01/19/1994 - Laserfiche WebLink

Home Browse Search

recommendations regarding the annual audit report. The first recommendation was that the Town should record general fund transfers to eliminate the deficits in the Capital Project Funds or eliminate the funds themselves. The City Manager noted that it was planned for next year to take these steps but the committee was recommending that it be done this year. Council referred to the budget discussions held earlier this year. The City Manager noted that he would see that the present procedure was in line with the approved budget. The second recommendation was that the Town should monitor its checking balances more closely. A discussion followed of whether it was better policy to leave as much money as possible in LAIF and incur occasional overdraft charges or whether to take a certain amount of money and put it in an interest bearing local account to cover such costs. In having overdraft charges it was pointed out that there appeared to be sloppy financial procedures. It was agreed that the City Manager would look into opening a money market account and would also negotiate with the bank for a better service charge schedule. Concerning fixed assets accounting, the committee reiterated its position that the cost of appraising the Town's fixed assets was not necessary as most of the Town's land could not be sold. Regarding computer implementation of overhead costs allocations, it was agreed that the City Manager would contact the auditor for clarification of this item. The Finance Committee also discussed the issue of pre -approved warrants although this was not an audit issue. The committee was advised that it was the Town's policy that any check over $5,000 needed prior approval by the Council; each check was signed by two people (City Councilmember, City Manager or City Treasurer); and each check was approved by the appropriate department head or by the Finance Officer. Siegel inquired about the controls over employee records including attendance, sick leave, comp time and overtime. He asked for a report on how the reporting was done and the accounting. Hubbard asked about the policy of showing a payroll figure on the warrant list and thought it was a prudent way to trace distribution. It was agreed the City Manager and the Finance Committee would discuss this at a future Finance Committee Meeting. 7.3 Residential Design Guidelines Subcommittee Dauber reported that the final draft and the index for the Design Guidelines would be brought to Council at their February 2nd meeting. At that meeting a decision would be asked for from Council regarding the type of printing to be selected for the document. 7.4 Town Handbook Subcommittee January 19, 1994 Regular Meeting