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HomeMy WebLinkAboutMinutes - Finance Committee - 08/17/2009 -_____Ce ‘Finance Administration____I 0 —I I 2~FIoor‘-Ort CoLLins Fort Collins,CO 80522 970.221.6788 /__flb%iIIIII_pIIIlII_IIIIIIIII.tI.b%,~970 221 6782 4ax Council Finance Committee Minutes 08/17/09 10:30 a.m.12:00 p.m. Council Attendees:Mayor Doug Hutchinson,Mayor Pro Tern KeLLy OhLson,CounciLmember Ben Manvel City Staff Attendees:Darin Atteberry,Mike Freernan,Chuck Seest,Tern Bryant,Mindy Pfleiger,Lawrence PotLack,Heather Shepherd Others:Sarah Bohnsack,Partner,McGLadrey &PuLLen, LLP;Ann Hutchison,Chamber of Commerce;John Knezovich,citizen Approval of the Minutes from the July meeting. Ben Manvel moved to approve the July minutes and Doug Hutchinson seconded the motion. The minutes were approved. 2008 Audit Report Delivery Sarah Bohnsack from MCGladrey &Pullen,LLP reported on their main audit findings.She stated that they conduct three types of audit: 1.Financial 2.GAS —Government Auditing Standards(for internal Controls) There were two compliance findings which have now been corrected. There were no significant deficiencies. There were a few minor control deficiencies,outlined in separate letter.These are being addressed by City Staff members and will be presented to this Committee at the next meeting. 3.Audit of Federal Awards (the City has spent $5.7 million in grant funding during 2008) Kelly Ohlson asked for an overall opinion on how Fort Collins does.Sarah Bohnsack responded that Fort Collins does very well and gave the example that our Financial Statements only required three adjustments,compared to other clients that require over 100 adjustments to their Financial Statements. Sarah reviewed the rest of the Financial Report and Committee members had the opportunity to ask some questions. 4~2LLIns Darin commended the accounting department on all the work and preparation have done completing the Comprehensive Annual Financial Report (CAFR)and related financial reports. Fort Collins Brewery Josh Birks presented an update on the progress of the Fort Collins Brewery project.Due to the current economy the FC Brewery plan for expansion has had some challenges.The Brewery recently secured City approval on their new site but construction appraisal fell short of their costs.The shortfall is approximately $500,000.As a result,the Brewery is requesting that the City defer some of their fees ($85,000 in street over sizing)until the completion of new building construction. Darin Atteberry said that this project fits within the “Uniquely Fort Collins’Cluster and that the City would still get the money —it is just deferred for 12 months. Committee members agreed that this should be a discussion item for the entire City Council at a future meeting. Spending Transparency Proiect Update Lawrence Pollack gave an update on the project.The Database,called Open Book,is going live on September 1,2009. Some of the items that have been changed or fixed as a result of comments from the last review are: 1.No description on credit card expenditures —The JDE system has been modified to include credit card transaction descriptions which will be reflected in Open Book. 2.FAQ—Is now compiled and will be available on the website. 3.The name of each Council Member will now be visible showing all of their related expenditures. 4.Employee earnings were not originally included,but will now be included showing previous year salary,job title,service area,and department (The Committee recommends that the FAQ explains that the total includes overtime and bonuses but not benefits). Council Worksession Debrief 18111109) Darin Atteberry told the Committee members that the last budget meeting is today,and then he will be meeting individually with each council member.He wants to make sure that all City Council members are aware of what is contained in the final budget and that each has had an opportunity to ask questions.