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