HomeMy WebLinkAboutMINUTES Audit Committee 2020-09-17RECORD OF PROCEEDINGS
Town of Estes Park,Larimer County,Colorado,September 17,2020
Minutes of a Regular meeting of the AUDIT COMMITTEE of the Town of
Estes Park,Larimer County,Colorado.Meeting virtually in said Town of
Estes Park on the 1 7th day of September,2020.
Committee:Mayor Koenig,Mayor Pro Tem Martchink,Trustee
MacAlpine,Town Administrator Machalek,Finance Director
Hudson,and Accounting Manager Garcia
Attending:Mayor Koenig,Mayor Pro Tern Martchink,Trustee
MacAlpine,Town Administrator Machalek,Finance Director
Hudson,Assistant Town Administrator Damweber,
Recording Secretary Disney,and Randy Watkins/ACM LLP
Absent:Accounting Manager Garcia
Mayor Koenig called the meeting to order at 3:00 p.m.
2019 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 Other Post-Employee Benefits (OPEB)reporting,single audit procedures,
evaluation of going concerns,and evaluation of estimates.Additional procedures were
used for the evaluation of going concerns as a result of COVID-19.He stated the
auditors provided an unmodified opinion which was released on August 31,2020.The
Statement of Net Position was reviewed and he outlined a total net position of $1 .356
million which does not include a significant amount of restricted cash and investments,
as a result of unspent bonds,totaling $29.463 million.As of December 31,2019,the
Town’s governmental funds reported a combined ending fund balance of $15.829
million with approximately $6.122 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.A single audit was
conducted and no findings related to compliance were identified and an unmodified
opinion was issued.
Director Hudson stated the audit would be presented to the Town Board on October 13,
2020 as an action item with the auditing firm present.
CONSIDER ISSUING A REQUEST FOR AUDITOR PROPOSALS FOR THE 2020
AUDIT.Director Hudson reviewed the audit process and reporting,stating concerns
with the quality and timeliness of the audit.He outlined the process for seeking a new
auditor and the difficulties associated with it.The Committee discussed annual costs
associated with the current contract,staff morale,responsibilities of the Committee to
review the audit,and previous assurances made by the auditor.The Committee
determined to recommend seeking a request for proposals for audit services to the
Town Board on October 13,2020.
There being no further business,Mayor Koenig adjourned the