2002-03-27 CC Packet - Laserfiche WebLink

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t Hl'Uf ~ i TO: Honorable Mayor and Council Members FROM: Staff SUBJECT: Financial Statements, Bank Reconciliation and Re-scheduling of the 200 I Audit DATE: March 22, 2002 As you all may be aware, a portion of our accounting staff have been on vacation and is scheduled to be back in the office on Monday, March 25, 2002. Financial Statements will be available at the Council meeting for your review and consideration. Recently, Staff contacted Mr. Steve McDonald in regards to project fund balances as per council's direction to ascertain whether in the past these accounts had ever been reconcilied or oversizing charges billed back to the respective sewer, water or drain funds. Mr. McDonald stated that he did not believe that oversizing and adjustments for same had ever been discussed or adjustments for same completed. Staff also discussed putting into place trigger mechanisms and written instructions for making these entries and the figures to be used at the time of entry. Adjustments to actuals would be made once the project has been completed. During this discussion, Mr. McDonald requested to move up the date of the scheduled audit to Monday, March 25 through March 27, 2002. Staff stated that same could be accomodated and Council would desire same. The ongoing reconciliation of the December and January bank statements continues. Staff has located over $700 bringing the difference down to less than $300. With limited staff and impending preparation for the audit, statT has been unable to focus on reconciliation of the February statement. All statements havc been received, preliminary investment reconcilication has begun and it is anticipated that these reports will be available for the council meeting ifnot e-mailed prior to same. Council's direction to transfer funds from the sewer, water and drain fund for portions of the purchase of the Public Works sight have been completed. Thank you in advance for your consideration during this busy time.