HomeMy WebLinkAbout5b. AC Minutes 03/13/2012AUDIT COMMITTEE
MINUTES OF THE MEETING HELD
MARCH 13, 2012
3RD FLOOR EXECUTIVE CONFERENCE ROOM —VILLAGE HALL
I. Call to Order
The meeting was called to order at 6:08pm. Members present were Mayor Irvana Wilks,
Committee Chair Tom Munz and Committee members Vince Grochocinski and David
Erb. Committee member John Matuszak arrived at 6:40pm.
II. Approval of Minutes
Approval of Minutes for June 14, 2011. Motion to approve was made by Wilks and a
second was made by Grochocinski. 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. Review Upcoming Audit for Year -End 2011 — Director Erb presented the 2011
audit engagement letter to committee members. Discussion on terms and
conditions for the engagement followed. Motion to approve the engagement
letter was made by Grochocinski and a second was made by Wilks.
Engagement letter was approved.
b. Develop Work Plan for 2012 — Discussion was held on the remaining activities
for the Audit Committee through 2012. Next meeting is scheduled for Tuesday,
May 15. A presentation of the 2011 audit and discussion on possible changes to
the code governing the audit committee is planned for the May meeting.
Additional meetings in August and November are planned. Tentative dates and
agenda items for these additional meetings were also discussed.
c. Discuss Internal Controls — Director Erb shared with the committee internal
controls currently in place for various financial processes (A /P, Payroll, Revenue
Collections, etc.). Discussion on the "deep dive" reviews was also held.
VI. Other Business
There was no Other Business.
VII. Chair Report
Chairman Munz brought to the committee suggested changes to the village code
governing the audit committee. Munz would provide suggestions in writing to Director
Erb to incorporate into an Ordinance amending the existing Article 17 related to the Audit
Committee. Committee review will be held at our next meeting.
Audit Committee — Minutes
March 13, 2012
VIII. Director of Finance Report
State statutes now require all members of boards and commissions of local taxing
districts to participate in OMA (open meetings act) training. Training is conducted on-
line through the Office of the Illinois Attorney General. Training must be completed no
later than December 31, 2012. A date for this training has not been determined.
IX. Next Meeting
Next meeting tentatively scheduled for Tuesday, May 15, 2012 at 5pm.
X. Adjournment
Motion to adjourn was made by Grochocinski and a second was made by Wilks. The
meeting adjourned at 7:01 pm.
Respectfully Submitted
David O. Erb
Finance Director
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