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<br />AGENDA ITEM 3: <br />REVIEW AND CONSIDER APPROVAL OF FISCAL YEAR 2005-2006 BUDGET <br /> <br />The projected revenues and proposed expenses are the same as the draft shown to the board <br />at the last meeting. However, there was a question about the estimated cost of the audit that I <br />answered incorrectly at that meeting. <br /> <br />The audit expense is not a separate cost center (line item) in the City's contract with our <br />auditors. The audit expenses for the TIRZ/Redevelopment Authority were pro-rated by the <br />Finance Department. The Finance Department has agreed to review the assumptions and <br />provide a new pro-rated amount for the audit expenses. This is the final year in the current <br />audit services agreement and when a new RFP is issued the City will take steps to isolate <br />these costs. <br /> <br />The board had asked for more detail in the budget this year. To accomplish that, I broke <br />down the projected expenses utilizing the City's chart of accounts. <br /> <br />It is recommended that the budget be approved recognizing that the Finance Department will <br />return with a revised number for audit expenses. <br /> <br />~---""'~-- <br />