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21 <br />Mayor Malone brought up the subject of <br />the annual audit and read the following <br />statement: <br />'The audit should check on the correct operation of the Accounting <br />system including validating inventories and existing equipment; <br />proper legal authority to perform the activity; adequacy of internal <br />control; fraud, waste, and mismanagement; and the effectiveness of the <br />program. <br />1. Review the economy and efficiency in the use of resources. <br />2. Determin whether accounting records maintained for resources <br />and operations are adequate and maintained on a current basis. <br />3. Determine whether adequate procedures exist to provide controls <br />over acquisition of goods and services." <br />He stated that these are things that should be reflected in an audit. Following <br />disusssion, Councilman Williams made a motion, seconded by Councilman Burnett <br />to include the statement in directions given to auditors. The motion carried <br />6 ayes, 0 nays. <br />A motion was made by Councilman Burnett, seconded by Councilman Williams to <br />�-- remove item 5 and 6 from the table. The motion carried 6 ayes, 0 nays. <br />Mayor Malone called for the Ordinance authorizing the issuance of Certificates <br />of Obligation for waste water facility. <br />ORDINANCE NO. 2569 <br />Fs <br />ORDINANCE AUTHORIZING THE ISSUANCE OF INTEREST BEARING CERTIFICATES OF OBLIGATION <br />was presented. Following discussion, a motion was made by Councilman Burnett, <br />seconded by Councilman Francis for adoption of the Ordinance. The motion <br />carried 6 ayes, 0 nays. <br />Resolution No. 2095 contracts with Hayter Engineering for engineering services <br />and Rauscher Pierce Refsnes, Inc. for financial services in connection with <br />the waste water facility project was presented. Following discussion, a motion <br />was made by Councilman Burnett, seconded by Councilman Kohls for adoption of the <br />Resolution. The motion carried 6 ayes, 0 nays. <br />