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4/5/2018 8:33:30 PM
 
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Section 5: OPA Board Subject: Casino Funds History Msg# 1010047
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"The casino money gets direct deposited to our bank. It is handled in the budget as a direct contribution to the Roads reserve fund. It does not appear as revenue or expenditure on the general ledger."
Don: as a CPA can you shed some light on the appropriateness of the above accounting? I'm not sure any monies should be excluded from the general ledger as a matter of GAAP. Thanks |
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For reference, the above message is a reply to a message where: The casino funds do not impact the assessment except that we do not have to collect assessments from the community for repairs. The $329,871 equals about $39 of assessment we don’t have to collect for reserves. Something does not make sense. Why aren't the casino finds listed as revenue that would decrease the assessment? Is the money collected each year from the county, some $450,000, also not used to reduce the assessment? I don't think that is the case. By the way, I believe some $50,000 or so of that county pass through money is for roads. My memory tells me that the the board at some point decided not to include the casino money as revenue in the budget because OPA did not know how much it would be from year to year. Didn't make sense then. Is there any other OPA revenue that is handled in a similar fashion? I think the answer is NO. Maybe I am missing something, but I have yet to hear a reasonable explanation. |
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