2002-05-05 CC Packet - Laserfiche WebLink

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1- - I City of CentervilIe Finance Director Work Plan May 2, 2002 1. Reconcile cash in all funds to bank statement: a. Bank statements have not been balanced since January. This must be done in order for financial reporting to have any credibility. 2. Reconcile all general ledger accounts to date: a. A cursory review of the accounts has revealed numerous accounting irregularities since the year-end audit. The amounts are material and must be fixed if the city council wishes to have accurate financial information to base its decisions upon. 3. Independent audit recommendations: a. Investments - the city could be earning more interest income with the appropriate investment policies in place. b. Project files must be reconciled and balanced with transfers from water and sewer funds. c. Schedule of debt payments must be prepared. d. Internal controls policy should be established. Segregation of duties was reported as a material weakness on the audit this year, rather than just a note or reportable condition. e. Systems and processes - establishment of standardized, organized procedures for all financial transactions of the city. f. Review TIF reports and reconcile with city's records. g. GASB 34 - establish dollar limit for capitalization of assets and prepare the appropriate records necessary to implement the new accounting statement. Fixed asset records have not been kept and need to be created from scratch. 4. Council recommendations: a. Monthly budget report with narrative prepared for council. b. Establish cash reserves policy and report monthly on fund balance condition. c. Establish and implement capital and general expenditure policy. d. Establish and implement efficient budget process. 5. Other needs: a. Human Resources - work could be done in the area of labor and benefits. b. Technology - computer network administration. c. Public Relations - secretary needs help with design and maintenance ofthe city Web page.