Finance Committee Agenda and Packet 2020 08 18

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City Council Finance Committee Meeting Minutes 07/21 /20 Page 2 of 7 None. DISCUSSION WITH EIDE BAILLY REGARDING THE 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND AUDITOR COMMUNICATION IN COMPLIANCE WITH AU-C160 Ms. Kim Higgins, Partner with Eide Bailly LLP, presented the Independent Auditor's Report regarding the audit of the City of Louisville's financial statements for the year ended December 31, 2019. Ms. Higgins stated that report includes an unmodified ("clean") audit opinion. Ms. Higgins stated that this is the best opinion a municipality can obtain and complimented City Finance and IT staff for their efforts and work within a virtual environment to complete the audit and produce the Comprehensive Annual Financial Report (CAFR). Ms. Higgins reviewed with Finance Committee Members the Statement of Net Position, Statement of Activities, Governmental Funds Balance Sheet, Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances. Ms. Higgins stated the net position of the City is very positive. Ms. Higgins also presented its Letter of Governance to the Finance Committee Members and stated that the audit process, given the current working circumstances and environment, was very smooth with only one minor misstatement identified in the audit. Finance Committee Member Chris Leh stated his appreciation of staff and commented that the City is in good hands. Member Leh asked Ms. Higgins her opinion regarding the anticipated effects of COVID-19 to governmental entities. Ms. Higgins stated reporting comparisons going forward will be unique with the expectation that various revenue sources will certainly decline, but state that the City is responding appropriately in reviewing its budget, CIP projects, and program staffing to find savings. Ms. Higgins stated the City is in a good position now, and into the future, with sound governance in place. Finance Committee Member Lipton and Finance Committee Chairperson Maloney thanked Ms. Higgins for her presentation of the 2019 CAFR, and also Director Watson, the Finance and IT staff for the great work done. Chairperson Maloney invited Director Watson to bring forward any additional recommendations for financial or operational audit requests he deems prudent. Mayor Ashley Stolzmann also thanked staff for all the work necessary to complete a virtual audit, and encouraged Utility Committee to review the Statistical Section (pg. 132) of the CAFR when considering Windy Gap funding options (bonding vs. cash). El