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HomeMy WebLinkAboutFC_2008-12-22_Minutes Finance Committee Notes Monday, December 22, 2008 1:30 p.m. Atascadero City Hall 6907 El Camino Real, Atascadero, California Members Present: Mayor Ellen Béraud, Council Member Roberta Fonzi, City Treasurer Joe Modica, City Manager Wade McKinney, Administrative Services Director Rachelle Rickard. Staff Present: Deputy Administrative Services Director Jeri Rangel Administrative Assistant Victoria Randall Guest: Kathi Niffenegger, Auditor Call to order: 1:31 p.m. by Mayor Béraud. Public Comment: None. Mayor Béraud closed the Public Comment period. Business: 1. Review of City’s Financial Audit and Audit Guidelines Administrative Services Director Rickard reviewed City financial statements and answered questions of the Committee. Ms. Rickard introduced Kathy Niffenegger, Auditor. Ms. Niffenegger discussed the audit and explained that each year new auditing standards are implemented. This year there is a new requirement that deals with communication between the auditor and the Board; these communications and questions will be addressed at a separate meeting with Mayor Béraud and Council Member Fonzi. Ms. Niffenegger stated that the audit is conducted both before and after the books are closed for the year. Before the books are closed, the audit focuses on financial controls – i.e., who handles the cash, disbursements and payroll – rather than on specific data. After the books are closed, the audit focuses on the actual amounts reflected in the financial statements. Upon completion of the audit, separate reports are prepared based on each area of focus. Ms. Niffenegger discussed the audit parameters and results. She stated that there were no difficulties noted in this audit cycle, nor were there any disagreements with management. In Finance Committee Page 2 of 2 addition, she stated that the audit detected no material weaknesses relating to internal controls or noncompliance relating to the financial statements. Ms. Niffenegger offered to answer questions after the meeting. Ms. Rickard also offered to answer questions or discuss a particular fund(s), if clarification is needed. 2. Adjournment Mayor Béraud adjourned the meeting at 3:00 p.m.