Minutes 11/13/1984 - Laserfiche WebLink

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f68 TUESDAY NOVEMBER 13, 1984 Treasurer's and Finance Department's records, (2) accounting records or procedures now required by the State Auditor of Public Accounts, and (3) the Treasurer's accountability. Mr. Bouldin concluded his response by stating, "I feel that I have endeavored to insure an adequate safeguard of the City of Martinsville's cash assets. I feel that my records are correct. I will be happy to comply with steps deemed necessary to continue to in- sure the safeguard of our cash assets." Councilman Oakes, however, expressed deep con- cern (as did other members of Council) over the fact that some of the auditors' findings were the same as have been cited in prior years' audit reports and that little has been done toward instituting procedures to comply with certain recommendations concerning the operation of the Treasurer's office, with Councilman Oakes concluding that early com- pliance is a "must". City Manager Edmonds presented a written analysis relating to estimated year-end (i.e., for the year ended June 30, 1984) surpluses projected for the City's major funds for the beginning of the City's 1984-85 budget year in comparison with the findings of the audit for the year ended June 30, 1984, noting that in the preparation of annual budgets-- a process which begins several months before the end of a fiscal year--revenues for the current year are conservatively estimated whereas expenditures may be projected more in parallel with appropriations, with the result that projected year-end surplus balances are normally less than audited actual balances. Through a combination of these factors, City Manager Edmonds reported that, in these major funds and from audit findings, the City's financial condition at June 30, 1984, was considerably better than estimated for the budget year which began July 1, 1984. Mr. Edmonds' reconciliation and comparison of the audit findings with budgeted estimates follows: