CRA 05/14/2010 Minutes - Laserfiche WebLink

Home Browse Search

Community Redevelopment Agency May 14, 2010 Page 2 Community Development Department). He said a risk based approach was used to audit the City's CRA. Mr. O'Keefe provided a letter from Moore, Stephens, Lovelace PA dated May 14, 2010 that reviewed the findings of the audit (a copy is attached and made a part of the minutes). Mr. Jones arrived at the meeting at 9:10 a.m. In response to Mr. Daigle's question regarding the previous auditor contacting him during the auditing process, Mr, O'Keefe stated that some larger firms contact the Chairman as part of their auditing procedures. He said that his firm has a governmental practice group and an SCC practice group and the auditing standards are different for each group. He said his firm normally does not contact the Chairman during the auditing process. A general discussion ensued regarding the Schedule of Findings and Management Responses outlined on page 17 of the auditor's report. Ms. Bowman stated that previous CRA audits were conducted by an independent firm which resulted in some duplication of work for the auditors. She said that Moore Stephens Lovelace conducted both the City and the CRA audit which eliminated the duplication of work. Fifth Item of Business: Finance Report Ms. Rebecca Bowman, Accounting Manager, distributed and reviewed the Finance Report for period ending March 31, 2010 (a copy is on file in the Community Development Department). Ms. Bowman stated that the fund balance has been changed to reflect the audited figures. Ms. Bowman explained that there was a significant difference in the figures that were presented to the Board at the end of September. She said the difference was due to funds that were budgeted but not spent at the end of the fiscal year. A brief discussion ensued regarding the expenditures for Anniversary Park. Ms. Bowman stated that staff is researching the park expenditures. Mr. Newlon felt that there was an error in processing the budget rollover and an update would be provided to the Board at the next meeting. Ms. Bowman stated that corrections have been made to reflect the actual Tax Increment Funding (TIF) figures for both the City and Seminole County. She explained that the City and County make a payment to the CRA based on estimated values and an adjustment is made when the final values are made available.