Collections (Property Taxes, Utility Collections) Objectives Risks Tax receivables are accurate and recorded in a timely manner. Lost revenue; theft; I & P for customers Tax collections are reconciled to tax records. Lost revenue; Adjustments from the Tax Assessor not handled appropriately Utility collections are reconciled to utility billing. Material difference between subsidiary and general ledger; lost revenue, potential theft Late penalties are properly calculated and recorded. Court collections are done in accordance with Administrative Office of Courts. Lost revenue; signature stamps unknown to city hall All legal requirements regarding utility/property tax transactions are met. Segregation of Duties Considerations
Collections (Property Taxes, Utility Collections) Objectives Risks Tax receivables are accurate and recorded in a timely manner. Lost revenue; theft; I & P for customers Tax collections are reconciled to tax records. Lost revenue; Adjustments from the Tax Assessor not handled appropriately Utility collections are reconciled to utility billing. Material difference between subsidiary and general ledger; lost revenue, potential theft Late penalties are properly calculated and recorded. Court collections are done in accordance with Administrative Office of Courts. Lost revenue; signature stamps unknown to city hall All legal requirements regarding utility/property tax transactions are met. Segregation of Duties Considerations
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