HomeMy WebLinkAboutMINUTES Audit Committee 2019-07-23RECORD OF PROCEEDINGS
Town of Estes Park,Larimer County,Colorado,July 23,2019
Minutes of a Regular meeting of the AUDIT COMMITTEE of the Town of
Estes Park,Larimer County,Colorado.Meeting held in the Municipal
Building in said Town of Estes Park on the 23 day of July,2019.
Committee:Mayor Jirsa,Mayor Pro Tern Walker,Trustee Cenac,Town
Administrator Lancaster,Finance Director Hudson,Account
Manager Garcia and Accountant Johnson
Attending:Mayor Jirsa,Mayor Pro Tern Walker,Trustee Cenac,Town
Administrator Lancaster,Assistant Town Administrator
Machalek,Finance Director Hudson,Accountant Johnson,
Town Clerk Williamson,VEP Chief Financial Officer Benes
and Randy Watkins/ACM LLP
Absent:Accounting Manager Garcia.
Chair Jirsa called the meeting to order at 8:00 a.m.
2018 CAFR AND SINGLE AUDIT REVIEW.
Mr.Watkins reviewed the audit wrap-up and stated the primary areas of focus and
consideration of findings for the audit included revenue recognitions,accounts
receivable and allowances,capital assets and depreciation,long-term debt,pension
and OPEB reporting,evaluation of ongoing concerns,and evaluation of estimates and
single audit procedures.He stated the auditors provided an unmodified opinion,a clean
opinion,of the financial statements.The Statement of Net Position was reviewed and
outline a total net position of 51.326 million and included new line items to address the
OPEB liability and deferred inflow of OPEB related liabilities.As of December 1,2018,
the Town’s governmental funds reported a combined ending fund balance of $14.886
million with approximately $8.049 million of unrestricted funds.He reviewed the
government funds,proprietary funds (Enterprise funds),and internal funds addressing
the net position of the activities and the net position of each fund.He stated all the
funds with the exception of internal funds realized a positive cash flow.A single audit
was conducted and no findings related to compliance were identified and an unmodified
opinion was issued.CBDG grants and FEMA funding were tested.The Fish Creek
project was not included in the Towns audit because the project was coordinated by
and included in the Larimer County audit.
Director Hudson stated the capitalization of assets has been reviewed and will be
completed within the month the asset goes into service rather than at the end of the
year.He stated the audit would be presented to the Town Board on August 27,2019 as
an action item with the auditing firm present.
CONSIDER OF APPOINTMENT OF AUDITORS FOR 2019 AUDIT
Director Hudson reviewed the audit process and stated Town staff and Visit Estes Park
staff had concerns related to quality of the services provided,lack of follow through,
timeliness,lack of audit comments,lack of reporting such as Beyond the Numbers to
provide the audit in laymen’s terms,and a lack of quality control,i.e.errors found by
staff.After further discussion,it was agreed to send a joint letter to ACM,LLP to outline
the concerns of the Town and VEP and request a response from the company on how
the company would address the deficiencies.
There being no further business,Mayor Jirsa adjourned the meeting at$:1 7 a.m.
JaZk Williamson,Town Clerk