Department of Livestock Financial-Compliance Audit for the Two Fiscal Years Ended .. 2005
Department of Livestock Financial-Compliance Audit for the Two Fiscal Years Ended .. 2005
Montana. Legislature. Legislative Audit Division
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According to department personnel the effective date of the bill is July 1, 2007, because the legislature was concerned about compliance with the state of Montana's spending cap. During the interim the department is required to record the activity in the agency fund resulting in the misclassifications found in Table 1 on the next page. Page 3 Introduction Table 1 Board of Horseracing Over and (Under) Statements Fiscal Year Fiscal Year State Special Revenue Fund Fund Balance July, 1 2004-05 2003...-04 $ (241,984) $ (263,080) Revenues (329,238) (345,855) Expenditures (340,076) (366,951) Fund Balance June, 30 (231,146) (241,984) Agency Fund PHIT* Balance July, 1 241,984 263,080 Additions to PHIT 329,238 345,855 Deletions from PHIT 340,076 366,951 PHIT Balance June, 30 231,146 241,984 * Property Held in Trust Source: Compiled by the Legislative Audit Division from department accounting records. Page 4 Findings and Recommendations Unallowable Federal The department cannot support the personal service costs it Costs allocated to its federal programs.
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