALO. MINN. 55313 692-1782 OF ClRTIFllO PYYl1C A~LOIINTANTS To the Village Council. ' Village of Monticello Wright County, Minnesota. In accordance with your request, we-~ have exarnined the ' Balaxxce Sheet of tl~e t•1anL-iccllo Mu.nit.ip~l. Licli.iox: Stare as o:E August 31, 1973, and the related opera t. a.~~g statement far the Eight months then ended. Our examination was made in ' accordance with generally accepted auditing standards anal accordingly included sucks tests of the accounting records and such other auditing procedures as we considered ' necessary in the circumstances. In our opinion, the accompanying Balance Sheet and related operating statement present fairly the financial position of the t Monticello Municipal. Liquor Store at August 37., 1973, and the results of its operations for eight months then ended, in conformity with generally accepted accounting principles ' applied on a basis consistent with that of the preceding year. ' GRUYS, d NSON, MOSF D AND ASSOCIATES Certified Public Accountants September 14, 1973 1 J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Current Assets Petty cash Change fund Cash in bank Investments Refund due-dist.r.ibutors Merchandise inventory Total. Curregf.' Assets Fixed Assets Parking lot Building and improvement'. Furniture, £:ixtures and equipment Tata1 Fixed Assets Other Assets rLepa~u insurance Defexred maintenance contracts-cash registers Total Other Assets TOTAL ASSETS Current Liabilities Accounts payable Accrued payroll taxes Accrued sales tax Total Current Liabilities VILLAGE 07i MONTICELLO Wright County, Minnesota MLJNICIPAI,, LIQUOR ST OR F: BALANCE SHEET' August. 31, 1.973 ASSETS Exhibit A $ 81.14 1,932.46 42,956.57 51, 7.34.71 67.1.0 48 420.1.2 $ .1..45, 1941!) Cast Reserve. Net $ 3,800.00 ~ $ 3,800.00 50,440.53 $ 1.4,903.32 35,537.21 3 1.6 _~~~25, 7.94 56 9 ..,. • r ,580.60 ____ 89 ,_615.69, _5~~40697~88 LIAB.I.LITIES AND E IJITY Equity Balance .January 1, 1973 Net income for e.i.ght. months ended August 31, 1973 Less: Transfers Out. Total Equity TOTAL LIABILITIES AND EQiJITY _2_ $ 1,821.00 76.80 48,91.7,81. - 1,,897.80 ,~~196•~„00,7, I1. $ 3,309.48 2,648.80 1 414.29 $ 170,498.01 28 137.1.3 $ 198,635.14 10.000.OU 7,372.57 188t,63.5.1~~ ,x__196, 00771. VILLAGE OF MON'TICELLO Wright County, Minnesota MUNICIPAL LIQUOR STORE OPERATING STATEMENT For Four Months Ended August 31, 1973 Off Sale Liquor Beer Other merchandise Total Off Sale Sales $ 51,105.78 $ 42,345.62 $ 8,760.16 41.,528.93 32,1.33.45 9,395.48 2,902.41 _ 1 825.94 __ 1,076.47 -- _ __ ,._..__ 95 537,12 ~ 76,305.01 $ _19,232.11 Cost of Gross Income On Sale Liquor $ 25,966,74 $ 11,.326.57 $ 14,64q,17 Beer 16,776.20 6,174.72 1.0,601.48 Other merchandise 1 701.35 1 243.73 457.62 Total On Sale 44, 444.29 ~_- .,__~ l8 74 _. 02 25 69„_~ -~_. _- 5 _ ~_-- - , 9.27 Total, ~5~~9,~98.1, 41 ~ 95 50 03 $ 44,931.38 Unallocated Purchase discaunts Less: Freight Total Grass lncome 0 eratin Ex enses Wages Light and power Store expense Store supplies Bar supplies Professional fees Telephone Laundry Insurance NSF checks Depreciation Employee benefits-P.E.R.A. Employee benefits-F.I.C.A. Employee benefits-Health Insurance Repairs Total Operating Expenses Operating Tncome Other Income Cash over or (short) Interest income Machine income Miscellaneous income Total Other lncome NET INCOME $ 5,305.68 694.44 4 611.24 $ 49,542.62 $ 21,888.24 955.53 1,012.31 809.04 264.50 900.00 1.59.49 331.20 1,505.Op 147.88 954.00 1,014.79 1.,245.70 818.19 182.81 $ (176.10) 638.71 557.10 21.50 32 188.68 $ 17,353.94 Exhbit B Per Cent to Sales 1.7. 1.4 22.62 37.09 20.I3 56.38 63,19 26.90 57.82 32.10 3.29 35.39 22,99 12.40 1 041.21 ,74 l 5 5 13.14 Note; Sales are shown net of Minnesota Sales 'Tax, -3- 1 1 0 1 1 1 VILLAGE OF MONTICELT~O Wright County, Minnesota Exhibit C MUNICIPAL LIQUOR STORE OPERATING STATEMENT For Eight Months Ended August 31., 1973 Off Sale ~,iquor BEer Other merchandise Total. Off Sale On Sale Liquor Beer Other merchandise Total On Sale Total ~Tnallocated Purchase discounts Less: Freight Total Gross Income Ogeratin~ Expenses Cost of Gross Percent Sales Sales Income To Sales $ 96,346.79 $ 79,956.14 $ 16,390.65 63,050.16 50,208.12 12,542.04 4,346.51 3,075,52 1,270.99 $ 163,743.46 $ 133,239_,_78 $ 30,503,68 1.7.01 20,37 29.24 18.63 $ 52,465.94 $ 22,235,42 $ 30,230.52 57,62 28,596.56 10,847.42 17,749,14 6.07 3,041.68 2,448.28 593.40 19.51 _ 5~... $4~ , 10418 $ 35, 531.12 $ 48., 573.06 57.75 $ 247 , 8~+7 X64 ~~168 X770.90 $ 79, 076.,74 31..90 $ 10,054.39 1,377.52 8_,676,87 ~' -- $ ~ 87, 753.61 Wages $ 41.,306.72 Light and power 1,686.29 Store Expense 2,314,00 Store supplies 1,596.42 Bar supplies 370,71 Professional fees 1,840.00 Telephone 309.33 Fu~1 157,21 Laundry 507,43 Insurance 3,917.00 NSF checks 89.06 Depreciation 1,834.00 Employee benefits-P.E.R.A. 1,858.06 Employee benefits-F,I.C.A. 2,347.11 Employee benefits-Health Insurance 1,527.90 Repairs 562.75 Miscellaneous 17.40 Total Operating Expenses Operating Income Other Income Cash over or (short) $ (204.07) InterESt income 1,636.28 Machine. income 1,171.20 Miscellaneous income 21.50 Total Other Tncome NAT INCOME Note: Sales are shown net of Minnesota Sales Tax -4- 3.50 35.40 62,241.39 25.11 $ X5,512.22 10.29 2,624.91 1,p6 $ 28 137~1~ l 35 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF MONTICEL,LO Wri ht Count Minnesota MUNICIPAL LIQUOR STORF. December 31, 1973 TABLE OF CONTEN`T'S Page Opinion 1 Exhibits A Balance Sheet 2 B Operating Statement for Four Months Ended December 31, 1973 3 C Comparative Operating Statement for Twelve Months Ended December 31, 1973 and 1972 /+ Schedules 1 insurance Coverage 5 2 Funds Statement b Comments 7 1 C MlrsFR AMERICAN INSTITUTE ' bF CFRTITI[D ~UELK ACCOUNTANTS GRUYS, JQ--~INSON, MC7SFORD AND ASSOCIATES L`ERTIFIE[7 PUBLIC ACCOUNTANTS TELEPHONE 6URKLANp BLDG., BUFFALO, MINN. 55813 ®82-176 ' To the Village Council Village of Monticello Wright County, Minnesota ' In accordance with your request, we have examined the Balance Sheet of the Monticello Municipal Liquor Store as of. December 31, 1973, and the related operating statement for the year then cnded~ ' Our examination was made in accordance with gencral,.ly accepted auditing standards and accordingly included such tests of t]ie accounting records and such other auditing procedures a.s we consi.der.c?d necessary in the circumstances. In our opinion, the accompanying Balance Slieet anal the re,l.ated operating statement present fairly the financial position of the ' Monticello Municpal Liquor Store at Decembex 31, 19'7.3, anal the results of its operations for the year then ended, in. c:canformi.ty with genera.l.ly accepted accounting princip,].es applied on a basis consistent with tYiat ' of the preceding year. ~~!! ~, . ~~~>~ ~.,...F~ ~Y-.fir. GRUY~.S~f NSON, MOSF RD AND ASSOCIATr~S ' Certified Public Ac.~:.~ountants ' January 21, 1974 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Current Assets Petty cash Change fund Cash in bank Investments Merchandise inventory Total Current Assets Fixed Assets Parking lot Building and improvements Furniture, fixtures, and equipment Total Fixed Assets Other Assets Due from general fund Prepaid maintenance Due from distributors Prepaid insurance Total Other Assets TO'T'AL ASSETS VILLAGE OF MONTICELLO Wri ht Count Minnesota MUNICIPAL LIQUOR STORE BALANCE SHEET December 31, 1973 ASSETS Exhibit A $ 22.6a 2,000,1.5 22,290.62 72,61.5081 58 639.11 $ 155,568.29 Cost Reserve _ $ 4,289.3$ $ 52,467.52 $ 15,367.32 36,927.46 26 255.56 _ $ 93.,684..36 41 622.88 4,289.38 .37,100.20 10.671.90 456.00 230,40 30.00 1.293,00 52,061048 2,009.40 209,639,17 Current Liabilities Accounts payable Accrued payroll taxes Accrued sales taxes Total Current Liabilities LIABILITIES AND EQUITY EQu~. tY Balance January 1, 1973 Net income for twelve months ended 12°.317.3 Less: Transfers out. Total Equ7..t.y '1'0'I'AL LIABI.I.~I`i'1ES ANll 'EQU:fTY Net -~2' 1,499005 3,396x67 :L~16 0 21 $ $ 170,498 01 42y(i29. 23 21...3,12724 6,.511093 203,127,24 ~~2(~A X639 . l7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF MONTICELLO Exhibit B Wri ht Count Minnesota MUNICIPAL LIQUOR STORE OPERATING STATEMENT For Four Months Ended December 31t~1973 ~_..W Cost of Per CenL- Grass Sales Sal es I ncome to Sales - - - Pff Sale __ r Liquor $ 62,031,03 $ 52,.363.55 $ 9,667N48 15,58 Beer 29,168.31 22,274.45 6,$93.86 23.63 Other merchandise _ `2,400.64 ~~ 1 .572.5.5 828.09 34.49 Total. Uff Sale ~ 93,599,98 $ 76,210,55 _ ~~~ 17,389.43 ~ 18.58 On Sale Liquor $ 27,692.43 $ 12,849.62. $ 14,842 81 53.60 Beer 12,44.5..36 4,953.28 >,492~C)8 60.20 Other merchandise 1,401.04 1,092.77 .308„27 ~ 22.00 Total On. Sale ~41s538.83 .._, ~~ 18 895.67 -_ ~ __. S ._.. 22 64316 _..._...._._.s.~ 54.51 ~l'otal ~ X35, 1.38.81 ~ 9.`106.22 $ 40,0:32.59 29.62 Unallocated Purchase discounts $ 7,48:3.22 Less: Freight 990,82 ~~ ~49~y~40 4,80 Total Gross Income $ 46,524.99 34 42 Operating Expenses Wages $ 23,260..5? Light and power 81,4.97 Store expense 1,005.80 Store supplies 530.?5 Bar supplies 401.91+ Professional fees ?80.24 Telephone 172,92 Fuel. 219.8() Laundry 23`?,h9 Insurance 1,650.80 Depreciation 1,025.00 Employee benefits -P.E.R.A. 1, 1G F?. 27 Employee benefits ~1?.I.C.A. .1,318,32 Employee benefits -Health Insi.rrance F,4(~~46 Repa,ir.s 264.90 NSF checks 8.18 Miscellaneous ____ 306.78 ~~~ 'Total Operating Expen.sc~.s Operating Iracorne Other Income Cash over or (short) $ (89,78} Machine income 485.08 Interest income 1,221.10 Miscellaneous _ 100.00 rt____~ To to l Other Income NET TNCOME Note: Sales are shown net o£ Minnesota Sales Tax. 3- _ 33 49_.,.29 24.97 $ 12,775.70 9.45 1,716,40 1,27 $ 14,492,10 10.72 U .,J •,~ ~] .~ k W NI n' CT ~I v] L: a a ~--I U <d U] a 4 ~ ~ M v v U v L'~ '~ "C1 W ,.G O v 7 r-I v 3 E-~ v rn ~ I/1 O O U >•+ ~ [~ H W-J O ~ v ~ ~ o m U 4] S-I v i--I ro t./) H Q +~ Fx] W ,..a ~ O Q V ~ [~/] to H (w ~~ az o ~ I--I ~ d' ~ H ~ ~ ~. °~ aw c~.~ c° w ~ ~' H W w7 ,~ H H H ~ ~ ,7 •,.~ `,~ d. 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'O !-I a1 P O c~ U •.-i v E-~ © rl +-I 1~+ a1 E-~ lr N ,.C t-I I•-I W a ~ ~ ~ ~ ~ '-I r-I cd U ~"+ ,t" a) V ro on nv o n ~+ o ~-+ v ~ ~ p. ¢, p., ca, r~ c>-, cn N m u w u~ 1.1 c0 •~ .u ~ ctl 1a a ~ ~ ~ ~}} v 3a~ntn aac~ ~ W ^a A w W W W ~ W' ~ :~ U r~ 6••I ~ o 1 I F v ro 1J O v .,~ 4a O J-1 v p~ 3 O ~" v ~d v ro 0 z 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF MONTICELLO Wri ht Couxit Minnesota MUNICIPAL LIQUOR STORE INSURANCE COVERAGE December 31, 1973 ,ape of Coverage Owner's liability and liquor liability Fire and lightning, extended coverage vandalism and rnalicious mischief 90% co-insurance Money and securities -theft Merchantile open stock Burglary and robbery Workmen's compensation Public Employees blanket bond. -5- Bodily injury Each person Each occurrence Property damage Building Contents Inside premises Outside premises Schedule 1 Amount $ 100,000 300,000 50,000 49,500 44,100 8,000 8,000 Open stock 7,500 Liability 100,000 Manager and a11. ernployees 2,500 1 1 1 1 1 1 1 1 1 i 1 1 i 1 1 1 1 1 1 VILLAGE OF MONTICELLU Wri ht Count Minnesota MUNICIPAL LIQUOR STORE FUNDS STATEMENT For Year Ended December 31, 1973 Funds=Cash Funds Generated B : Net income from operations Add: Non-cash expense charged against income this year Depreciation $ Accounts payable at 12-31-73 Accrued payroll taxes at 12-31-73 Accxued sales tax at 12-31-73 Prepaid maintenance at 1-1-73 Prepaid insurance at 1-1-73 Inventory 1-1-73 Deduct: Cash expenditures this year not charged against income this year Purchase of fixed assets Prepaid insurance. at I2-31.-73 Prepaid maintenance at 12-31-73 Uther assets 12-31-73 Accounts payable at 1.-1-73 Other current liabilities 1-1-73 Accrued payroll taxes at 1-1-73 Accxued sales t.ax at 1-1-7.3 Inventory at 12-31-73 Funds Were Applied to; Transfers out: to other funds Dk;CREASE ..T.N (aA51I k3ALANCI?S Cash Balances at. 12v31.-7.3 Petty cash. Change fund Cash in bank. Inve s tmeza t s Cash Balance at 1-1~w73 Pet.Ly cash Change fund Cash in bank Investments INCREASE IN CAST-I :BALANCES ~Q- Schedule) $ 42,629,23 2,859.UO 1,499.05 3,3~6.G7 1,616.21 230x40 3,653.00 39,121.89 52 3~76~22 95,005.45 $ 8,290.85 1,293.00 230.40 4$6.00 177.62 1,098,82 2,588.26 1,499.64 58.639.11 $ 74 303,70 $ 20,701.75 X0.00 1Q. + 70,.1.75 22.60 2,,000.15 22,290x62 72~fi1.~o81. _.,_,t .........,_______. fi 2('0.38 1,865.25 .34,()6 i„ 37 50,098.4: 96,929.18 86 227.43 ~_1Q 701.75 ' VILLAGE OF MONTICELLO Wri ht Count Minnesota ' MUNICIPAL LIQUOR STORE December 31, 1973 COMMENTS 1. It was noted that the liquor store purchased shirts for the employees which were for personal use. Apparently the employee's reimbursed the liquor store for this purchase, however we were not able to distinguish this payment among the other liquor store receipts, We would recommend that employees make all of their purchases direct, and that the liquor store pay only for goods and services used by the store. 2. During the last four months, there was a salary advance to ane of the employees on his wages. Salaries should not be paid in advance regardless of the particular situation involved. 3. An additional premium on the workmen's compensation insurance polzcy was paid entirely by the liquor store. A transfer of $456 should be made from ' the General Fund of the village to t-he liquor store for its share. 4. In looking over the insurance coverage for the liquor store, it was noted that the fire coverage for contents is $44,100 and at the end of the year the inventory alone Baas over $58,000. It might be we11 to review floe coverage and determine the cost involved :in increasing it. 5. It i.s quite important in determining the gr;~~ss profit percentages to classify purchases, sales az~.d transfers in their proper categories. We could riot come up with an. accurate br.e.akdown for wine as there was some inconsistency ' in ringing up certaii.~ it.cros as wine or liquor. 1 1 1 1 1 1 _7_ 1