022690-Work Session598
MINUTES
City Coinmission, Sanford, Florida
City Manager's Conference Room in the City Hall in the
o'clock P.M. on February 26, 1990
Present: Mayor-Commissioner Bettye D. Smith
Commissioner Whitey Eckstein
Commissioner Robert B. Thomas
Commissioner A.A. McClanahan
Commissioner Lon Howell
City Manager Frank A. Faison
City Clerk Janet R. Donahoe
Absent: City Attorney William L. Colbert
The meeting was called to order by the Chairman.
February 26,
City of Sanfordr Florida, at 4:30
Christine Hill, Managing Partner, and Rene Wasmund, Manager, appeared to present
the annual audit for the Fiscal Year Ended September 30, 1989.
Ms. Hill announced that the report is very different and contains additional
information, partly because the report is going to be submitted under a program called
are very stringent guidelines as far as what a
It is reviewed by three independent judges, and based
the City will receive a Certificate of Achievement
in Financial Reporting. Said Certificate is an excellent tool to use when
trustees and the like, and
it is almost becoming
"Certificate of Excellence". There
Comprehensive Report is to include.
on their recommendations, hopefully,
for Excellence
in the
gives
dealing with raters, bond holders,
expected by both rating agencies.
Significant differences
2. Letter of Transmittal, which
report are as follows:
an overview of the
government funds, and a forward look at what to
1. Introductory Section,
City's major initiatives,
information results of operations in
expect in the coming year, 3. Organization Chart, and 4. Principal Officials.
Ms. Hill reported the new items in the footnotes are a result of accounting
standards. The Financial Statements are unqualified, and with respect to internal control,
no material weaknesses were found. Cash & Investments have more detail, which gives an
overview of how the City's funds are invested and what the risks are. Ms. Hill reported
that with depreciation included, the Refuse Division operated at a loss with subsequent
rate increases in that area, however, from a cash standpoint, it was not a problem because
The assets will need to be replaced,
Government expenditures have grown
there was sufficient cash to make scheduled payments.
and replacement funds should be monitored.
dramatically, no material weaknesses.
Ms. Hill stated that excess coverage
has been purchased regarding Worker's
Compensation Claims, and $175,000 has been placed in the general fund for the settlement of
pending claims.
1990
MINUTES
City Commission, Sanford, Florida
February 26,
599
l~ 90
Ms. Hill thanked the Finance Director and staff for their support.
There being no further business, the meeting was adjourned.
Attest:
// City' Clerk