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Home My WebLink AboutAudit Committee-Minutes-11/15/2016City of Colleyville Page 1 City of Colleyville Audit Committee Agenda City Hall 100 Main Street Colleyville,Texas 76034 817.503.1000 www.colleyville.com Tuesday,November 15,2016 4:00 p.m. City Manager’s Conference Room Third Floor City Hall 1.CALL TO ORDER 2.APPROVAL OF MINUTES August 10,2016 3.REGULAR AGENDA ITEMS 3a Meet with representatives from the City's audit firm Pattillo,Brown and Hill,L.L.P.to discuss the interim progress of the Fiscal Year ended September 30,2016 audit 3b Presentation of the Quarterly Investment Report for the quarter ended September 30,2016 3c Discussion of Commercial Paper in the local government investment pool 4.ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards November 10, 2016,by 5:00 p.m. Amy Shelley,TRMC City Secretary A quorum of the Colleyville City Council and/or any other Colleyville Board, Commission,or Committee may be in attendance at this meeting. Any matter on this agenda may,at the discretion of the governing body,be opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special accommodations,please advise Executive Secretary at least 48 hours in advance at 817.503.1111,and reasonable accommodations will be made to assist you. City of Colleyville Page 1 City of Colleyville Audit Committee MINUTES City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, November 15, 2016 4:00 p.m. City Manager’s Conference Room 3rd Floor – City Hall Chief Financial Officer Brian Hogan called the Audit Committee to order on November 15, 2016 at 4:06 p.m. ROLL CALL: Committee members Nancy Coplen, Tammy Nakamura, Bobby Lindamood, and Susan Mathisen were present. City Manager Jennifer Fadden, Chief Financial Officer Brian Hogan, Accounting Manager Karen Hines, and City Secretary Amy Shelley were also present. 2. APPROVAL OF MINUTES August 10, 2016 Committee member Coplen made a motion to approve the August 10, 2016, meeting minutes. Committee member Lindamood seconded. All approved by acclamation. 3. REGULAR AGENDA ITEMS 3a Meet with representatives from the City's audit firm Pattillo, Brown and Hill, L.L.P. to discuss the interim progress of the Fiscal Year ended September 30, 2016 audit John Manning with Patillo, Brown and Hill, L.L.P. presented this item and briefed the committee. Committee member Mathisen asked Mr. Manning if that is a $2.2 million dollar swing relative to TMRS (GASB68). Mr. Manning replied yes, actually it is $2.8 million dollars. He added trying to be even is exactly where you want to be and there are items added into this which may or may not happen. Chief Financial Officer Brian Hogan added GASB68 was a new requirement over last year and there are some items to offset it, such as assets and future liabilities. Committee member Nakamura asked Mr. Manning about the single audit threshold. Mr. Manning replied it is over $750,000. Chief Financial Officer Brian Hogan added this single audit included the train crossings. Audit Committee Minutes November 15, 2016 City of Colleyville Page 2 3b Presentation of the Quarterly Investment Report for the quarter ended September 30, 2016 Chief Financial Officer Brian Hogan presented this item and briefed the committee. Committee member Mathisen asked staff which bank is used. Chief Financial Officer Brian Hogan replied Wells Fargo. Committee member Lindamood asked about the other banks used. Chief Financial Officer Brian Hogan replied Worthington Bank and North Star Bank are used for certificates of deposit. 3c Discussion of Commercial Paper in the local government investment pool Chief Financial Officer Brian Hogan presented this item and briefed the committee. Committee member Lindamood asked staff if they have had anyone question this policy. Chief Financial Officer Brian Hogan replied no, and he does not see the need in two different investment pools. Committee member Coplen asked staff if they are checking reports every day. Chief Financial Officer Brian Hogan replied the market report shows the trends for government, and we have a representative with LOGIC that we can ask questions about the investment pools. Committee member Mathisen asked staff who is responsible for the investment transactions. Chief Financial Officer Brian Hogan replied we use a broker, and when money comes up for maturity, the brokers will call us. He added there are about four different brokers, and we do not pay them any fees. Committee member Mathisen asked staff who in the City is responsible for the investments. Chief Financial Officer Brian Hogan replied himself or the Accounting Manager Karen Hines. Chief Financial Officer Brian Hogan explained the next meeting will be held on January 17, 2016, at 4:30 to discuss the audit draft, confidential auditing report, and the quarterly investment report. Committee member Mathisen asked staff if they would be willing to help members who are interested in learning more about the interchanging of the different funds and basically how the general accounting system works, and how one account interacts with another, just maybe a general overview would be helpful; and, if they would be open to having a balance sheet available on a quarterly basis. Chief Financial Officer Brian Hogan replied he would be open to that suggestion. Audit Committee Minutes November 15, 2016 City of Colleyville Page 3 4.ADJOURNMENT The Audit Committee meeting adjourned at 5:00 p.m. APPROVED BY A VOTE OF 4 AYES, 0 NAYS, AND 0 ABSTENTIONS ON THIS THE 17TH DAY OF JANUARY 2017. Minutes taken and prepared by: Amy Shelley, TRMC City Secretary