HomeMy Public PortalAbout20070521AuditMinutes.pdfCity of TYBEE ISLAND
Audit Committee Meeting
Monday, May 21, 2007
4:00 PM
Tybee Old School – Room 7
MINUTES
Attendance: John Major, Freda Rutherford, David Birdwell, Jim Anderson, Sam Adams
Guests: Kathryn Williams, Diane Schleicher, John Redmond
John Major called the meeting to order at 4:04 PM.
There was a motion by Sam, second by Jim, to approve the minutes from the April 9th meeting.
All approved.
INTRODUCTION OF JOHN REDMOND, CHIEF FINANCIAL OFFICER
John Major introduced John Redmond, the City’s new CFO. He said John comes to us from
Lagrange, GA where he was the Accounting Manager, thus know all about SAS, GASB, etc. He
has experience with development authorities and utilities. He has a BS from Columbus State
University and a MBA in finance from Georgia State University. He is a member of numerous
financial associations. Diane expressed her excitement at having John on-board. Kathryn also
expressed her pleasure at meeting John.
DISCUSSION OF DRAFT AUDIT REPORT FROM INDEPENDENT AUDIT
John Major said we have an agenda item to discuss the draft audit report but unfortunately it has
not yet been provided to us. He said he emailed Craig Moye, auditor, and handed out an e-mail
from him. He recited from the e-mail that there were five findings, three of which are material
weaknesses. John Redmond emphasized the importance of having the required reports to the
Department of Community Affairs by June 30th. John Major said that staff should let the
committee know if there is anything that we can do to be of assistance. Discussion followed
regarding the audit contract with Mauldin and Jenkins. David asked if adjusting journal entry
findings are normal. John Redmond responded that he would have to look at the specific findings
to make that determination.
REVIEW OF FINANCIAL STATEMENTS
John Major handed out: 1) the March 31st financial statement; 2) a campground revenue report;
and a parking revenue report. He asked for committee members to look over the reports and ask
any questions. Major asked Redmond to provide the committee with financial report at the end of
each period – either monthly or quarterly.
REVIEW OF SECTION I OF GFOA PUBLICATION “AUDIT COMMITTEES”
Sam handed out five questions taken from the publication, then gave a presentation on the
appropriate responses. Discussion followed. Sam offered to lead the review of Section II at the
June meeting.
DISCUSSION OF RFP FOR 07 AUDIT
John Major said we need to make a decision about contracting for future audits. Freda noted that
our choices are to attempt to negotiate with Mauldin and Jenkins or the issue an RFP. John
Redmond said we probably need to have an auditor in place by September. John Major said we
will discuss this further at our June meeting when Redmond has had more time on-board and can
participate in the discussion. Discussion followed on the history and role of the audit committee.
ETHICS COMMITTEE REPORT
Sue could not be present but she sent word by John that the second reading of the ethics
ordinance will be on the Thursday council agenda.
There being no old or new business the meeting was adjourned at 5:15 PM.
Respectfully submitted,
Freda Rutherford, Secretary