AUDIT 2010/07/29 Minutes
The City of Lake Forest
AUDIT COMMITTEE
Proceedings of the July 29, 2010 Meeting
5:15 p.m. – City Hall, 220 E Deerpath
City Manager’s Conference Room
Minutes
I. Call to Order and Roll Call
Chairman Jacobs called the meeting to order at 5:15 p.m. Audit Committee
Members present: Chairman Jacobs, Ms. Krebs, Ms. Moreno, and Finance
Committee Chairman Grumhaus (ex-officio). Absent: Mayor Cowhey, Ms. Reich
and Mr. Marwede. Quorum present.
City staff present: Robert Kiely, Jr., City Manager; Kathleen Reinertsen, Finance
Director, Louise Breckan, Assistant Finance Director and Diane Hall, Senior
Accountant.
Others present: Linda Abernethy, Partner with McGladrey & Pullen.
Number present in the audience: none.
II. Consent Agenda
Approval of minutes from Audit Committee held on October 15, 2009
Chairman Jacobs tabled until the October 2010 meeting.
McGladrey & Pullen April 30, 2010 Engagement Letter
The Committee briefly discussed the letter.
A motion was made by Ms. Moreno, seconded by Ms. Krebs, to ratify the
engagement letter. The motion carried unanimously by voice vote.
III. FY2010 Audit
Ms. Linda Abernethy, Partner with McGladrey and Pullen, updated the
committee with the progress of the FY2010 Audit. She reviewed the procedures
that have been completed and the controls that had been documented with
walk-throughs. She briefly reviewed GASB Statement 47 – Termination Benefits
(FY2010), Statement 49 – Pollution Remediation (FY2010), Statement 51 –
Intangibles (FY2011) and Statement 54 – Fund Balance Reporting (FY2012).
IV. Other Business
Ethics Hotline- Ms. Reinertsen stated that the hotline is almost completed and is
currently in the testing mode. The City’s Human Resource Director, DeSha
Kalmar is the lead on this project. Ms. Reinertsen told the committee that
employees’ concerns that need to be referred to outside parties will be sent first
to the PCA Committee. The PCA Committee will refer any concerns to the Audit
Committee. Ms. Reinertsen noted that included in the meeting packet were
ordinances that created the Audit and PCA Committees.
Audit Committee Meeting
Minutes – July 29, 2010
Page 2 of 2
It is anticipated that the employees will be able to use the hotline sometime in
early September 2010.
Mr. Kiely updated the Committee on the Gorton Community Center.
V. Adjournment
There being no further business, a motion was made by Ms. Moreno to adjourn
the meeting. The motion was seconded by Ms. Krebs. The motion was
approved unanimously by voice vote. The meeting was adjourned at 6:00 p.m.
Respectfully submitted,
Louise Breckan
Assistant Finance Director