Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1924-05-10

Of the Financial Condition of Pocomoke
City, Maryland, from April 80,
1921, to April IL, 1924.
JOHN P. HERR
CerLifIed Public Accountant
Wesley Bldg, 18th and Arch SITS.
Philadelphia.

Wesley Bldg, 18th and Arch SITS.
Philadelphia.
April 10, 1924
To the Mayor and Council, and the
Taxpayers of Poccmoke City, ND.
Gentlemen: :,
We have the honor to submit here
with oul report of the audit OF the
books and accounts OF:
Eugene w. Veasey, Treasurer, Po-
comokU City. No.
> I. A. richards, Collector Of Taxes,
Pocomoke City.
W. h. Hall, Collector Of Water
Rents, all for the period beginning
May /, 1921 and ending April H.
1924.
Generally speaking, the audit was
very satisfactory and we are 1uiiy
satisfied that all funds belonging to
the Town have been properly account
ed for and applied to the uses specl-
fed in the Statements OF Recelpts
and Expenditures appended hereto,
which we hereby certify to be correct.
The expenditures are shown in COM
plete detail on pages as set forth IN
zEsa1e index Immediately preceding.
Excepting in the case OF MI. Rich
ards, the books have been kept a1ter
the plan of practical business man
rather than along strictly accounting
lines. They are however, in fairly good
shape, and enabled the preparation
of the necessary statements without
any additional work to speak OF. Mr.:
Richards books are in fine shape ana
very well kept.
As part of the audit we carefully
verified the receipts and expenditures
in the Sinking Fund, and a state
ment thereof is shown on Page ~.
It will be noticed that part Of the as
sets of the Sinking Fund are loans
made to the General Fund, and that
no interest has been paid on these
loans, neither have the coupons been
clipped this past year from the City
Bonds owned by the Sinking Fund.
The account with T. A. Richards,
Tax Collector, shows assessable prop
erty i'm the Town and the proof Of the
total taxes collected from year to
year. There is also appended de-
tailed statement of the unpaid taxes
for the years 1920-21-22 and %.
Relative to the accounts kept by
Mr.. Hall with Water Rents. We
think it would be well for him to
keep not only his present books, but
in addition thereto a simple cash
book, in which he will enter from
day to day the name of the payer and
the total amount OF cash received. AS
funds are turned over by him TO- the
Treasurer from this account, the cash
will of course agree with the total en-
tries on this cash book. AS it is now
Mr. Hall keeps the cash collections in
a seperate compartment without
making any other record than the
credit to the taxpayers account. We
verified an entire years receipts on
Water Rent Account, and found the
total to agree within $2.99 with the
figures turned. over by Mr.. Hall to
the Treasurer, his cash exceeding the
amount arrived at by the said sum.
The use of cash book, would, we
believe, facilitate an audit in the
future.
Mr.. Stroud collects the Street Tax
es and keeps careful note thereof IN
nicely kept book, which he presented
for our examination. We verified the
mechanical accuracy OF his accounts
and found them all correct. For the
various taxes collected by him he is
sues Street Tax Receipt, keeping
the stub as his record. It would seem
advisable to have these receipts and
stubs numbered serially, so that all
receipts can be more readily account
ed for
On Page 81, a statement Of the
Resources and Liabilities of the Town
is submitted. This statement gives
what we believe to be as nearly cost
value as it is possible to arrive at
the same, without spending very
great deal of time and effort. The
books have never been kept on the
basis Of segregating the cost Of per-
nanent improvements from current
expenses, and in the Statement of
Receipts and Expenditures submitted
by us we have not made any effort
to make this separation, but have in
dictated it in many instances.
We of course verified the balance
in bank, proved up the balances of UNI
paid taxes and water rents, verified
the existence Of all Of the assets in
the Sinking Fund, verified most of
the Notes Payable (almost all held
by the two banks), and as stated be-
fore, we believe the statement suffi-
GENTLY accurate for the purpose in
tended.
We wish to express our apprecia-
ton of the uniform courtesy and as
sistance shown us by everyone in the
course of our audit.
Respectfully submitted,
JOHN P. HERR,
Certified Public Accountant.
DrrArrrn ctr ArrMuN1r Ou