Minutes 10/28/1986 - Laserfiche WebLink

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06 TUESDAY, OCTOBER 28, 1986 1. Fixed Assets Inventory, all of which has been compiled and recorded in the City's data processing systemt except the inventory of property assets owned by the City School Boardt with Council being informed that the School System inventory will soon be available; 2. Utility Depositst wherein was noted that a detailed listing of deposits by funds (water and electric) and the portion of interest earned by the respective deposits was not updated by the City Treasurer's office during the yeart with City Treasurer John w. Bouldin, Jr., reporting that such listing is now in the process of being updated; 3. Bank Reconciliations, the prompt preparation of which the audi- tors recommended be performed by someone outside the Treasurer's office. By memorandum report dealing with this matter, under date of November 6t 1985, City Manager Brown informed Council thatt in his opiniont ......the Treasurer should reconcile his own accounts....subject to review by a qualified independent person or firm selected by Council" for which review(s) City Manager Brown had previously requested appropriated funds. After some discussion of this matter and after comments thereon by City Treasurer Bouldin and Finance Director Richard D. Fittst with Mr. Fitts indicating that "in-house" reconciliations could be per- formed with "no problems"t Council directed City Manager Brown to undertake the "in-house" procedure on a trial basis and to report to Council as to its "success" or effectiveness; and 4. Surprise Cash Countst which the auditors indicated should be done at least once during each fiscal year by someone outside the Treasurer's officet whether another City employee or an indepen- dent accounting firm. Again referring to his memorandum of November 6t 1985t City Manager Brown reiterated his opinon that ......someone outside the organization, qualified to do such workt be selected for this purpose." Finance Director Fitts concurred with Mr. Brown's opinion, indicating that the day-to-day rela- tionship of Finance Department personnel with personnel of the City Treasurer's office would be best served if surprise cash counts are made by an independent accounting firm, whereupon Council unanimously authorized City Manager Brown to obtain a proposal from an "outside" firm to perform such "counts" for Council's consideration. Meanwhile, in response to Mayor Oakes' suggestiont Mr. St. Lawrence indicated that he would be glad to meet with Council without costt if limited to a few hourst to explain various financial schedules and exhibits in the Audit Report (which have been prepared in accordance with both Federal and State standards and requirements) and to relate these to the City's budgets and formats. In a related matter, City Manager Brown presented a statement comparing actual fund surpluses at June 30, 1986, per the Audit Reportt with estimated fund ",,'0",' ,_""_"*_'"_,__"""'_''''"."._"'~__~__.,___~''_.,_,. ,'"