Finance Committee Agenda and Packet 2018 08 17

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City Council Finance Committee Meeting Minutes 07/16/18 Page 2 of 6 PRESENTATION OF 2017 COMPREHINSIVE ANNUAL FINANCIAL REPORT (CAFR) AND COMMUNICATION IN COMPLIANCE WITH AU-C 260 Ms. Sarah Kurtz, 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, 2017. Ms. Kurtz stated that report includes an unmodified ("clean") audit opinion of the Financial Statements, Business -type Activities, Major Funds, and Aggregate Remaining Fund Information. Ms. Kurtz reviewed with Finance Committee Members the Statement of Net Position, Statement of Activities, Governmental Funds Balance Sheet, Governmental Funds Statement of Revenues, Expenditures, Changes in Fund Balances, and Notes to the Financial Statements regarding long-term debt. Finance Committee Member Mayor Muckle asked Ms. Kurtz if the audit revealed any cash handling risks, or other areas of process deficiencies when compared to other municipalities. Ms. Kurtz stated that control processes are reviewed and auditors perform walk-throughs of key controls to ensure soundness. Ms. Kurtz stated that the controls in place at the City of Louisville are as good, or better, than other municipalities due to a strong Finance Department, that the net position of the City is in line with other cities, and that Louisville was one of just a few cities able to provide a completed CAFR. Director Watson stated the City has implemented all of the recommendations by Eide Bailly based on their review of off -site City locations. Director Watson stated the CAFR was completed in record time and recognized the efforts of Finance staff and the positive working relationship with Eide Bailly, which allowed to audit to be completed ahead of schedule. Finance Committee Chairperson Maloney stated his gratitude for the work conducted by the Finance Department in completing the CAFR, and the efforts of staff and Eide Bailly in completing the financial audit. Member Maloney asked Ms. Kurtz if there are other areas of City operations that she would recommend be audited for internal controls. Ms. Kurtz stated that the City could consider auditing the internal controls of Public Works and related capital assets, purchasing, and asset handling to ensure sound business operations. Chairperson Maloney requested Director Watson and Ms. Kurtz discuss possible areas for future review. The reports and corresponding narrative can be located in the packet of the July 16, 2018 Finance Committee Meeting. ENTERPRISE DASHBOARDS Finance Director Kevin Watson stated that Head Golf Course Professional David Baril is currently on vacation, but that the Golf Course Dashboard has been 3