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• • <br />City of La Porte <br />Interoffice IVlemorandum <br />To: Mayor and Council <br />From: Cynthia Alexander, Assistant City Mana r <br />Thru: Debra Feazelle, City Manager <br />Date: October 8, 2004 <br />Subject: Audit Committee/172 Board <br />Just a note to let you know that there is no backup for Monday night's meeting of the Audit <br />Committee. This is a special called meeting solely for the purpose of having the outside Audit <br />firm available to discuss the City's annual audit, address any issues or concerns you may have, <br />and answer any questions you may have. They will also spend some time explaining new <br />GASB and SAS requirements particularly in the area of fraud. As this is new to municipalities, <br />we intentionally did not schedule anything else on this meeting, so that Council will have ample <br />opportunity to address all of your concerns and not feel rushed to finish because of the regular <br />Council Meeting. It is our intent to have the regularly scheduled Audit Committee meeting on <br />October 25, pending Mr. Engelken's approval. <br />Let me take a minute of your time to briefly restate the reasons behind our recommendation to <br />change the name of the Audit Committee to the Fiscal Affairs Committee. Our Audit Committee <br />does not function purely as an oversight board for the Audit. In the past, we have brought forth <br />numerous items to this committee as asub-committee of the full Council, and utilized them to <br />make recommendations to the governing body. Examples of duties of the committee include: <br />recommendations concerning the Tax Resale Properties, waivers of fees for Habitat for <br />Humanity, receipt and approval of the Quarterly Investment Report, the Credit Card Report, and <br />most recently, information on the Senior Tax Freeze issue. <br />Some entities have multiple committees, such as Audit, Investment, and Budget. The <br />recommended naming is all-encompassing, and we feel that it will cover all bases in the event <br />Council elects to utilize this committee in an ever-increasing capacity. <br />As a side note, the Chapter 172 Board has been renamed at staff's recommendation to the <br />Employee/Retiree Insurance & Benefits Committee. <br />c: Martha Gillett <br />