HomeMy WebLinkAboutRPT 2 AUDIT COMM RPT 01-20-92REPORTS NO. 2
1-20-92
0 AT E_: JANUARY 13, 1992 ~ �
HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
10 -
GEORGE W. JEFFRIES, AUDIT COMMITTEE CHAIRMAN
ANNUAL REPORT OF THE AUDIT COMMITTEE AND SUBMITTAL OF THE CITY
SUBJECT.- OF TUSTIN'S COMPREHENSIVE ANNUAL FINANCIAL REPORT DATED JUNE
30, 1991
Committee reports completion of duties as listed in Resolution No.
88-52. Other activities included:
1. Audit review of legal opinion letters and setting of
proper reserves - result was a change in language
representing City's liability exposure in certain claims
to auditors.
2. Reviewed Finance Department's 1991 Internal Control
Checklist. Discussed same with auditor; review
satisfactory.
3. Discussed Fixed Asset Accounting Policy. Result was
recommendation to conduct periodic inventories and begin
tagging non -expendable assets beginning fiscal year 1991-
1992.
4. Discussed Sales Tax receipts and budget impact, noting
conservative estimates in use over 11 years of schedules.
5. Discussed Water Conservation Program and financial
impact, concurring in formation of independent appeals
board but wishing to monitor results.
6. Indicated interest in financial impact involvement for
Marine Base sale and annexation proposals.
7.. Reviewed Investment Policy, suggesting modest changes for
consistency and ease of operation while reflecting
deteriorating economic conditions.
8. Monitored progress on Hamblin case and Farmer's Bank (CD)
problem.
9. Noted with pleasure the Government Finance Officers.
Association (GFOA) commendation on financial reporting to
Finance Director Nault.
Page 2
Honorable Mayor and Members of Council
January 13, 1992
Based upon auditor's reports and our observations, we consider cash
and property controls in good order.
Plans for -1992 include continuing reviews of cash reserves and
investment policies as well as responding to councilmanic requests
above our Resolution No. 88-52 duties.
Respectfully submitted,
1
George,/7W . Jeffr e , Chairman
RAN: GJ: 1s
Attachment
a:amua191.rpt