Report No. 2009-100
September 2009
Complete Audit Report

Findings in the audit of the Village of Truxton

Financial Reporting, Budgets, and Ordinances
The village has not published or posted semi-annual financial statements as required by state law. for at least a year. The village's budgets are not complete or in compliance with state law. Village ordinances are not sequentially numbered, thus hindering the village's ability to locate specific ordinances.

Bank Reconciliations
Procedures have not been established to routinely follow up on outstanding checks and other reconciling items noted on bank reconciliations. In addition, the manual checkbook ledger contains calculation errors.

Disbursements
Controls and procedures for disbursements are in need of improvement. The village does not have a formal bidding policy. Bids were not solicited for or documentation of bids received was not maintained for various purchases made by the village, including financial audit services ($3,475) and ditch repair work ($2,955) during the year ended April 30, 2009.

The village considers the Village Treasurer to be an independent contractor; however, the village did not clearly document why she qualified as an independent contractor.

Capital Assets
The village has not established formal policies and procedures for capital assets, including procedures for an annual physical inventory. The village does not maintain complete and current records for its capital assets including land, buildings, equipment, and furniture. Also, property is not tagged for specific identification, and an annual physical inventory is not performed.

Complete Audit Report
Missouri State Auditor's Office
moaudit@auditor.mo.gov