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CITY COUNCIL FINANCE COMMITTEE <br />Apri15, 2006 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14th Street <br />San Leandro, California <br />(Sister Cities Gallery) <br />HIGHLIGHTS <br />Committee Members: (Chair) Mayor Young, Councilmembers Starosciak and Stephens <br />City Staff Present: City Manager Jernianis, Assistant City Manager Hollister, <br />Finance Director Baloca, Deputy Finance Director Rodriguez, <br />Budget & Compliance Manager Chan, and Public Works Director Bakaldin <br />Public Present: A.J. Majors III, Vavrinek, Trine, Day & Co., LLP, Lou Filipovich, Tasha <br />Bartolomew (Daily Review reporter) <br />The meeting was called to order at 4:10 p.m. <br />1. Reviev~r Auditors FY 2004-OS Management Letter <br />Mr. A.J. Majors, III, Partner from the audit film Vavrinek, Trine, Day & Co., LLP (VTD), reviewed the <br />City's Management Letter from the FY 2004-OS Audit Process. Majors reported that during the audit, <br />certain internal controls present opportuiuties for strengthening operating efficiency that merit <br />consideration. VTD's recommendations for improvements are as follows: <br />A. VTD recommends expanding greater review of year-end billings and disbursements as <br />part of year-end process. This will provide greater assurance that all material invoices are <br />properly accrued at year-end. <br />B. VTD recommends developing a written policy as to opposed to an unwritten one, for the <br />City's joui71a1 transaction entry process. A written policy will provide greater protection <br />against error and/or fraud. <br />C. Approximately $8,000 in depreciation expense was calculated but not recorded for the <br />current year. Although immaterial, VTD recommends that depreciation be recorded in <br />accordance with current accounting principles. <br />G:~'INCOMM~Z005-06 Minutes\CITY COUNCIL FINANCE COMMITTEE 4-I -06a.doc <br />