HomeMy WebLinkAboutAudit Committee-Minutes-02/02/2021
City 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, February 2, 2021
4:45 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2. APPROVAL OF MINUTES
December 1, 2020
3. REGULAR AGENDA ITEMS
3a Discuss preliminary draft of FY20 Comprehensive Annual Financial
Report and Federal Single Audit Reports for Year Ended September
30, 2020
4. REPORTS
4a Presentation of the Quarterly Investment Report for the quarter
ended December 30, 2020
5. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
January 29, 2021, 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, February 2, 2021
4:45 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
City Secretary Christine Loven called the Audit Committee to order at 4:45 p.m.
on February 2, 2021.
ROLL CALL: Committee members present George Dodson, Bobby Lindamood, and
Chuck Kelley.
Also Present: Finance Director Kyle Lester, Accounting Manager Karen Hines City
Manager Jerry Ducay, Assistant City Manager Mark Wood, and City Secretary
Christine Loven
2. APPROVAL OF MINUTES
December 1, 2020
The minutes were approved as presented.
3. REGULAR AGENDA ITEMS
3a Discuss preliminary draft of FY20 Comprehensive Annual Financial Report
and Federal Single Audit Reports for Year Ended September 30, 2020
Finance Director Kyle Lester introduced Jennifer Ripka, partner, Weaver and
Tidwell, the City’s auditing firm who gave a high-level overview of the audit. Ms.
Ripka stated the City received an unmodified audit opinion (Independent Auditor's
Report), which is the most favorable audit opinion an entity can receive. Ms. Ripka
noted there were no adjustments or deficiencies, and the City was compliant with
the Single Audit regarding Coronavirus aid, which means the City complied with
the Treasury Department and internal controls.
The Committee thanked Ms. Ripka. There was general discussion of the Single
Audit and Ms. Ripka stated Karen Hines, Kyle Lester, and their staff are good to
work with and do a great job.
4. REPORTS
4a Presentation of the Quarterly Investment Report for the quarter ended
December 31, 2020
Audit Committee Minutes February 2, 2021
City of Colleyville Page 2
Director Lester reviewed the investment report, noting interest earnings have
declined and is reflective of a declining interest rate market, as well as several
maturities coming due in the last quarter. Staff will continue to examine cash-flow
needs and place our resources in instruments with an emphasis on keeping these
funds safe while earning as strong a yield as possible.
5. ADJOURNMENT
The meeting was adjourned at 5:23 p.m.
MINUTES APPROVED THIS 20TH DAY OF APRIL 2021.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary