03/02/2015-CC-Minutes-Work SessionMINUTES:CITY COUNCIL WORKSESSION
March 2, 2015
PRESENT:Mayor Thomas Muir,Councilman Billy Ezell,Councilman Russell Martin,
Councilman Scott Stephens, Councilman Gary Bilyeu and Councilman Allen
Chick
OTHERS
PRESENT:Mike Brice City Manager,Tami Taber City Secretary and Mike Brooks with
Brooks Cardiel PLLC
1.Call Meeting to Order.
Mayor Muir called the meeting to order at 6:00 p.m.
2.Overview of Audit for Fiscal Year End 2013/2014 by Brooks Cardiel PLLC.
Mike Brooks gave an overview of the audit through a slide show presentation. He
commented that the audit went smoothly. He gave a clean unmodified opinion and
stated that is the highest that we can receive.
The General Fund shows $93,000 more than what was budgeted and $91,000 less
was spent than budgeted, a sign of a strong fiscal year.
He reviewed the required auditor disclosure letter which discloses any difficulties.
There were two corrected misstatements shown in Exhibit 1.
The second item is the management letter in which he had two findings. The first
was a project that falls under Chapter 252 of the Texas Local Government Code. It
should have been a competitive bid and was not.
The City was aware and has made steps to correct that.
The second item was pension standards. In June of 2012, the Government
Accounting Standards Board (GASB) issued Statement No. 68, Financial Reporting
for Pensions Plans -an amendment of GASB Statement No. 25, which revises and
establishes new financial report requirements for governments that provide pension
benefits to its employees and retirees.
He recommended management familiarize itself with GASB Statement No. 68 to
prepare for its implementation.
The City has begun implementing controls as provided by TMRS.
3.Overview of Items on Regular Agenda.
4.Adjourn.
Mayor Muir adjourned the meeting at 6:30 p.m.