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<br />was offered, the Secretary announced an overall budget could not be <br />determined until agreements had been reached with various agencies for <br />services to be rendered and until the Administration had decided on <br />what employees might be needed and the salaries to be paid. Although <br />the Administration did not approve a budget for the fiscal years ended <br />June 30, 1950, or JUlle 30, 1951, the Representatives specifically author- <br />i:ed such expenditures as the secretary's salary, expense of reading <br />Holly Drainage Gauge, etc. <br />A bicnnium budget for the fiscal years ending June 30, 1952, and <br />June 30, 1953, amounting to $5,000_00 for each year was adopted at <br />the Administration's Meeting on August 4, 1950. The writer is ad- <br />vised, said budget will be submitted as required under Article VII of <br />the By-Laws. <br />Your attention is called to the fact, the Administration has a fiscal <br />year beginning July 1, and ending June 30, and a related budget geared <br />accordingly. The Arkansas River Compact Administration also is re- <br />quired to submit an annual report embracing the period beginning <br />November 1, and ending on the succeeding October 31. Care should <br />be taken, in subsequent years, not to confuse a budget adopted for a <br />fiscal year to the "'Report Year." <br />In conclusion, the writer wishes to point out, the By-Laws prescribe <br />under Article VII paragraph 5, "All receipts and disbursements of the <br />Administration shall be audited yearly by a certified public accountant <br />. . . . . . and the report of audit shall be included in the annual re- <br />port of the Administration." Since Article VII refers to "Fiscal," there <br />arises a question in the writer's mind if the fiscal year ended June 30, <br />is not the period to be examined by the certified public accountant. In <br />view of the problems arising in the future on the preparation of state' <br />ments reflecting actual revenues and disbursements. wnen compared to <br />budgeted amounts for a fiscal year ending June 30 and tne annual report <br />covering receipts and expenditures for the report year ending October <br />31, the writer suggests the Representatives clarify the Auditor's position <br />in this matter. <br />As previously ffiC'ntioned, this Report covers, as directed by you, <br />transactions of the "Report year" ended October 31, 1950. <br /> <br />Respectfully submitted, <br /> <br />ROBERT W. ROLLINS <br />Certified Public Accountant. <br /> <br />16 <br /> <br />-1- <br />, <br /> <br />\ <br />\ <br />, <br />