HomeMy WebLinkAboutMINUTES Audit Committee 2011-03-02Memo
To:Audit Committee
From:Steve McFarland,Finance Officer
Date:March 2,2011
RE:Minutes March 2,2011 meeting
TOWN oi ESTES PARTç
Finance Department
In Attendance:Mayor Bill Pinkham,Chairman/Trustee John Ericson,Deputy Town
Administrator Lowell Richardson,Finance Officer Steve McFarland.
Absent:Town Administrator Jacquie Halburnt
Meeting was called to order at lOam in the Administration conference room.
Attached please find a copy of the agenda.Topics discussed:
I.UPDATE ON CAFR(S)/AUDIT:
a.Town has received notification of 2009 Award for Excellence in Financial
Reporting from the GFOA.Staff is awaiting plaque so that it can be presented to
Town Board.
b.The 2010 final audit is scheduled for the week of April 11-15.No
problems/issues are anticipated.It is probable that there will not be a Single
Audit accompanying this year’s CAFR,as the Town has received/spent less than
$500,000 of Federal monies.Delivery of the CAFR is expected to Town Board by
the 2 Board meeting in June.The CAFR is due to the GFOA by June 30th,and to
the State by July 31st
c.Audit Committee (AC)was told of the Town’s successful completion/submission
of the required documents from the American Recovery and Reinvestment Act
(ARRA).The Town is required to have policies in place to satisfy monies granted
from ARRA.An email from our American Recovery and Reinvestment Act (ARRA)
contact in Denver was referenced which said “The Town has done a fantastic job
on the compliance requirements”.
II.BUDGET 2012
a.The monthly timeline for the 2012 budget was distributed as part of the agenda.
i.Mayor Pinkham requested the July study session date be Friday July
He will be out of town after that.
Ill.INVESTMENT SERVICE PROPOSALS
a.Existing service (Cutwater)since 2002.
b.4 responses to REP.REP procured from source within industry.
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c.Rating criteria established/employed.
d.References contacted.
e.Findings were thoroughly discussed (for more details,see Town Board memo for
March 8,2011 board meeting).
1.Committee recommended continuing with existing firm.
g.Future —re-write 2001 investment policy.Also,more active presence
(presentations/reports)from investment firm with AC.
IV.MISCELLANEOUS
a.Mayor Pinkham and Chairman Ericson discussed whether or not it continues to
be necessary to provide weekly detail to the Town Board regarding the check
runs.Mayor Pinkham will address the subject with other Trustees.
b.Chairman Ericson mentioned that he would like to see a Balance Sheet with the
quarterly financial reports.
c.Chairman Ericson mentioned that he would like to see a summary/consolidated
report on the recent history of the Community Reinvestment Fund.An example
(suggested format)was provided.
Meeting was adjourned at 1130a.