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CITY OF SAN LEANDRO <br />MEMORANDUM ON INTERNAL CONTROL <br />JUNE 30, 2012 <br /> <br />SCHEDULE PRIOR YEAR OF OTHER MATTERS <br />Review Draft 6/18/2013 5:11:57 PM <br /> <br /> <br />2011-02 Timely Preparation of Bank Reconciliations <br /> <br />Criteria: <br /> <br />Bank reconciliations should be performed on a timely basis, ideally within 30 days of the end of a <br />given month. <br /> <br />Condition: <br /> <br />Per review of the March 2011 bank reconciliation during our interim in July 2011, it appears it <br />had not been entirely completed. <br /> <br />Effect: <br /> <br />The City is not finalizing its monthly bank reconciliations in a timely manner, increasing the <br />potential that mistakes or bank error would not be caught timely. <br /> <br />Cause: <br /> <br />City staff has overlooked completing the bank reconciliation process due to other job <br />assignments. <br /> <br />Recommendation: <br /> <br />The City must ensure monthly bank reconciliations are completed within 30 days of the close of <br />each month for good cash management controls. <br /> <br />Current Status: <br />Resolution stated and noted in 2012-02 <br /> <br /> <br />2011-03 Accuracy of the Treasurer’s Report <br /> <br />Criteria: <br /> <br />The Treasurer’s Report should tie to the monthly investment reconciliation prepared by the City. <br /> <br />Condition: <br /> <br />We reviewed the March 2011 Treasurer’s Report and the March 2011 Investment Reconciliation. <br />The general ledger correctly recorded the amount of cash and investments. However, we noted <br />that the value of the investments reported on the Treasurer’s Report did not agree to what was <br />reported as the value of the investments on the investment reconciliation – including a $2 million <br />transfer from the City’s Local Agency Investment Fund account. <br />