Minutes to the Regular Meeting of the Budget & Finance committee
October 28, 2013
10a.m.
Call to order
Pledge of Allegiance
Roll Call – Fink Rinaldi and Biachi, Jay Parke (Walker & Armstrong), Chief DeWolf, V. Rutter and K.
Goodwin were present.
Approval of Minutes to meeting of Meetings of- the September 3rd meeting; motion to approve by
Rinaldi, seconded by John Fink , motion carried.
Call to the Public – none
New Business – Auditor report; presented by Jay Parke; Jay presented copies of the final Audit Report
for Committee Review. Jay reviewed the information found within the review packet, answered
questions and explained items found within the statements. All findings were discussed, as well as the
difference between management’s responsibilities and the auditor’s responsibilities. Our report renders
an opinion on matters we are responsible for reviewing. In our opinion the financial statements are
materially correct in accordance with modified cash basis of accounting. The packet includes: their
statement, the financial statement and notes on the financial statement. Bianchi – We’re planning on
setting aside funds for equipment replacement. Can we put that in a separate bank account or do we
have to set up a separate fund. Parke- A separate bank account. DeWolf – those e funds have to be
used for just what they are set up for… Building replacement funds can’t be spent on salaries. Bianchi –
Can we talk about Internal Controls. Parke – in terms of the audit, we’re expressing an opinion and we
are performing an audit on internal controls. We don’t express an opinion, we just ask a lot of questios.
We need to understand how you do things, then we test to see how they actually work. We look at the
process by which you do things, to see if it is actually functioning as you describe. The objective is not to
find errors, but to see the controls in place within an organization and how they work. We make
recommendations – to provide certain processes that will stay in place in the future. We look at how can
this process change so that there is a process in place in the future regardless of who is in employed. It
really comes down to… are the controls in place in order for the financial statements are reliable. It’s all
about risk. There were two areas where we’d like to see improvement & we discussed this
management. Two recommendations; Documentation of employee timecards were not always signed
by employee and credit card receipts were not always present with invoice. Payroll accounting and
tying out the cash reports to the general ledger… we’re thinking of ways to tie up payroll. DeWolf- We’re
looking at another payroll company that will tie in with our general ledger which will merge with
QuickBook’s more efficiently. Parke – in general the audit process was very smooth, management was
great to work with. We’re coming in with a fresh set of eyes. It was a good process. Bianchi – are we
going to go over in this detail? De Wolf – If you’re comfortable with what Jay has reported, you can let
the Board know you are satisfied. Bianchi – I make a motion to notify the Board that we have reviewed
in considerable detail and we are satisfied with the results of the Audit. Seconded by Rinaldi, motion
carried. De Wolf – I would recommend that we ask the Board Chair to allow Jay to speak first, so he can
get home.
Audience Comments – none
Committee member comments – Thanks were given to Jay Parke from Bianchi.
Motion for adjournment by Fink, seconded by Rinaldi , motion carried. Meeting adjourned.
Approved (date) _______________________________Committee Member