HomeMy WebLinkAbout2024-03-21 Audit Committee Meeting MinutesAnnual Audit Committee Meeting
MINUTES
CITY OF CALDWELL
March 21, 2024
2:00 p.m.
(ROLL CALL)
01 APPROVED
Date _ --
The annual committee meeting convened at 2:07 p.m. at CPD Community Room.
Those present included; Treasurer Rachelle Castleberry; Finance Director Raelynn North; Eide
Bailly Auditor Bobby Lawrence; Bright Bank Representative Kahlia Morin; and Council
Member Chris Allgood.
In Audience: Mike Dittenber
(CONSENT CALENDAR)
1) Approve minutes from August 31, 2023 Post -Audit Meeting
MOTION to Adopt by Kahlia Morin, SECONDED to approved by Rachelle Castleberry the Consent
Calendar as printed.
MOTION CARRIED
(TOPICS DISCUSSED)
Bobby Lawrence presented the Audit Report for 2023 that went over the following:
• Copy of Governance Letter and City Audit
• The City Independent Auditors Report rendered an unmodified or clean opinion - the financial
statement amounts are, in all respects, materially correct.
• No adjusting journal entries recommended by the auditors
• Page 81 lists two additional reports including the government auditing standards report. If there are
any internal control findings, they are reported here.
• Page 90 identifies the loss revenue on impact fees, found in the analytical procedures, no financial
statement adjustment was required because these funds are not going to be recollected.
o Discussion about internal controls took place
• Page I discusses new standards that have been implemented. FY22 was GAS1387 implementation,
FY23 was GASB96 for long term IT subscription software's.
o Note I and Note 17 discuss the effect on the related to this new implementation on the
financial statements.
• Reviewed governance letter which discusses auditing standards, changes in accounting policy and
significant estimates.
o No significant difficulties were presented on these items, no uncorrected or corrected
misstatements or disagreements occurred.
Rachelle's Review of the Financial statement:
o Reviewed non -major governmental funds
o Increases in fund balances occurred for FY24.
■ Fund balance discussion and how debt and short-term liabilities effect fund balance.
o Reviewed Major governmental funds and talked about reserve funds and what was
committed and not committed.
Other Topics Discussed:
• Discussed Impact Fees and new lease on fire trucks
• Discussed new budget process and capital planning and zero based budgeting
• Discussed water fees and how enterprise funds are run more like a business
• Discussed new funds and new upcoming GASB implementation.
Single Audit Report: Bobby Lawrence
• SEFA page 86/87 identifies each grant source. Each source has their own compliance testing.
ARPA Funds were testing, page 83 and Pag3e 89 summarize both the federal funds audit and the
financial report
Executive Session