HomeMy WebLinkAbout10/22/1986 FC minutesMINUTES
FINANCE COMMISSION
OCTOBER 22, 1986
I The meeting was called to order at 7:00 PM. Commissioners present included:
Richard Bachhuber, Paul Davies and Tom Pekras. Also present was Finance Director
David Jepson.
II The first item of discussion was the Management Letter from Karrison and Byrne,
the Village's auditors. Mr. Jepson explained that a management letter is a
report prepared by the auditors containing comments and suggestions for possible
improvements to the Village's system of internal control. The report is prepared
after the audit field work and is based upon tests and observation of actual
compliance with established policies and procedures.
For the fiscal year ending April 30, 1986, the Management Letter contained two
recommendations regarding cash disbursements, one regarding handling cash
receipts and two relative to escrow funds. Each of the findings and recommen-
dations were reviewed with the Commissioners. Three of the recommendations have
been implemented and the other two are being researched for future action. A
copy of the findings and responses is attached.
The Commissioners discussed each finding and generally agreed that the written
responses were acceptable.
The second item of consideration was a review of the Village's 1985/86 Annual
Financial Report. Finance Director Jepson reviewed the format of the report and
pointed out highlights of the financial and statistical information. He
explained that the current report has been prepared based upon standards
established by the National Committee on Governmental Accounting and the
Government Finance Officers Association. Mr. Jepson stated that there are
adequate balances in the governmental funds, the tax rate has been fairly stable,
assessed valuation has been consistently increasing, debt ratios are low and the
Police and Fire pension plans are funded at greater than 10090'. Also, the Water
Fund has a cash balance of $2.6 million and there is no outstanding debt in the
Water Fund. It was mentioned that all of these factors are indications of the
financial strength of the Village.
There was general discussion among the Commissioners regarding the financial
information presented. Each Commissioner was pleased with the strong financial
position the Village has achieved. The Commissioners complimented the Finance
staff for the quality of the 1985/86 report.
III There being no other business, the meeting adjourned at 9:30 PM.
Respectfully submitted
David C. Jepson, Finance Director