HomeMy WebLinkAboutAudit Committee-Minutes-03/05/2019City 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, March 5, 2019
4:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
December 4, 2018
3.REGULAR AGENDA ITEMS
3a Discussion of the draft Fiscal Year 2018 (FY18) Audit and SAS 114
Letter
3b Quarterly Investment Report for the quarter ended December 31,
2018
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, March
8, 2019, by 5:00 p.m.
Christine Loven, 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, March 5, 2019
4:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
Chief Financial Officer Shereen Gendy called the Audit Committee to order on
March 5, 2019 at 4:31 p.m.
ROLL CALL: Committee members present George Dodson, Kathy Wheat, Bobby
Lindamood
Committee member Susan Mathisen arrived at 5:10 p.m.
Also Present: Chief Financial Officer Shereen Gendy, Accounting Manager Karen
Hines City Manager Jerry Ducay, Assistant City Manager Mark Wood, and City
Secretary Christine Loven
2. APPROVAL OF MINUTES
December 4, 2018
Committee member Wheat motioned to approve the minutes, Committee member
Dodson seconded, the minutes were unanimously approved.
3. REGULAR AGENDA ITEMS
3a Discussion of the draft Fiscal Year 2018 (FY18) Audit and SAS 114 Letter
Chief Financial Offer Shereen Gendy thanked Karen Hines and Jennifer Ripka for
working with staff to finalize the audit, stating this was the first year to work with
Weaver and Tidwell and there were changes in both staffs and delays in
communications from the auditor, and changes to GASB 75. She then introduced
Jennifer Ripka, Weaver and Tidwell who reviewed the draft audit and SAS 114.
Ms. Ripka began by thanking staff and the committee and reported there are no
significant deficiencies. Her presentation highlighted GASB 75 and 87, noted
current and upcoming reporting changes, reviewed each of the funds, leases,
pension assets, and the debt schedule.
There were no questions from the committee who thanked staff and Ms. Ripka for
their diligence and good work.
Audit Committee Minutes March 5, 2019
City of Colleyville Page 2
3b Quarterly Investment Report for the quarter ended December 31, 2018
Chief Financial Officer Shereen Gendy reviewed the investment report, highlighting
the funds in investment pools and the increase in interest revenue yielded from
the sweep accounts.
There was discussion of the City’s accounts and yields: CDARS, Sweeps, CDs,
Pools, and Treasuries. City Manager Jerry Ducay stated the City is looking for
options to diversify and receive higher yields.
4. ADJOURNMENT
The meeting was adjourned at 5:18 p.m.
MINUTES APPROVED THIS 20TH DAY OF AUGUST, 2019.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary