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Ms. Ricci thanked Mr. Williams for speaking to them. She noted that Mr. Williams said <br />Hochschild, Bloom letter of opinion was similar to the one last year. Ms. Ricci said that the <br />letter was identical to last year. She mentioned the one thing that is outstanding is the <br />need to have financial policies in writing and Mr. Williams agreed. Ms. Ricci asked if they <br />would have a model of which to work with. She noted that she supplied Council with a <br />model last year and one this year from GFOA. Mr. Williams stated his firm does not have <br />a model on the shelf to look at but there are ones from other cities even though each city <br />is a little bit different. Ms. Ricci asked if out of the thirty cities he represents if there was <br />one or two cities that stands out as having good policy manuals that we could look at. Mr. <br />Williams agreed to get Council the names of these cities. Ms. Ricci asked if it was market <br />force that caused investments to be down five and one half million dollars and pension <br />seven million. Mr. Williams noted that the Pension fund is down about five million due to <br />investment and other deductions bring it to about seven million. She noted that last year <br />the City did a little over one half million between funds and this year the City did over three <br />million and asked what that difference was. Mr. Williams said he would get back with the <br />details on it. <br />Mr. Price asked Ms. Watson how much this audit with Hochschild, Bloom cost. Ms. <br />Watson said it cost around $35,000 and he noted that a state audit would cost between <br />$60,000 and $80,000. If you add both together you are at the $100,000 mark. Mr. Price <br />asked Mr. Williams if he had been involved with any state audits with other cities and Mr. <br />Williams said he has. Mr. Price asked if the state would use information already <br />produced. He asked anybody who got the petition going for a state auditor to send him an <br />email or call him to explain why the City pays $60,000 for a state audit when they will use <br />the audit information just performed. <br />CITIZEN COMMENTS <br />Edward McCarthy, 7101 Princeton Ave <br />Mr. McCarthy said he had questions for Mr. Williams of Hochschild, Bloom. He wanted to <br />know if the new accounting system has improved the financial reporting after spending <br />hundreds of thousands of dollars on the new system. His general question was does the <br />new accounting system look good/better than the one before. Another question he had <br />was how we are doing as compared to other cities. Next question was what other things <br />besides what is listed in the management letter can be done to improve the City’s system <br />or reporting to the citizens. Mr. McCarthy’s last question was on inter-fund charges the <br />discrepancies or differences between charging certain funds certain rates and why does <br />the City charge the rates it does? <br />Ms. Watson stated that one of the misconceptions is that Mr. Williams has audited a full <br />year in the City’s new financial system. Conversion of financial records did not start until <br />June 8 and the financial year closed as of June 30, 2009, so the majority of the year was <br />still in the old financial system. <br />Ms. Ricci also asked about the inter-fund charges if the City is doing better or worse. Mr. <br />Williams did not have the details of the different rate charged between funds and would <br />get back with an answer. Mr. Williams stated it was tough to compare one city to another <br />due to the many differences in funds. <br />Mr. Glickert asked Ms. Watson with regards to the manual asked within reason when she <br />though the finance department would have a manual on accounting procedures <br /> 4 <br /> <br />