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Home My WebLink About2019-08-27 Audit Committee Minutes Annual Audit Committee Meetingf APPROVED MINUTES JE CITY OF CALDWELL August 27t'',2019 12:00 p.m. " i ate (ROLL CALL) The annual pre-audit committee meeting convened at 12:00 p.m. in the City Hall conference room. Those present included;Finance Director Carol Mitchell,Staff Accountant Rachelle Castleberry,Council member Chuck Stadick,Eide Bailly Auditors Morgan Browning and Jodi Daugherty,and retired Finance Director ElJay Waite. (TOPICS DISCUSSED) Schedule for upcoming audit: • Audit Interim Week scheduled for Sept 30 through Oct 4 to review federal grants for single audit as well as City Preliminary work. This will be the city's second year in a row of requiring a single audit,potentially causing the city to move to a lower risk auditee. • Health Trust review will be concluded the 3'week of October, same as last year. • URA and City's audit fieldwork planned to occur between December 6 through December 19. • Financial Statements Requested by December 16,2019 FY19 highlights for upcoming audit: • Loan repayments began on Internal Loan from Cemetery to Golf Department. A new loan approved for the Police Building Expansion from Sanitation to the Police Impact Fee fund. • Major Assets include completion of the Indian•Creek Plaza, which transferred to the City from URA,the new sewer digester was completed and the filtration building is near completion. • City began an equipment asset count in FY19 which is planned to continue into FY20 • Reviewed Staff Changes in the Finance Department in FY19 • Overall City wide 2.5% pay increase for FY19, along with additional personnel for fire and police. Eighteen new position budgeted in FY20. • PTO policy changed which may impact compensated absences • Golf was showing a positive until their loan repayment for FY19, the current loss to date compared to last year has decreased by about 80,000. Future Audit Review: • Review of agency funds needed for FY20 to identify reporting changes for implementation in FY21. Question brought forth in regard to the Library structure, whether or not they will need to be included in these changes. • Discussion of new impact fees have taken place yet they may not be determined until FY20 • Working on changing part of city ordinance to review impact fees annually. • Review on GASB 84 and 87 will be needed moving forward.