City Council Study Session Summary 2017 02 28

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City Council Study Session Summary February 28, 2017 Page 4of4 Director Watson explained that this will affect our financial statements for 2016. This is more of a management issue rather than a financial statement audit issue. Council member Stolzmann asked what were the revenue projections for those years? The error should have triggered a large variance from the budget and provided an opportunity to catch it. Formulas and projections need to be reviewed. There was discussion of how this could have been overlooked. Council member Leh said the good news is that it was found internally. Staff needs to evaluate how to prevent this from happening again. We will have it corrected before issuance of 2016 financial statements. We should do a complete review. Issue will be internal controls with auditors. Council member Stolzmann does not believe we have a year to consider this before the 2018 impact. She wants to know earlier and deliberately if it is going to affect capital projects. Council member Lipton agrees - we need to do some target planning. We will need to open the CIP and ask if we need to delay CIP that are just starting? Council member Loo agrees and said $780,000 is a substantial sum of money. Director Watson said he is trying to come up with a solution to keep biennial budget intact. City Manager Fleming said the intent is to do it during biennial review. City Manager's Report & Advanced Agenda • Discussion of Golf Strategic plan — this was roughly Council direction. • Council would like notice of spraying publicized. • Council would like staff to reduce presentation time. presentation summary. • Staff will get advice from Sam on whether or not we on Consent. Identification of Future Agenda Items Adjourn 8:27 pm Submitted by— Dawn Burgess March 1, 2017 in accordance with Planning looking at can put 1st readings