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I <br /> FOLLOW-UP ON PRIOR YEAR ISSUES <br /> 1. MAINTAIN RECORDS OF DEPOSITS HELD/ESCROW ACCOUNTS <br /> k,. <br /> I <br /> The Town's Planning Department and Health Department receive monies <br /> from various contractors, developers, etc. as deposits to be held in escrow <br /> until the completion of a project. These funds are turned over to the Town <br /> Treasurer and the Town acts as an agent for those funds. <br /> I <br /> We found that there were no detailed comprehensive lists of escrow deposits <br /> available. In addition, these funds are not reported in the Town's general <br /> ledger balances. <br /> We recommend that each department receiving escrow deposit money <br /> maintain a detailed comprehensive list of all escrow deposits. We further <br /> recommend, given the agency relationship the Town has in regard to these <br /> escrow deposits, that all escrow deposits be included in the Town's general <br /> ledger in the agency fund. <br /> •E <br /> 2. CONSIDER USE OF SURPLUS CAPITAL PROJECT FUNDS <br /> The Town currently maintains capital project fund balances of approximately <br /> $ 284,000 for various projects which have been completed. The unexpended <br /> balance in these funds may represent a funding source for current or future <br /> projects. The uses of unexpended bond proceeds are regulated by Massa- <br /> chusetts General Laws. <br /> We recommend that the Town research the original intent and source of <br /> these funds and in doing so determine the allowable use of these funds in <br /> accordance with Massachusetts General Law. <br /> i <br /> I <br /> 4 <br />