Finance Committee Agenda and Packet 2012 09 17

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City Council Finance Committee Meeting Minutes 08/20/12 Page 2 of 4 Finance Director Watson introduced Dave DeZutter of Eide Bailly to the Committee. Mr. DeZutter presented the 2011 CAFR and the required SAS 114 letter to the Committee and stated that the same would be presented to City Council at the August 21, 2012 meeting. Mr. DeZutter stated that an unqualified “clean” opinion letter was issued for the 2011 financial statements and encouraged the Committee members to review the Management Discussion & Analysis section of the CAFR, which summarizes the positive position of the City. Mr. DeZutter stated that the City has favorable fund balances, no audit adjustments were made for 2011, that the City had paid down $2 million in debt during the year and that the finance staff was organized and very cooperative during their audit. Councilmember Sackett stated that the Finance Committee and City Council is committed to running a professional organization and that they take a lot of pride in the City’s continuing positive finance position. City Manager Fleming stated that he is always interested in and open to any feedback provided by the auditors. Councilmember Keany asked if the auditors had found any cash control practices or policies that were irregular. Mr. DeZutter stated there were none and that the auditors selectively visit auxiliary City operations during each annual audit. Finance Director Watson stated that due to federal funding received for the McCaslin/Dillon Road interchange improvements in 2012, next year’s audit will include a Single Audit, which is a more comprehensive audit that contains tests for compliance as is required when federal funding received is in excess of one- half a million dollars. SALES TAX REPORTS FOR THE MONTH ENDED JUNE 30, 2012 The Tax Manager presented the monthly and quarterly sales tax reports for the period ended June 30, 2012. The reports and the corresponding narrative can be located in the packet of the August 20, 2012 Finance Committee Meeting. REVENUE TREND DASHBOARD – PROJECTIONS OF AUGUST 16, 2012 The Finance Director presented the preliminary projections for all City funds based on the actual amount received during the first seven months of the year. 3