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Lathrop commended the Council and staff, particularly Sharon Asti- <br />Caranci, Director of Finance, and her staff. <br /> <br />Howard stated that the whole process looks better this year than <br />he'd seen it in a long time and that the City is going in the right <br />direction and that they should keep going in that direction. <br /> <br />Mayer was concerned about the use of the Capital Improvements Fund. <br />He stated that the goal of Council has to be that growth related <br />fees have to be funding things that are related to growth for long <br />term financial accounting for the City. He wants the City to have <br />better cost accounting in relation to the Cemetery. <br /> <br />Howard moved that Council accept the 1991 Audit and that the <br />recommendations by BONDI & Co. be adhered to, which include <br />directing the Finance Director to write off the W-470 loan, <br />directing the Finance Director to begin the final arbitrage <br />calculation on the 1989 Sales Tax Bonds completed, the improvement <br />in accounting on both the Recreation Center and the Cemetery Funds, <br />and at least a goal for staff to ensure that Growth Fees go <br />directly for growth items. Seconded by Mayer. <br /> <br />Davidson called for any further Council discussion. <br /> <br />Davidson commended the Auditors and the 1992 Finance Committee. <br /> <br />Roll call was taken. Motion passed by a 7-0 vote. <br /> <br />APPROVAL OF THE 1992 AUDIT CONTRACT - ENGAGEMENT LETTER WITHBONDI <br />& CO. <br /> <br />Sharon Asti-Caranci, Director of Finance, stated that in 1991 staff <br />requested RFP's for an auditing firm. That RFP had outlined that <br />the successful auditing firm would get the contract for one year <br />and if that audit was successful, for three additional years. She <br />then reviewed the Engagement Letter. <br /> <br />Davidson called for Council comments or questions. <br /> <br />Sisk: <br /> <br />In the Engagement Letter the fees <br />are estimated to be approximately <br />$16,900. Where is the point that <br />Council knows it's going to exceed <br />$16,9007 <br /> <br />Asti-Caranci: <br /> <br />There is a contract where we won't <br />exceed $16,900. That is for the <br />auditing services. If they are <br />engaged to do any other services; <br />for example, the arbitrage <br />calculation, that would be an <br />additional fee based on their fee <br /> <br /> <br />