HomeMy WebLinkAbout1985-06-04 Finance Committee MinutesFinance Committee
June 4, 1985 at 8:00 a.m.
Minutes
Present: Councilor Jim Cox, Chairman
Councilor John Gass
Councilor Arthur Tilley
John Flynn, City Manager
Ted Jellison, Finance Director
1. Interview for Auditing Services.
The Committee interviewed a representative from Brantner and
Thibodeauat 8:00 amand .representatives from Brooks and
Carter at 8:30 a Me Committee recommended that the firm
of Brooks and Carter be retained as auditors for the City of
Bangor at an annual fee of $18,000. It was
suggested that a
letter be written to each firm indicating the Committee's
decision.
During each interview, Councilor Tilley expressed concern over
the lack of coordination between the auditors and the Council
asking that the Council be kept more up-to-date during the
auditing process, and further indicating a vagueness with
management letters. He suggested that if there are areas
where the city i not i compliance with generally accepted
accounting practices that these areas be detailed out, another
category listing things that perhaps the City should be doing
and a category listing things that must be done.
The fee quoted by Brooks and Carter was based on the assumption
that the City wanted the Bass Park Corporation to be combined
into the financial statements of the City. The scope and extent
of the work on Bass Park would be somewhat restrictive as it
would be just a componentof the overall City. Councilor Tilley
indicated he would liketo have the auditors reconcile Bass
Park's balances as of June 30th in order to give the City some
assurance that there are not a lot of uncollectable accounts
receivables, that payables are current, etc.
Representatives from Brooks and .Carter indicated that the City
would be receiving a three-part report including 1) a comprehensive
annual financial statement for the municipality with the auditor's
report; Z) a management letter; and 3) a report which encompasses
all grants with a report letter specifically relating to the
compliance matterspertinentto the individual grants.
The Committee adjourned at approximately 8:45 a.m