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Home My WebLink About10/01/2013 AC Minutes AUDIT COMMITTEE MINUTES OF THE MEETING HELD OCTOBER 1, 2013 3RD FLOOR EXECUTIVE CONFERENCE ROOM—VILLAGE HALL I. Call to Order The meeting was called to order at 5:35pm. Members present were Mayor Arlene Juracek, and Committee members Vince Grochocinski, Tim McDermott, John Matuszak and Tom Munz. David Erb, Finance Director and Ron Amen, from Lauterbach & Amen were also in attendance. ll. Approval of Minutes Approval of Minutes for August 20, 2013. Motion to approve was made by Arlene Juracek and a second was made by Tom Munz. Minutes were approved. III. Citizens to be Heard There were no citizens to be heard. IV. Old Business There was no old business V. New Business a. Report on 2012 Annual — A review of the final audit document was held. Director Erb presented various sections of the audit report including the transmittal letter, auditor report, the Management's Discussion and Analysis and various financial statements. Also discussed were the management letter comments and staff response. General discussion among committee members followed. Motion to accept the Comprehensive Financial Report and Management Letter Comments was made by John Matuszak and a second was made by Vince Grochocinski. The CAFR and management letter comments were accepted. b. Internal Controls and Deep Dive — Lauterbach &Amen have completed deep dives on Accounts Payable, Accounts Receivable and Payroll. All were completed without issue. A fourth deep dive is planned for Utility Billing and will occur during late 2013 or early 2014. General discussion among committee members followed. VI. Other Business There was no other business. Audit Committee— Minutes October 1, 2013 VII. Chair Report There was no Chair report. VIII. Finance Director Report There was no Finance Director report. IX. Next Meeting Next meeting date has not been determined. X. Adjournment Motion to adjourn was made by Vince Grochocinski and a second was made by Tim McDermott. The meeting adjourned at 6:38 pm. Respectfully Submitted David O. Erb Finance Director 2