City Council

COUNCIL AUDIT COMMITTEE MINUTES OF NOVEMBER 7, 2019 A meeting of the City Council Audit Committee was held on Thursday, November 7, 2019 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, MI 49660. MEMBERS PRESENT: Lynda Beaton, Erin Pontiac, Mick Szymanski MEMBERS ABSENT: None OTHERS PRESENT: Finance Director Ed Bradford Call to Order – Chair Lynda Beaton called the meeting to order at 3:00 p.m. Public Comments - None Conference Call with Anderson Tackman – Prior to making the call to the auditor, Finance Director Ed Bradford provided staff’s review of the audit process and draft audit. Questions and comments from the Audit Committee were responded to. Ken Talsma of Anderson Tackman provided an overview of the draft City of Manistee 2019 Audit.  Reviewed audit process.  Increase in fund balance of $153,480; fund balance is at 23%.  Discussed cash flow and timing for next year’s budget.  Discussed conducting another water and sewer rate analysis in the next few years.  Current blanks in the draft will be completed prior to the presentation to full Council.  Discussed asset test ratio.  Discussed pension liability, 75% funded which is better than average.  Questions from the Audit Committee were responded to. CONSENSUS: Staff will forward this item for full council consideration on November 19, 2019. Annual Report to Council – A draft annual report was prepared by staff and reviewed by the Audit Committee. The annual report will have 2019 meeting minutes attached and the draft will be amended to reflect actions taken today. CONSENSUS: The Annual Audit Committee Report will be presented to Council on November 19, 2019 in conjunction with the auditor’s presentation of the June 30, 2019 audit. Next Meeting – No further meetings were scheduled for 2019. Adjourn – Motion by Erin Pontiac, second by Mick Szymanski to adjourn at 3:55 p.m. Cynthia J. Lokovich, CAP, OM Executive Secretary COUNCIL AUDIT COMMITTEE – NOVEMBER 7, 2019 PAGE 1