HomeMy WebLinkAboutAudit Committee-Minutes-3/2/2022
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
Wednesday, March 2, 2022
6:15 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2. APPROVAL OF MINUTES
December 7, 2021
3. REGULAR AGENDA ITEMS
3a Discussion of the draft FY21 audit and SAS 114 letter
4. REPORTS
4a Presentation of the Quarterly Investment Report for the quarter ended
December 31, 2021.
5. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
February 25, 2022, 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 817.503.1133, 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
Wednesday, March 2, 2022
6:15 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 6:15 p.m.
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 Adrienne Lothery, and City Secretary
Christine Loven
2. APPROVAL OF MINUTES
The December 7, 2021 minutes were approved as presented.
3. REGULAR AGENDA ITEMS
3a Discussion of the draft FY21 audit and SAS 114 letter
Jennifer Ripka, partner, Weaver and Tidwell, the City’s Auditor, gave an overview
of her experience and explained the audit process. Ms. Ripka stated the City
received an unmodified report, which is the highest report that can be given. She
noted there were no material weaknesses, no significant deficiencies, and no noted
noncompliance material to the financial statements. Ms. Ripka stated the reporting
result in the Federal Awards audit is also unmodified. She went on to review
GASBE 84 and provided financial highlights.
Ms. Ripka thanked Kyle Lester and Karen Hines for their assistance and told the
Committee they are good to work with and it is very appreciated.
The Committee thanked Ms. Ripka.
4. REPORTS
4a Presentation of the Quarterly Investment Report for the quarter ended
December 31, 2021.
Audit Committee Minutes March 2, 2022
City of Colleyville Page 2
Finance Director Kyle Lester presented the quarterly investment report, noting
interest earnings for the quarter were $17,073 compared to $15,943 in the
previous quarter, reflecting a more optimistic market, anticipated Federal Reserve
action, and a few maturities coming due in the last quarter. He stated staff would
continue to examine cash-flow needs and place resources in instruments with an
emphasis on keeping these funds safe while earning as strong a yield as possible.
There was general discussion of the City’s financial strategies and goals.
5. ADJOURNMENT
The meeting was adjourned at 6:47 p.m.
PASSED BY A VOTE OF AYES, NAYS, AND ABSTENTIONS, THIS 7TH DAY OF
JUNE 2022.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary