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1965 Audit Report Liquorv, ~r.Aa~ a~ MaNT~tcE~,~o LIQUOR FUND MONTICELLO, MINNESOTA REPOR'~ ON EXAMINATZQN FOR THE PERIgDS JANUARX 1, 1965 Ta DECEM$ER 31, 1965 AND OCTOBER 21 1965 TO DECEMBER 31 1965 ~. .. VILLAGE OF MONTICELT,O ~z 1raR FUND MorrT~c~LLO MzNrxssa~rA T A~~ E O F C O N T E N T S PAGE Np ~ ,r ~. STATEMENT "A" S~'A~'EME_NT "B" STATEMENT "C" Auditor's Report Balance Sheet - December 31, 1965 1 ?. Statement of ~ncame and Expense for the period January 1, ].965 to December 31, 1965; October ~. 1965 to December 31, 1965 3 Statement of Cash Revenues and Expenditures for the year ended December 31, 1965 co- 1 . '. ACCOUNTANTlS AUDITORS FEDERAL AND STATE TAX6$ SYSTEMS INVHSTIGAT14N8 BERNARD W. MAY ~& CQ. FINANCIAL R~r'C1RT8 MINNEAPOi_I$ 6. MINNESOTA January 19, 1966 To the Honorable Mayor and Members of the Village Council Monticello, Minnesota Gentlemen; We have examined the financial records of the Liquor Fund of the Village of Monticello, Minnesota, for the period ended December 3l, 1965. The 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. Y In our opinion, the accompany~_ng balance sheet and related statements of income and expense present fairly the financial posit?~on of the Liquor Fund of the Village of Monticello on December 31, 1965, and the results of its opera- tions for tine periods January 1, 1965 to December 31, 1965, and Qctober 21, 1965 to December 31, 1965, in conformity with generally accepted governmental accounting principles applied on a basis consistent with, that of the preceding period. Respectfully submitted, BERNARD W. MAY AND CQM1'ANY /' ~1 r - 1 OUR REIORT6 AND CFRTiVICATtB ARL~ ISdVBD WITI~ ^HK UNOlR/TANRIIN{7 THAT, RN' 1~VRL1lH60. [ITHtR TM><Y MUiT K RKI~RODUCL'p IN THp1R [NTIRRY. OR Si •lULp IT d6 D6111RKC TC IN10LI/H ANY REPHNHNGE TO OR t71TRACTl11 IrRCM TMRM, Ti4A7 ',l rJGN ~ FA4L i!K aUNM11"I'!O POR OUR APrRpVAL. srAT~Nx "A" VILLAGE..©~" MONTICELLO LIQUOR FUND BALANCE SHEET DECEMBER 31965 ASSETS CURRENT ASSE'L'S Cash On Hand Change Fund Undeposited Receipts Cash in Bank Merchandise Tnventoxy TOTAL CURRENT ASSETS FIXED ASSETS Parking Lat Furniture and Fixtures Less: Reserve for Depreciation Building Improvements Less: Reserve For Depreciation Building; Improvements - 19b1 Less: Reserve for Depreciation Sink and Cocktail Unit Less: Reserve for Depreciation Illuminated Sign Less: Reserve for Depreciation Cash Tlegis ter Less: Reserve for Depreciation TOTAL NET FIXED ASSETS DEFERRED CHARGES Prepaid Insurance TOTAL ASSETS LIABILITTE$.AND SURPLUS CURRENT LIABILITIES Accounts Payable T'.E.R,,;,~„ Deductions Federal T~7ithholding Tax Deductions State Tr~ithhoiing Tax Deductions TOTAL CURRENT LIABILITIES SURPLUS Balance January 1, 1965 Add: Net Income far Period TOTAL Less: Transfer Out to General Fund Street Improvement Fund 'T'OTAL SURPLUS TOTAL LIABILITIES AND SURPLUS $ 500.00 ~,,,, 1,.617.38 $ 3, 800, 00 $ 17, 241.12 17,E 057.71 233.41 $ 14, 7~~1.83 ~.~~" ,~ 5, 826.60 8, 915, 23 $ 7, 54"5.88 ~. ,~ 784._7 6, 761.01 $ 435.00 f G 2].,7, 76 217.24 $ 1,ils.oo rv 512.w5~~ 605.46 $ 500.00 50.00 / a 450.00 $ 52,071.49 18,514.08 $ 70,585.57 $ 8, 500.00 11,500.00 20 000.00 $ 2,117.38 12,472.45 ~„ 14, 653.74 $ 29, 243.5 7 20,982.35 896.b2 „~51 12,,4 $" 30101 73.26 92,20 70.50 $ 536.97 - 50,5f35.57 51,122.5G~ -2_ STAT.SMENT "B" t. • 1'~ s r VILLAGE OF MONTICELLO LT tTOQ„ R FUND STATEMENT QTR xNCOME ANA EXPENSE FOR THE PERIOD ~ TO FOIL THE PERIOD % TO 1/1 65 TO 12 31 6 SALES 10 21 6 x0 12 5 SALES SATES Liquor On Sale $ 31, 728.70 ,. Liquor 0££ Sales 54,701.88' Beer On Sale 16,541.05•.. Beer Of£ Sale 23 144.44 ToxAL sAL~s cosT OF sALES Beginning Inventory $ 15,750.83 Add; Purchases and __._.. Freight 84 472.67 TOTAL $100, 223.50 Less: Ending Inv. 14,653.74 TOTAL COST OF SALES GROSS PROFIT O_N SALES OPERATING EXPENSES ...__..,_._ Wages $ 1S, 065.00 Glassware,Tce & Bar Supplies 147.79 .janitor & Sanitation Supplies 19.00` tTLitiC#es 1,224.04 Repairs & Maim. 2, 244.72 Insurance 1,264.,14 Laundry 229.26 Store Expense 975.56 w Advertising 51.36E Communication 103.25~- Pro£essional Service 1,020.OOw Licenses & llues 99.00 Village Share PERA 4$ $ TOTAI. OPERATING EXPENSE NEx PROFIT ~'RpY~ _OPERATTON oTH~R INCOME Purchase Discounts $ 3,413.84 Machine Commission 171.51" Cash Over 11 S5~ NET TNCOMME BEFORE DEPRECIATION Depreciation Expense NET INCOME FOR PERIOD $126,116.07 100.00 a~ 5, 69.76 G7.85 $ 40,546.31 32.15 24, 863. SO 19, 71 $ ]~S, b82.81 12.44 $ Z8, 364.85 ].00.00 18, 997.64 66,98 $ ~ 9, 367.21 33: D2 5 231.04 1.44 $ 4,136.17 14.58 $ 989.87 42. o0 _._._ 3~-596.90 _, , 2.85 „w,_„ S. 69 __ _ 1,^,037, 56 ~_. 3.-66 15,279.71 15.29 76_.5.63 .61 =n'7Sl',~4• _0~8 ,1,4.68 $ 7,162.47 14, 276.84 3,019.92 3,905.62 $ 13,660.08 19,991.30 $ 33,651.38 14,653.74 $ 3, 038.28 58.74 0 174.61 35.00 248.09 39. S3 260.94 3.00 22. 75 255.00 8.5 0 1 086 60 5,173.73 1 a. 24 149. $9 ~_~. `a3 $ 5,023.84 17.71 - 3 - 0 VILLAGE 0 xICELLO 9<?._._%,.. STATEMENT OF CA H R~: S AND E%PEN~I'~:'{JRES FOR xHE YE R ENDED DECEMBER 31. 19„x„5 LxQUOR FUNA ~, 't REVENUES Liquor On Sale Liquor Off Sale Beer On Sale Beer Off Sale Machine Carnniss~Lon Insurance Adjustment Cash Over xOxAT~REVENLTES EXPE~YTURES AND TRANSFER OU7 ..._,r-...._.._._..~ Liquor Purchases Less: Purchase Discounts Beer Purchases Miscellaneous Merchandise Purchases Freight Wages Less: Payroll Deductions Director of Infernal Revenue State Treasurer Minnesota Department of Taxation GlaBSware, Ice and Bar Supplies Janitor and Sanitation Supplies UCilita.es Maintenance and Repair Insurance Laundry Store E:.pense Advertising Telephone Professional Services Licenses Village Share P.E.R.A. Cap~,taX .. Ou~.. t_~L Bar Stools Blender Ice Crusher xOTAI: EXPENDITURES TRANSFER OU_T TO General Fund Street Improvement Fund 'T'OTAL EXPENDITURES AND TRANSFER OUT EXCESS Qk~ EXPENDITURES OVER REVENUEa $ 55, 266.89 3,.406.34 $ l5, 081, 00 T,,,, 2, 2221 S3 $ 158, 00 1;.1.00 Y19.50 sxATEr~Nx ~~o~~ $ 31,418.90 53,648.13 16,4b2,30 22,97G.14 171. Slf 227.00 " 4.7 7 $124, 908.75 $ 51, 860.55 25,394.68v 3,122.54 704.79 ~~ l2, 858.47 1,139.04 836.85 233.50 144.99 ~ 19.00 1, 224..04 2,471, 72 ~, 1, 467, 65 241. $6 " 969.32 58.36~r 103.25 1,020.00 99.00 2, 420.38 ' 218,50 $106, 608.49 $ s,soo.oo _11,500 X00 20 000.00 x126,608.49 l 693.74 - 4 - ~~ VILLAGE OF' MUNTICELLO I.IC~,UOR r'UND MONTICELI,O MINNESUTA REPORT ON L'XAMINATIUN FOR THE PERIODS ,~AN[lARY 1,_ 1.9.5 TU_ tICTUBER 2Ux 195 AND JULY 29, 1,965„ TC1 OG'I'08Eit 2U, 1965 ,, ,. iai~U~ x FUND MONTICG'LLC), MINNESpTA a s 'TAB i. E ~~~~~. 0~ ~~ N T E N T S PAGE NQ, Auditor's Repnru 1 STATEMENT "A" Balance Sheet, !)ctnber 20, 19b5 2 S`1'AT~:MEN'1" "I3"' Statement n~ Zncixne anu Expense for the Periods i,il/h`~ to :10!20/6` and 7/29/65 to 10/20/6.5 3 1. 1 +' , . ., y. i v= r ,. ( 'J' r, R s ~.~. r _~ ~- ~. r. ~', i r „~ . -~-Kna:.-..~'~- v~ ~eu¢u a >r .. ... !t ~w . __ ', ;.~ ,, „ A A .~ r~~ ~~~i` ~u~zD M(?N':.'7 CE i,LC , r; .l NNF:SUTt~. RE PC~IZ r _ ('?ti ~:' ^;.~1.hi .•_ ;V~~'1' I f.l~r ~AtiL'AR7'_1~.,...1~65 T(~ ~1_~L:'r'~_~~~.~'..~. 1`)t'. AND - - ._. _ .._____a.---._..~_~ _ ...~ . __ ____... __ .._ ~.c'~'t?ilMtnra,.~ •;,~[?i?;>ixta r;G~~, ~,-•;, F:,,;: r; • .arL e)(x~n :)yr~•Ir'~lr'. ~NVTS7rCrn i,.~;.: FI-VANGIAI. REPORTS MtiNN6APOLi6 A. MtNN~^PT~- '1'r; r ttf:'. i;c>::. ~ a:'~ 1 ~ 'til v* a rrc:? Merr,' e~r ~ :~' ~F' `Ji.: 1 '~~,e: ,.c.rr_~i!(. i i 1'"1K)il' ,.. .. I. J.. ,..;Ii~tP.:~, ii ~v: l_;; itV:: z.';,:. i.7; '. 57 ~-. r' Ll.E. :.11'::1 r7 (: :. ~i L l'F'C~lir ~l ~+ r-.i f: k: lle 1,.ic.~UC)L' t=UCld C)f 1..f1P ~!..i;.i3t;e' Jr ?{,:rn,:ii'Ea.jr.~, ~"~,Tla@tnni 1, `t)r t.L I`:C11C7~I ende.,~a .3U~y' ,~r:~, ! 9~,"~. I"he r':';~a~lli.Lra[ i ~:~;.~ w~ls rrradP :r. a~ _;•rdar.::•.W'°. ..~itr; r;erleral l.y rict::l'pt:- r Pd ~,t_i1i.r3T';: tRiT7C,dr.a.ti dCl<' a~,.i',r<l;tiy:,lV rr~:l~acled li!li'!1 tttiCci c.i~ tile: '~ b cl~'::C)lFr1k 1Cfk' !'~• ~1: irc r3 L, ':1 5t:r It (1t~iF't tii~.•',1C Ili'r; i%2i71.'r'ijUr2S ci.~i lvC'. CoTl:,ic1E'.Y~" c''1 tlP,:.'E~lltiilr`.' L;~ C.flt:'. ::IYCL.lrT1Sl~[t(:~f">, Ir 1~~~~ ;~,i_t•r1, tl7e ar:.;<xttpc~rl~~rLt i>aljrtc:~ sheet and re:LAted ~star_~- alentti (,i :;..-< r me ,zr-Id expf_~ntae t)rrsE~rlt fai.1•l ~' tkl<: fin~lLlcial ~7r)i.t. ir;rl Wit. t}lf A.,lili.lOT t".111_; Cif ! r1f? ~71.l. ja,~,G'. Of t"1~~t1t~.Gc Z~..!') l1Tt JU.Iy" 1.3, ~..~(Jj, arld clle rl•?s~,tts ,,~. i.t., operdt.ion C~7r :!?e pErri..~cls January 1, ir~n~, ro ,1 it 1 V' ~ Fi , ~ Ci i , c: c'7 r"9 d :~1~? T 1 1. i* , ]. ~ !:') ~) t [ ~ JU 1_'y ~, (1 , ~. ~ f] ~ , 1. Ll ~ ;:7 fl ~ C7'rXtl 1, t. }r W L t. tl ~,c•nr-raal~ ~t:.:t';~t:c:c' ,;n•.!-rrltl7e,tra.l ,±::l:;,urltill~; a1:~I~ti~.d an a I)asis %cxl- ., 1.S t.F.'P~1'.: .Jll.i.. Ct7ar :~;. t. }le j)t'f.':i:E:'Ck1Ct~ ?7"1.:ri', <e.e>~)rr.'t i;ul l y submitted, FS 1':6~ Nei R I? L•' , MAY AND C;r:`MI'AN'i OVR RA[)'pRr~ ANp C[Rrt7 rG AY[! ARC lbttUKD WrrM YW[ UMpQRiTAMprMY TWAT, II }UflilfHtO, t1YWCR 7WR'Y N lliT ^f[ RfYPt4p1>l7C[p IH "-W E1R L'N7rRRY, pR iHgULp rr tse perrrtto ro rurusW AWr RcrrweWCe 741 OR [XrRAC7• IROM rW [M, TWAT Lt1CW 1WALL rl1L 1U[MI'Y'!'KC rpk OUR !1!~>"RDYAL. e ,, , :lip _ ;w' ;°iCi~I~'! ~"~'1~L~ I AS~~' ~~' .. •-;mss ~; ¢.__ <rc~, N a ~ , ~ ; - r s ;'t 7. iI fig ~ - l 5 ~' ., ~ ~ 1-~,.8 5 . ~~~z'ch~rrr.,.i.5k [r.vk ~ $ '~L~~`~2..FJ'3 a~-1~ `:: Tf..'~:Ai~ ~i~~t'rt.h'~~' _'~'.. _... . .. " Y rurni.t:ut^- and i.r.lires S , , ~ 1 , ~;..f, ~ ,, } ~ l t t ., s~ n 11~:~ ~ ~3w ] , . ~ c ~~-li t33 t4 Rui.~'ir~ [drojlr:~~<:lae: ~ , ~ C1i? nb`3 9 ~,5 ; ftesi~.x•v+• ,•„• ; F:F-r,/r >_at Ii~r7 ~ , ..._ `~i i ~`.a__.._ ~_ , . , , i~ t! a. l ~ l n ~; .~.rrl}: , , ti E a ; - ', '+!-1 S ~ ; + , . F•, :'~ ,t r S F( F:`. S F Y': '1 Et r (i [ :~ 7: r' ,;. d 1.. t (. ? ~ _. ..._ _ ._._ . `:id~k dr'ci c::.kC . 1 ~ ,~ 'a 4',!tt.~ 135 > c.5S ~tE .11E 1 _ ~... ....... .. ---- - ~ r 1 ~ , f ~ f. i • C i 1! ~f; t~~~~ fi. .'~ . _.~._ ~ a2 574.59 „, .._ ,.~ t.... _ , .. , I.~I ~ ii~____. .C ~.~:~ ......_m ~.."_._._... ~_ IBC ~H(> ~~ !1 t .~~~~. c ~.' a }, i ~ I ,, I Q 1 . =i ~.) ~.~:crued ,~'i+f~~'w ~ U. ~~:a. Y.k:..h,.-'~. i)[_~al.dc_r ir.,.. _ $ E~,Qt3G. 79 'I'r"I'AI. .;1,1!?:~z:ti`I-._{ .•',~?~L?.T1r.5 SL'fZc Lt'S y 5 "? V J l. 49 c J 5 .. 1T~i~ix[l"f' f~d'll..rat:.- 2i 1 ,. ~.rCS 5 ~~d: d. 115 ~ f.' d" °...r`: r. .., ,2 .. 1... ~.i11 ,~j "j '- C P f.'. t. ~ rl} ~~ r n'v e:II:f l'! L i' U 1'. f.3 .... ~_....w.. L} f) . ^i 9 :i . 80 _.....--._...---_. 1 ' R i - c ~. J l ' ~ t' ' r; F l; ;J';'i 41'x; CEh"+ '~ 'I t r~,, ,~ ,~•~;i ~ u:i'L•' VSIr 1 + ,~ ',r t :~. _z I ~, f- c7 r, ,., T•i)t the Ptx'ztxi ' c ~ ,,,~~, ~'~ic. c C (•. 7 1. _. .____ - ... _._.. i_.-..f._. ,_.._.._.- ..~.....r.,_ _. .. ~; va I .,. _ , r 1 .t. .. .. .., t~ ci , ~ a. t) L 4 ~ 1.1 c) ~~, l 1' I: _. .. , _.. , 9,~k: c'. a' l,l, ..dlr.. ' ~ ! . !+ r i ~~+.~ . i ..' ' ' , ,. ' ~ w.-.__ .._. r (~r , l 7 ' ~,. ~'I," .a 1. ~:; ~~~ i -----~ ~~ r :;•, r, ~a..~.._..._ Tc{ =,, (~~r.. i(ii.~.. ~i. r;'r~E~~ ~f.. '.~ ;;;.,~;~*.,raz'e, I~..e ~I,Gc, 7 . ., . , , [..,,~,,~., - L4i. :,.i L~, pe. n;3 t° .~ f. c,T[' ; r`, 7. 94 +., i)IIIITI L] ^ 1 (.: ~~+ t.. 1, n ri `fir ~ . ,. . ~ ti _ .- ` ., 1( ,'~~L r,t>liu ~ r r *,?c I T'I ~, ~~ :. 2$~: 7~~. y~' 1.~0F35, 75 J~ ,,, r V',i ._. _- _~~7~11i~, 87 r I.ra....79 c •, , ~~' I". •i 1. ,''._~_ c' l'i, ~'ri3. 59 ?2. 7I C . 3 ~'. 3'It" ~47. 405.54 E3 ~1. C) 2. X11 . 79 9. 0Ci 28..50 ~i ~ ,..~_1 5__'~i 7 G_, 7 r, _.....~ ... - ~~ ~i 1 li f> q 7 Cr . 18 a'~.t`clt~.x~e i;i,hc•:.;ur,t .p.,(-,%{a.4t3 ~i~.r.it1I1F ';c~nlnz~Y~-:icn 1 ~'c)~~ ; ~0~3 ',`? .......,_-.-..,.,.. ...-T... ...-.. --._.._.....,1_ r-_._f.. ~1E:7 i. ,Pei'.:Grp i3EF':.r~E. a)r T ~~ ~ ''~A;'I ('i`7 °;W 9, if, ~, 1 _.~. ... ___ _- ... ~__.w......._ 1_}t_ i, I' a : 4 d 1. i. C'tIl i:. T'. }. r ris ~ ..w._......__.....Y.4=.-• ti i; ~''a , ,± 2 l ~' ~ 1 ....._. ~'! .__:_'_l . 2Q _ rte? ~:. _._ • 0J. .~____ :.2.04 .14.9!+ $ ~, 050. 7 . ~;R 2.54.80 I4• % L . 03 t x'~ , F; 4 _..- . (, 2 m VILLAGE OF MONTICELLO LTQUQR FUND ONTICELLO MINNESOTA REPORT ON EXAMINATION FOR THE PERIOD JANUARY 1,,, 1965 TO APRTL 3_1965 S TATEME,,,,,N~','A" i VILLAGE OF,, MONTICELLO LIQUOR FUNb BALANCE SiIEET APRIL 3„L~~1965 ASSETS CURRENT ASSETS Cash on kiand $ 500, 00 Cash in Bank l0,OS1,61 Merchandise Inventory 1.823.70 TOTAL c NT AssETS FIxED AssETs Parking Lot $ 3~$00,A0 Furniture and Fix tures $ 17,872.62 Lees: Reserve for Depreciation 17 0 5.22 17.40 Building Improvem ents $ 14,741.83 Less: Reserve for Depreciation 5 4 .99 9,191.$4 Building Improvem ents - 1961 $ 7,545.88 Less: Reserve for Depreciation 4 6,902.50 Sink andCboktail Unit $ 435.00 Less: Reserve for Depreciation _ 1,5.13 249.87 Illuminated Sign $ 1,118.00 Leas: Reserve for Depreciation 28, 9 689.31 Cash Register $ 500.00 Less: Reserve for Depreciation 12. 0 487.50 TOTAL NET F XED ASSETS DEFERRED CHARGES Prepaid Insurance TONAL ASSETS LILTR~ILITIES ANA SURPLUS CURRENT LIABILITIES Accounts Payable $ 476.17 Accrued Wages 145,47 P.E.R.A. Deductions 10.44 T01AL CURE NT LIABILITIES SURPLUS Balance January 1, 1965 $ 52,071.49 Add: Net Income For Period ,3,.626.54 TQTAL $ 55,698.03 Less: Tragefef, Out to: Street Ln;provement Fund 9.000.00 TOTAL SURPLUS TOT L ILITIES ND SURPLUS $ 25,375.31 21,338.42 . 616.,38 47.330.11 $ 632. p8 46.698.03 S ,47.330„=11 STATEMENT "$" VIL GE OF MONTICELLO LI UOQ,r, RFUND STATE NT F INCOME AND EXPENSE FOR THE PER D A AR 1 19 0 PR L 19 t w y, To Sales SALES 800.70 $ 6 Liquor On Sale , 319.99 10 Liquor Off Sale , 744.42 3 Beer On Sale , 4 013.29 Beer Off Sale $ 24,878.40 100.00 TOTAL SALES G05T OF SALES $ 15,750.83 Beginning Inventory ~~~ Add: Purchases and Freight $ 31,187.78 T~(~TAL 14.823..7_0 Less: Ending Inventory 16,364;8 ,~65•Z$ TOTAL COST OF SALES -,~ $ 8,514.32 34.22 G S5 P OFIT 0 S LES PERA I EXPENSES $ 3,873.47 Wages 203.36 Light and Power 356.15 Stare Expense 19.00 Store Supplies 255.00 Professional Fees 13.72 Bar Supplies 14.75 Telephone 27.3fi Advertising 10,20 Glassware 58'31 Laundry 1.50 Licenses 239.68 Fuel ~$ Insurance ~ ~~p[ , 8 2~z TOTAL 0 E T EXPENSES $ 3,109.34 12.50 1~-T PROFIT FROt'1.OPERA~ R NC $ 590.97 Purchase Discounts 20.40 Juke Box 87,91 Telephone Commission ~~~ Cash Over $ 3,817.60 15.35 NET INCOklE BE ORE DEPREGIATION 191.0 _~77 Deduct: Depreciation Expense 1 '~ NET INCOME FOR FERIOD