City Council Minutes 1988 06 07 - Laserfiche WebLink

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Committee met with City's auditing firm regarding the 1987 Audit Report. Sharon Asti-Caranci stated that Council had a copy of findings of the Audit and would answer any questions Council may have. Finance Committee Bob Szymanski reported that the Committee was very pleased with the findings of the 1987 Audit. "It showed the City to be in a very stable financial position." Szymanski stated that there is room for improvement, but strides are being made and progress is being made in the right direction. "In light of the fact that if you look at the economic conditions in the Country and around the State in the past couple of years where other cities have suffered financial withdrawals and a pull back of services, we look at the City of Louisville where we have maintained services and improved our financial position. I think overall our financial department has done an outstanding job in handling the monetary funds of the City." Szymanski stated that this is the first year that the City actually prepared their own f inancial report where in years past the auditing firm would come in and do the City's year end bookkeeping fo:r us, do all the preparations and do the audit. Through the efforts of the finance department, we have assumed this responsibility, upon the recommendation of the auditing firm, which results in better control for the City. "The iEinance department is to be commended for an outstanding job. " "I would like to commend Sharon and the finance department for a job well done." Szymanski stated that the Committee recommends Council approve the 1987 Audit as submitted. Mayor Fauson stated that Sharon has always done a very good job in the eight years he has been on Council with marked improvement year after year and thanked Sharon and her department as well as the Finance Committee. Mayor Fauson moved and Szymanski seconded to accept the 1987 Audit Report. Motion passed 7-0. ACCEPTANCE OF ENGAGEMENT LETTER - CITY AUDITORS - BONDI AND CO. Asti-Caranci stated that late in 1986, staff requested proposal: for an annual auditor. The RFP outlined that the City would enter into a one year contract with the successful auditing firm, with the option of yearly renewals for a period of three years. Bondi & Co. submitted the renewal of their contract to ~>rovide auditing and accounting services for 1988. Staff was extremely pleased with the services provided by Bondi & Co., as well 9