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MEMORANDUM. <br />Date: •June 1 0, 2009 <br />To: Gem Lake City Council <br />From: Jessie Hart, Treasurer <br />Re: 2008 Audit Report - Presentation <br />Tom Koop, Principal and Michelle Bruley, of LarsonAllen LLP will be at the Council <br />Meeting on Tuesday, June 16, 2009 to present the 2008 Audited. Financial Statements <br />and Independent Auditor's Report and "Letter of Audit. Related Communications to City <br />Council". <br />l have included an electronic copy of the report and letter for your review. Printed <br />bound copies will be available at the meeting if you wish to have copy. An official copy <br />will be kept at Heritage Hall as well as in my files. <br />We did not encounter any difficulties in the audit process for 2008; however, included in <br />the Letter of Audit Related Communications to City Council is a summary of passed <br />adjustments. These adjustments represent an adjustment necessary to correct the <br />beginning balances in taxes receivable and; deferred revenue but rather than restating <br />the beginning balance we recorded the adjustments in the 2008 as they were not <br />material and did not impact the revenues and expenses. <br />Please let me know if you have questions regarding the processor information <br />contained in the report or letter. <br />