Laserfiche WebLink
CITY OF SAN LEANDRO <br />MEMORANDUM ON INTERNAL CONTROL <br />JUNE 30, 2012 <br /> <br />SCHEDULE OF OTHER MATTERS <br /> <br />Review Draft 6/18/2013 5:11:57 PM <br /> <br />basis, generally within 30 day of receiving the statements from the financial institution, and <br />reviewed by an employee other than the preparer. <br /> <br />Condition: <br /> <br />During our testing on July 23, 2012, we noted that the May 2012 bank reconciliation had not been <br />reviewed. <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 />We suggest that bank accounts be reconciled and all differences between book and bank balances <br />are reviewed on a timely basis by appropriate accounting personnel, so that errors and <br />adjustments can be quickly identified and corrected. <br /> <br />Management Response: <br />City staff will continue to strive to prepare bank reconciliations within 30 days as it is already in <br />place. <br /> <br /> <br />2012-03 Shoreline Enterprise Funds Fund Deficit and Advance to the General Fund <br /> <br /> Criteria: <br /> <br /> The City should have a balanced budget for its various funds. <br /> <br /> Condition: <br /> <br />The Shoreline Fund had deficit net assets of $2,817,982 as of June 30, 2012, yet the Shoreline <br />Fund has an advance of $7,106,392 from the General Fund to finance capital improvements at the <br />Marina and Golf Course. Principal payments are made annually provided the fund has sufficient <br />resources. <br /> <br />