Department of Livestock Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997

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The proceeds are subject to claim by the owner of the animal for a period of two years. After this two year period the department may transfer the proceeds from the stray livestock account to a state Special Revenue Fund to be used for department operations.
The department's stray livestock account was transferred from the Agency Fund to the Expendable Trust Fund in fiscal year 1995-96 as required by state policy. When the account was transferred several state policy requirements were overlooke
...d. The following accounts should have been established in the Expendable Trust Fund; a fund balance for the estimate of the amount held which would not be reclaimed by owners, revenue for current year collections which would not be reclaimed by anyone, and operating transfers to transfer funds to the Special Revenue Fund. The Property Held in Trust (PHIT) should also be adjusted for amounts transferred and estimated revenue.
The following table outlines the accounts that are misstated in the financial schedules.


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