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DRAFT r� <br /> information outlined above. At year-end, all departments should submit their <br /> ;annual inventory list as required by the town by-lows. <br /> ;C. Cost of Vested Vacation and Sick Leave Benefits <br /> The town has not determined the accumulated cost of vested vacation and sick <br /> leave benefits for town employees as of June 30, 1988; therefore, the town's <br /> liability has not been reflected in the fiscal year 1988 financial statements. <br /> ry'TThe National Council on Governmental Accounting in their Statement 4 "Accounting <br /> and Financial Reporting Principles for Claims and Judgements and Compensated <br /> 'Absences" advocates that the combined financial statements include the cost of <br /> 'vested vacation and sick leave benefits. Statement 4 was recently included as <br /> part of the "Codification of Governmental Accounting and Financial Reporting Board <br /> Standards" issued by the Governmental Accounting Standards Board (GASB). We feel <br /> , <br /> the town should develop the necessary records to determine the cost of vested <br /> Vacation and sick leave benefits. <br /> Recommendation <br /> DRAFT <br /> The town should establish records that will provide the cost of vested <br /> vacation and sick leave benefits in accordance with the GASB requirements. <br /> D• School Lunch Program <br /> The school lunch program issues weekly tickets to the students who are <br /> k'eligible to receive free and/or reduced meals. Each time a student receives a <br /> f., <br /> meal, the cafeteria cashier punches a hole in the ticket and records the sale on <br /> he cash register. At the end of each day the register tapes are given to the <br /> ecretary for use in the monthly claim for reimbursement and daily potential <br /> ncome schedule. <br /> Testing of the school lunch receipts disclosed the following exceptions: <br /> DRAFOr <br /> 13 <br />