2007 Management Letter - Year End 12-31-2007

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I I I I I I I I I I I I I I I I I I I City of Centerville May 29, 2008 Page 5 Adjusting Journal Entries JE # 12 Debit Credit To record Utility Receivable Adjustment 415-11500 Accounts Receivable $ 8,521 601-11500 Accounts Receivable 57,872 602-11500 Accounts Receivable 88,819 415-43000-32350 Stonn Water Drainage Fund Fees $ 8,521 601-49400-37100 Water Sales 57,872 602-43200-37200 Sewer Sales 88,819 Total $ 155,212 $ 155,212 Adjusting Journal Entries JE # 13 To remove Utility Rec in GF to Sewer Fund 101-11500 Accounts Receivable $ 1,305 602-10100 Cash 1,305 101-10100 Cash $ 1,305 602-43200-37200 Sewer Sales 1,305 Total $ 2,610 $ 2,610 Adjusting Journal Entries JE # 14 To reclass SA Rec and set up Add! SA rec'd in April 312-12100 Special Assess Rec-Current $ 5,976 312-12100 Special Assess Rec-Current 6,005 312-22200 Deferred Revenues 6,005 345-12100 Special Assess Rec-Current 2,476 312-11500 Accounts Receivable $ 5,976 312-12300 Special Assess Rec-Deferred 6,005 312-43000-36100 Special Assessments 6,005 345-11500 Accounts Receivable 2,476 Total $ 20,462 $ 20,462 Adjusting Journal Entries JE # 15 To record additional accts payable 601-49995-500 Capital Outlay (GENERAL) $ 12,991 601-20200 Accounts Payable $ 12,991 Total $ 12,991 $ 12,991 Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. Weare pleased to report that no such disagreements arose during the course of our audit. 952.835.9090 . Fax 952.835.3261 www.aemcpas.com