HomeMy WebLinkAboutBudget/Finance Committee Minutes 12.19.1983M I N U T E S
• BUDGET/FINANCE COMMITTEE
DATE Dec. lg 1983 TIME 4:30 P.M.
PLACE OF MEETING Citv Hall
A. Members present: Chairman Bob Gauthier
Albert Ehrlick Sue Carter Larry Peterson
B. Other's present: Mel Tiensvold ,
A quorum (3 or more) present the following action was taken by
the committee:
RE: June 30, 1983, City of Laurel Auditor's Report
Discussion over the detailed reports and the format of the 1983 audit.
Mel Tiensvold reviewed the auditor's comments with the committee:
1) Control:
Due to the size of the City Clerk staff, internal accounting
control is limited and, therefore, monitoring by the City Clerk
and the Finance Committee of the potential material weakness is
needed. Currently this is performed by the City Clerk, and no
problems have occurred.
2) Bord requirements:
Review the oversight for the 10% bond required.
3) Financial institutions quarterly pledged report:
Pledged by the financial institutions for quarterly review
is now resolved. This will be monitored by the Investment
Committee for compliance.
4) Internal service charges:
Suggested the City Clerk contact the League of Cities and Towns
to check the procedure followed by other towns. Idea of using
percentage of workload factors seemed acceptable to the auditors
if the procedure could be outlined and documented.
5) Water reservoir bonds payable:
Committee suggested following the current procedure until con-
tacted by the State to do otherwise.
The audit report reflects a sound financial condition in all funds.
Meeting adjourned at 5:15 p.m.
Respectfully submitted,
Bob Gauthier, Chairman
ri C