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Home My WebLink About06/03/2008 AC minutes DRAFT AUDIT COMMITTEE MINUTES OF THE MEETING HELD JUNE 3, 2008 3RD FLOOR EXECUTIVE CONFERENCE ROOM - VILLAGE HALL I. Call to Order The meeting was called to order at 6:04pm. Members present were Mayor Irvana Wilks, Committee Chair Tom Munz, and Director of Finance David Erb. Others present were auditors Lou Karrison and Matt Pehle from the Village's auditing firm Sikich LLP. II. Approval of Minutes Approval of Minutes for March 25, 2008. Motion to approve was made by Wilks and Seconded by Munz. Minutes were approved. III. Chair Report Chairman Munz outlined agenda and goals for the meeting. Munz also discussed what he felt was the role of auditors which was risk supervision. IV. Director of Finance Report No report at this time. Erb would be discussing items falling under New Business. V. Old Business None. VI. New Business a. Review 2007 CAFR and Management Letter - Erb presented information from the annual audit and discussed items of note included in the management letter. In general, results from operations were positive. The Village's finances remain strong with the fund balance for the General Fund growing in excess of $1 million. Although the report was not yet finalized, it was anticipated that the Village would receive a clean opinion from the auditors. There were three management letter comments related to bank deposit collateralization, AlP and future accounting pronouncements. Each item was discussed briefly. Questions and comments were shared among Committee members and Village auditors. Audit Committee - Minutes June 3, 2008 b. Review Internal Controls - Erb presented information regarding changes in the accounting standards for documenting internal controls. The change requires a more in-depth review in areas including Budgeting, Debt, Expenditures/Purchasing, Financial Reporting, Payroll and Cash and Investments. The Finance Department has created written procedures for addressing internal controls in each of the areas. General discussion followed. VII. Other Business No Other Business at this time. VIII. Next Meeting The next meeting date is to be determined after the final report is completed (after June 30). IX. Adjournment Erb motioned to adjourn the meeting and Mayor Wilks seconded. The meeting adjourned at 6:58pm Respectfully Submitted David O. Erb Director of Finance 2