HomeMy WebLinkAboutMinutes - Finance and Bond Committee - 6/2/2008 MINUTES
Town of Oro Valley
Finance and Bond Committee
Special Meeting
Hopi Conference Room
11000 N. La Canada Drive
Oro Valley, Arizona
Monday, June 2, 2008
6:00 p.m.
CALL TO ORDER AT 6:04 p.m.
ROLL CALL
PRESENT: Tony Eichorn, Chair
Chuck Kill, Vice-Chair
Dan Toth, Member
Peter Lamm, Member
ABSENT/EXCUSED: Bob Harris, Member
STAFF PRESENT: Stacey Lemos, Finance Director
Wendy Gilden, Management and Budget Analyst
Susann BeDell, Senior Office Specialist
ALSO PRESENT: Lyra Done, Parks & Recreation Liaison
Corey Arvizu, Heinfeld Meech & Co., P.C.
Mike Hoerig, Heinfeld Meech & Co., P.C.
1. APPROVAL OF MINUTES FROM THE APRIL 28, 2008 REGULAR MEETING
MOTION: Member Lamm MOVED to approve the April 28, 2008 minutes. The motion
was SECONDED by Member Toth. Motion carried 4-0.
2. PLANNED APPROACH FOR FY 2007/2008 TOWN OF ORO VALLEY AUDIT AND
DISCUSSION OF AUDIT RISK — COREY ARVIZU, CPA, HEINFELD, MEECH, P.C.
Corey Arvizu summarized a handout setting forth the New Risk Assessment Auditing
Standards now in place. These new standards require more rigorous documentation on
the auditor's part. They are now required to assess specific risks and there must be a
linkage between which risks are assessed and the audit plan. The new standards will
increase audit time for the firm by approximately 30 hours.
Heinfeld, Meech & Co., P.C. specialize in government entities and do not perform audits
for the private sector. The final audit is sent out to approximately 20 reporting agencies.
Stacey Lemos, Finance Director, noted that the motion made in last month's meeting
regarding recommendation to Council for an amendment to the Finance and Bond
6/2/2008 Action Summary, Finance and Bond Committee 2
Committee Rules and Procedures to allow for committee review and input on staff's
recommendation for hiring future independent audit firms will be heard by Council on
June 18th
3. DISCUSSION TO EXTEND A MORE FORMAL INVITATION TO ALL TOWN
COUNCIL MEMBERS TO REGULARLY ATTEND FINANCE AND BOND
COMMITTEE MEETINGS
After discussion, Ms. Lemos stated that she will email all Council members to remind
them of Finance and Bond Committee meetings and welcome them to attend any
meeting. Ms. Lemos will also send Agendas and Packets for the meetings to the
Council Members.
4. UPDATE ON PROPOSED FY 2008/2009 TOWN OF ORO VALLEY BUDGET
Ms. Lemos noted that there have been five study sessions to date and not many
changes have been made to the proposed budget. The most significant change was
the decision to dip into the cash reserves to make a contribution to the Capital Asset
Replacement Fund to bring that Fund up to $1 M.
There has been quite a bit of discussion regarding Library funding and the County
agreement, and there is a study session planned for this topic.
It was noted that per statute, Council must adopt a tentative budget by the third week of
July.
5. COMMITTEE MEMBER/COUNCIL MEMBER LIAISON REPORTS
Lyra Done, Parks and Recreation Liaison, noted that the Parks and Recreation Fee
Schedule has been tabled by Council at this time.
6. FUTURE AGENDA ITEMS
Salary costs by department will be placed on a future agenda.
MOTION: Member Harris (via email) MOVED to place Performance Budgeting on the
next agenda. SECONDED by Vice-Chair Kill. Motion carried 4-0.
Next meeting is scheduled for July 28, 2008, at 6:00 p.m. in the Kachina Room
6/2/2008 Action Summary, Finance and Bond Committee 3
7. ADJOURNMENT
MOTION: Chair Eichorn MOVED to ADJOURN the meeting, SECONDED by Member
Lamm. Motion carried 4-0. The meeting adjourned at 7:20 p.m.
Prepared by:
Susann :eDell
Senior Office Specialist