Finance Committee Agenda and Packet 2013 03 18

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City of Louisville Request for Proposals Professional Auditing Services 5 of 10 D. PENSION PLANS The City of Louisville provides a qualified defined contribution pension plan, administered by the ICMA Retirement Trust. E. OTHER UNITS The City of Louisville is defined, for financial reporting purposes, in conformity with the Governmental Accounting Standards Board's Codification of Governmental Accounting and Financial Reporting Standards, Section 2100. The city has one blended component unit included within the reporting entity; the Urban Revitalization district, which is presented as a Special Revenue Fund. H. JOINT VENTURES The City of Louisville does not participate in any joint ventures with other governments. I. MAGNITUDE OF FINANCE OPERATIONS The City of Louisville Finance Department is headed by the Finance Director and consists of an Accounting Manager, a Tax Manager, one Accountant, one Tax Auditor, and three-and-one-half Accounting Technicians. The Finance Department is responsible for the City’s accounting and financial reporting, cash management and investments, budget development and monitoring, cash collections, accounts payable, payroll, fixed assets, and utility billing. J. COMPUTER SYSTEMS The City’s Financial Management System is software developed by American Data Group (ADG) and includes general ledger, utility billing, accounts payable, payroll, fixed assets, and sales tax. K. ENTRANCE CONFERENCES, PROGRESS REPORTING, EXIT CONFERENCES, AND REPORT PRESENTATION The City of Louisville will expect at a minimum the following meetings, to include the City Council, Finance Committee, Finance Director, and Finance staff: 1. Entrance conference with Finance Director and Finance Staff: The purpose of this meeting will be to discuss prior audits, schedule interim work, and plan for current audit. This meeting will also be used to establish overall liaison for the audit and to make arrangements for needs of the auditor. 2. Progress conference with Finance Director and Finance Staff: The purpose of this meeting will be to discuss the status and to identify the key internal controls or other matters to be tested. 3. Exit conference with Finance Committee: The purpose of this meeting will be to summarize the results of the fieldwork, review findings, and review the financial statements. 4. Report Presentation to City Council: The auditor shall formally present the audit report along with the financial statements to the City Council. IV. ASSISTANCE TO BE PROVIDED TO THE AUDITOR AND REPORT PREPARATION A. FINANCE DEPARTMENT AND CLERICAL ASSISTANCE: The Finance Department staff and responsible management personnel will be available during the audit to assist the firm by providing information, documentation, and explanations. 10