OFFICE OF THE CITY COUNCIL

 

CHERYL L. BROWN                                                                                                         117 WEST DUVAL STREET, SUITE 425

            DIRECTOR                                                                                                                                                                                 4TH FLOOR, CITY HALL

   OFFICE (904) 630-1452                                                                                                                                                          JACKSONVILLE, FLORIDA  32202

     FAX (904) 630-2906                                                                                                                                                                                                              

  E-MAIL: CLBROWN@coj.net

 

FINANCE AUDIT SUBCOMMITTEE MEETING MINUTES

 

October 15, 2012

11:00 a.m.

 

City Council Conference Room A

Suite 425, City Hall

117 West Duval Street

 

Attendance:  Council Members Greg Anderson (Chair), Johnny Gaffney and Clay Yarborough

Also: Kirk Sherman and Kyle Billy - Council Auditor’s Office; Carol Owens – Legislative Services Division

 

See attached sign-in sheet for additional attendees.

 

The Chairman called the meeting to order at 11:15 a.m.

 

Brett Friedman and Garrett Truman of McGladrey LLP, the City’s independent auditor, reviewed a report on the City’s FY11-12 audit. The report made note of several Governmental Accounting Standards Board (GASB) rules that will take effect in the next couple of years that will impact on local government audits.  GASB statment 61 may result in the JTA, JAA and Downtown Vision Inc. not being reported in the City’s comprehensive audit because of their relative independence, both governance and financially, from the City.  Statements  67 and 68 will require the City to report its future pension and post-employment benefits (retiree health care) directly in the audit rather than as a footnote.  None of these GASB changes should affect the City’s bond ratings, as the rating agencies are well aware of the City’s current financial liabilities.

 

Mr. Truman reviewed the City’s Federal Funds Audit summary, which covers selected state and federal grants.  One internal control deficiency was identified in the posting of a federal stimulus program grant for an energy efficiency program  The audit also identified an improper charge of $25,000 in a state HOME grant due to incorrect time coding, which represents an immaterial fraction of the $2.5 million grant. Another issue regarding the booking of bond interest was identified and has been corrected by the City.

 

Overall McGladrey reported a good audit experience, good cooperation from the City, and no serious deficiencies or problems identified.

 

There being no further business, the agenda meeting was adjourned at 11:50 a.m.

 

Jeff Clements, Council Research Division (904) 630-1404

 

Posted 10.17.13   6:00 p.m.

 

Attendance Record