Finance Highlights 2007 0207 - Laserfiche WebLink

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CITY COUNCIL FINANCE COMMITTEE February 7, 2007 4:08 p.m. - 5:30 p.m. San Leandro City Hall 835 East 14th Street San Leandro, California (Sister Cities Gallery) HIGHLIGHTS Committee Members: (Chair) Vice Mayor Grant, Councilmembers Starosciak and Stephens City Staff Present: City Manager Jermanis, Assistant City Manager Hollister, Finance Director Baloca, Human Resources Director Caire, Deputy Finance Director Rodriguez, Budget and Compliance Manager Chan, Senior Accountant Galvin, Purchasing Agent Brockman and Associate City Attorney Rodriguez Presenter: A.J. Majors III, Partner, Vavrinek, Trine, Day & Co. Public Present: Dan Walters and Amy Silvestre The meeting was called to order at 4:08 p.m. 1. Discussion Regarding June 30, 2006 Annual Financial Audit Update and Management Letter AJ. Majors III, Partner from the audit firm Vavrinek, Trine, Day and Co., (VTD) reported that the City received an unqualified opinion for its financial statements from the FY 2005-06 Audit. He explained his firm's Management Letter to the City and pointed out two items that merit the City's consideration for internal control improvement. VTD's recommendations were as follows: 1) Marina operations should issue receipts in numerical order. This will provide better control over receipts issued and allow for an easier methodology to ensure that all collections have been deposited. 2) Staff needs to determine if the current accounting software is capable of producing a detailed aged accounts payable listing. If one is not available, procedures should be put in place to prepare one using other applications such as Excel. Majors noted that the City had implemented all three Management Letter recommendations from the prior year audit. 1