HomeMy WebLinkAbout2002-06-05 - Finance-Accounting Committee Meeting MinutesAGENDA REPORT
DATE: June 13, 2002
TO: President and Members of the Board
FROM: Finance Committee
ITEM NO. 45
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OF TOE VORU UNDA WATER OISTRICE
91
JUN 13 2002
SUBJECT: Summary Minutes of the Finance-Accounting Committee Meeting
The Finance-Accounting Committee held a meeting on June 5, 2002. Present were Arthur C.
Kom, Michael Beverage, William Robertson and Beverly Meza. The Committee discussed:
1. Audit. Ms. Meza provided a status report on the financial audit. The auditors have completed
a preliminary review and will return in July to finish their work. The final audit is scheduled
for presentation to the full Board of Directors in late September to early October.
2. Accounting software. Ms. Meza reported the staff has interviewed three firms. The next step
is to produce a Request for Proposal. The Committee requested that staff review the RFP
with the Public Information Committee members.
3. Purchasing Policy. Ms. Meza reported the existing purchasing policy has not changed in
eleven years. She discussed the proposed changes with the Committee. The proposed policy
appears on this Agenda for action by the full Board of Directors.
4. Fixed Assets procedure. Ms. Meza reported the auditors have requested that staff prepare a
document that records current procedures to depreciate fixed assets. Ms. Mena reviewed a
draft of the Administrative Checkpoint procedure with the Committee.
5. Review of expenses and revenues. Mr. Robertson reviewed with the Committee an analysis
of expenses and revenues through April 2002. The Committee discussed it and requested
further information after the audit is complete.