HomeMy WebLinkAboutMINUTES Audit Committee 2012-02-27Memo
To:Audit Committee
From:Steve McFarland,Finance Officer
Date:February 29,2012
RE:Minutes February 27,2012 meeting
TOWN Of ESTES PARIç
Finance Department
In Attendance:Mayor Bill Pinkham,Chairman/Trustee John Ericson,Interim Town
Administrator Lowell Richardson,Finance Officer Steve McFarland,Assistant Finance Officer
Deb McDougall.
Absent:None.
Meeting was called to order at 9am in the Administration conference room.
Attached please find a copy of the agenda.Topics discussed:
I.UPDATE ON INVESTMENTS:
a.The Committee was updated regarding changes at Cutwater and with our
investments:
i.Neil Waud has departed.Our new investment advisor is Hal Nachtreib.
ii.Cutwater and ColoTrust are no longer associated with one another.This
disassociation is not expected to materially affect any of our investment
objectives (safety,liquidity,yield).
b.As the Town’s US Instrumentalities continue to be “called”,the portfolio is
becoming mostly cash equivalents and Treasuries.This is due to the investment
restrictions caused by the inability to invest in most US Instrumentalities due to
the 2010 Standard &Poors’downgrade of said investment vehicles.
c.The Cutwater agreement for investment advisory services is for the period 2011-
13,but is renewed annually.The 2012 agreement came with some requested
amendments from Cutwater (as outlined and later approved in the 02/28/2012
Town Board meeting).The Committee discussed and agreed to support the
suggested amendments.
d.Cutwater has suggested revising the Town’s investment policy,which was
implemented in 2001.The Committee agreed to the need and directed Finance
Officer McFarland to proceed with the review/analysis process,and to return to
the Committee with suggestions.
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II.CAMP UPDATE (CAPITAL ASSET MANAGEMENT PLAN)
a.The Town is in the process of updating its CAMP.Finance Officer McFarland
updated the Committee on the progress of assembling the report that will be
presented to the Board on March 13,2012.In that meeting,McFarland wishes
to report on the general financial health of the Town and then update the Board
on potential projects over the next 5 years.
III.CAFR/AUDIT UPDATE
a.The 2011 final audit is scheduled for the week of April 09-13.No
problems/issues are anticipated.There will be a Single Audit accompanying this
year’s CAFR,as the Town received/spent more than $500,000 of Federal monies
in 2011.Delivery of the CAFR is expected to Town Board by the 2d Board
meeting in June.The CAFR is due to the GFOA by June 30th,and to the State by
July 3;st•
IV.OTHER NEW BUSINESS
a.There was no other new business.
Meeting was adjourned at 10:00am.
Respectfully submitted,
Steve McFarland —Finance Officer