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REGULAR BUSINESS <br /> <br />PRESENTATION OF 1992 FINANCIAL STATEMENTS - COUNCIL ACCEPTANCE OF <br />1992 AUDIT - KIM HIGGINS, BONDI & CO. <br /> <br />Kim Higgins, partner in charge of Louisville's engagement with <br />Bondi & Company, gave a overview of Louisville's financial <br />statements (SEE ATTACHED). <br /> <br />Sisk wondered if Louisville had always received a clean audit, as <br />was the case this year. <br /> <br />Higgins: <br /> <br />When we first started doing the <br />audit, Louisville had a qualified <br />opinion on fixed assets, which meant <br />that we could not determine the <br />validity of the dollar amount in the <br />fixed asset section. That happens a <br />lot with governmental entities, <br />because depending on how old the <br />city is and how far back the <br />documentation goes, it may or may <br />not exist. We recommended that you <br />go through a process where you <br />research your land, and research <br />everything that you had, document an <br />estimated value of that information <br />to come up with a dollar value. If <br />we could audit that information and <br />place validity on those numbers, <br />then we took the qualifier out. At <br />the beginning, when we first started <br />doing our audit, I'm pretty sure <br />that was the case. <br /> <br />Lathrop wondered at what point the City could eliminate the <br />contingent liability for the Two Forks Project, or can they? <br /> <br />Higgins: <br /> <br />What you decided to do last year was <br />to wipe that investment in Two Forks <br />off your books over a three year <br />period. This is the second year. <br />Next year all of it will be gone and <br />eliminated from the financial <br />records. <br /> <br />Davidson: <br /> <br />Higgins: <br /> <br />Would you say that the City's <br />general financial condition is <br />improving? <br /> <br />Most definitely. Your cash and <br />investments are ten times greater <br /> <br />3 <br /> <br /> <br />