Finance Committee Agenda and Packet 2011 08 22

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City Council Finance Committee Meeting Minutes 07/18/2011 Page 2 of 4 Finance Director, Kevin Watson, introduced Mr. DeZutter, Audit Partner for Eide Bailly LLP, to the Committee. Mr. Watson informed the Committee that Mr. DeZutter would present the 2010 Comprehensive Annual Financial Report (CAFR) at the July 19 Council meeting and explained that the Statements on Auditing Standards No. 114 (SAS 114) letter would be presented to Council as a consent item at the same meeting. Mr. DeZutter stated that there were no material audit adjustments and that the City received a clean opinion for its 2010 financial statements. Mr. DeZutter stated that all fund balances are strong. Mayor Sisk again expressed concern over the delay in receiving the SAS 114 Letter and CAFR, which is normally expected in June. Mr. DeZutter stated that the reduced fees the City receives for his services were based on starting the audit after April. Mayor Sisk asked if the City’s check endorsements process was reviewed by the auditors as part of its review. Mr. DeZutter indicated that samples pulled are all tracked through the entire process and that segregation of duties is reviewed. The Finance Director stated that the City utilizes a positive pay process by which a file is submitted to the bank indicating the checks that are authorized for payment. Mayor Sisk indicated that the Louisville business information contained in the CAFR should be noted and the top employers visited by City staff. In closing, Mr. DeZutter stated that the City would need to adopt some new reporting standards in 2012 regarding a new presentation method of fund balances as required under the Governmental Accounting Standards Board Statement No.54. The CAFR and SAS 114 Letter can be located in the packet of the July 18, 2011 Finance Committee Meeting. REVIEW OF BUDGET AMENDMENT SCHEDULED FOR JULY 19, 2011 The Finance Director presented the resolution amending the 2011 budget for items that were not anticipated or measureable at the time the 2011 budget was adopted. The main purpose of the amendment is to adopt legal appropriations for settlement of the AT&T Mobility refund claim. The Resolution and related documents can be located in the packet of the July 18, 2011 Finance Committee Meeting. ê