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Finance Committee Agenda and Packet 2019 08 16
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Finance Committee Agenda and Packet 2019 08 16
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City Council Finance Committee <br />Meeting Minutes <br />07/19/19 <br />Page 2 of 6 <br />Finance Committee Members approved the June 7, 2019 minutes as presented. <br />PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA <br />None. <br />2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND AUDITOR <br />COMMUNICATIONS <br />Ms. Kim Higgins, Partner with Eide Bailly LLP, presented the Independent <br />Auditor's Report regarding the audit of the City of Louisville's financial statements <br />for the year ended December 31, 2018. Ms. Higgins stated that report includes an <br />unmodified ("clean") audit opinion of the Financial Statements, Business -type <br />Activities, Major Funds, and Aggregate Remaining Fund Information. Ms. Higgins <br />stated that this is the best opinion a municipality can obtain and complimented City <br />staff for their work on the Comprehensive Annual Financial Report (CAFR). <br />Ms. Higgins reviewed with Finance Committee Members the Statement of Net <br />Position, Statement of Activities, Governmental Funds Balance Sheet, <br />Governmental Funds Statement of Revenues, Expenditures, Changes in Fund <br />Balances, and Notes to the Financial Statements regarding long-term debt. Ms. <br />Higgins state the net position of the City is very positive. Ms. Carrie Endres of Eide <br />Bailly LLP, presented its Letter of Governance to the Finance Committee Members <br />and stated that the audit process was very smooth with only three minor <br />misstatements identified in the audit. <br />Finance Committee Chairperson Maloney thanked Ms. Higgins and Ms. Endres <br />for their presentation of the 2018 CAFR, and for reaffirming the great work done <br />by the City's Finance Department. <br />The reports and corresponding narrative can be located in the packet of the July <br />19, 2019 Finance Committee Meeting. <br />2019 PERFORMANCE MEASURES REFINEMENT REQUEST FOR <br />PROPOSALS <br />Ms. Emily Hogan presented to the Finance Committee a draft of the proposed RFP <br />to be issued to secure a consultant to assist the City in refining its performance <br />measures prior to the 2021/2022 budget process. Ms. Hogan stated that staff will <br />be requesting an additional $20,000 be added to the 2020 budget, and if approved <br />by the Finance Committee, the RFP will be placed on the October City Council <br />consent agenda and issued in November. <br />3 <br />
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