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<br />. <br /> <br />. <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />Audit Committee Meeting Minutes - March 22, 2004 - Page 2 <br /> <br />· Segregation of duties over Utility Billing, collect money and make adjustments to <br />receivables <br />· Account for revenues with external restrictions <br />· Computer passwords are not being changed at regular intervals <br />· Closing procedures need to be updated for new accounts, plus reconcile in a <br />timely manner <br />· Monitoring accumulative purchases of similar commodities. If an amount exceeds <br />$25,000, the City would be required to go out for bids <br />· Department using check requisitions where other methods should used, need <br />policy <br />· Segregation of duties over cash receipts <br />· Grant accounting needs to be centralized <br />· Audit Company provided Committee with handout on disclosures <br /> <br />Assistant City Manager Cynthia Alexander noted a request will be made to add a Chief <br />Accountant to accomplish the Management Comments. In addition, this may need to be <br />done before the next budget year. <br /> <br />5. There being no further business to come before the Committee, the meeting was adjourned <br />5:50 p.m. <br /> <br />Respectfully submitted, <br /> <br />1fj ()):1ittL {J p/.d/I <br /> <br />MartHa A. Gillett, TRMC <br />City Secretary <br /> <br />Passed and approved on this the 21st day of April 2004. <br /> <br />~~ <br /> <br />Chuck Engelken <br />