08-22-11 Fiscal Affairs Committee Meeting

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Chairman Engelken also questioned if the firm performed an audit on coding of property /sales taxes from the State Comptroller's Office. Mr. Pederson responded the firm relies on what is received from the State and assumes the records are correct. Committee Member Moser moved to approve the engagement letters from Null - Lairson for the City of La Porte and the La Porte Area Water Authority. Committee Member Leonard seconded. MOTION PASSED. Ayes: Chairman Engelken, Committee Members Moser and Leonard Nays: None The Committee directed Finance Director Michael Dolby and Mr. Pederson that the scope of work for the La Porte Development Corporation is to include an audit of every transaction, not just a random sampling, for the last two years. 3. Discuss audit for Fiscal Year 2011 — M. Dolby Finance Director Michael Dolby discussed the audit for Fiscal Year 2011 and reported on GASB 54 reporting standards. Mr. Dolby reviewed the new classifications: non - spendable, restricted, committed, assigned, and unassigned. Mr. Dolby also presented a sample resolution to the committee for recommendation to the full City Council. Chairman Engelken directed Mr. Dolby to bring the resolution back to the August 22, 2011, Fiscal Affairs Meeting for further discussion before making a recommendation to the full City Council. 4. Administrative Reports — R. Bottoms There was no administrative report. 5. Committee Comments — Matters appearing on agenda; recognition of community members, City employees, and upcoming events; inquiry of staff regarding specific factual information or existing policy. Chairman Engelken provided the Committee with a re -cap to approve engagement letters for the La Porte Development Corporation and to discuss a resolution for GASB 54 and possible action for recommendation to the full City Council in September. Chairman Engelken indicated he would like to have signature lines for all members of the Committee on the engagement letters. 6. Adjourn — There being no further business, Committee Member Moser moved to adjourn the meeting at 5:28 p.m. Respectfully submitted, Patrice Fogarty, City Secretary Passed and approved on the 22n day of August, 2011. Chairman Chuck Engelken Page 2 of 2 August 15, 2011, Fiscal Affairs Committee Minutes