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- 3 - INVENTORIES. Presently, physical quantities of inventory items are not checked by anyone other than the store- keepers. To insure that instructions for physical counts are understood by storekeepers and that all items are counted properly, physical counts should be supervised by someone other than those responsible for the inventory. GENERAL FIXED ASSETS. The City has developed and implemented a strong General Fixed Assets Management System: however, certain areas may be improved. (a) The general ledger control maintained by the Finance Department and the subsidiary ledger maintained by the Purchasing Department should be reconciled monthly or quarterly to eliminate any differences in asset acquisition costs. (b) There should be approval for all assets destroyed, junked or abandoned. All City property sold must be properly advertised in accordance with City Charter provisions and sold to the highest bidder. The resultant more complete and accurate subsidiary records will enable Management to better determine future capital outlay needs. The Purchasing Department may also benefit from these records by pinpointing departments where surplus property exists that can be transferred to other departments where there is a need. REVENUE SHARING. There are many projects in the Federal Revenue Sharing Fund which have been appropriated during the past four entitlement years that could be completed or reappropriated. The Federal Revenue Sharing program is being phased out and the City may want to finalize as many open projects as possible during the next six months. It may benefit the City to spend the funds, and thereby, not risk the possibility of reduced future entitlements or possibly refunding any money not spent to the Federal Government in the event the Revenue Sharing program is discontinued. Harold V. Simpson & Company, Certified Public Accountants, Austin, Texas