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City Council Finance Committee <br />Meeting Minutes <br />08/19/2010 <br />Page 2 of 4 <br />Director, Kevin Watson, introduced Mr. DeZutter to the Committee and explained <br />that two letters would be presented and that both communications are required <br />per Statements on Auditing Standards No. 114 and No. 115. Mr. Watson also <br />informed the Committee that Mr. DeZutter would present the 2009 <br />Comprehensive Annual Financial Report at the August 17 Council meeting. <br />Mr. DeZutter stated that three comments were made in the areas of Material <br />Audit Adjustments and the Restatement of Beginning Net Assets, Segregation of <br />Duties and Journal Entries. Each comment was responded to by management <br />and were included in the Finance Committee communique. <br />Mr. DeZutter stated that the City received a clean opinion for 2009 and that the <br />General Fund, Open Space and Capital Improvement funds are strong as well as <br />the Water and Wastewater Funds. Mr. DeZutter stated that audit went well and <br />that the only difficulty was in properly recording the golf course transfers and <br />loans which required the restatement of the retained earnings for 2008 and 2009. <br />Council Member Sackett requested a statement from Mr. DeZutter clarifying that <br />all the deficiencies noted in the management letter had been remedied. Mr. <br />DeZutter stated that while he was confident that the three issues had been <br />addressed, the formal follow -up for those items would not be addressed until the <br />next audit review. <br />Mayor Sisk and Council Member Sackett requested that Kevin Watson, Finance <br />Director speak to each of the three deficiencies noted at the August 17 Council <br />meeting, giving background on each item and emphasizing the actions already <br />taken. <br />Mayor Sisk also expressed concern over the delay in receiving the Management <br />Letter, Audit Findings and Comprehensive Annual Financial Report, which is <br />normally expected by June 30. Mr. DeZutter apologized and indicated that the <br />restatement of the golf course transfers added additional time but that they would <br />work towards meeting the June 30 date for 2010. <br />In closing, Mr. DeZutter stated that the City would need to adopt some new <br />standards in 2010 regarding a new presentation method of fund balances as <br />required under GASB. <br />SALES TAX REPORT FOR THE PERIOD ENDED JUNE 30, 2010 <br />The Tax Manager presented the June 30, 2010 Sales Tax Report and the <br />quarter -end reports on sales tax by area, by industry and the historical revenue <br />report. The reports and the corresponding narrative can be located on the City's <br />website at www.louisvilleco.gov. <br />3 <br />