HomeMy WebLinkAboutAudit Services-Statistical Data Oak Park Heights
Request for Council Action
Meeting Date July 25, 2006
Agenda Item Title Approve HLB TautQes Rednath Services for Statistical Section
Reporting Time Required
Agenda Placement Consent
Originating Department / Requestor Finance -Judy Holst, Deputy Clerk /Finance
Director
Requester's Signature
Action Requested Approve HLB Tautees Redpath to Bather information for
Statistical Section of annual rep_ ort. Approve budget adiustment to cover
expenditure
Background /Justification (Please indicate any previous action, financial
implications including budget information and recommendations).
See attached memo.
City of'Oak Park Fle](Aits1i
Memo
July 20, 2006
To: Mayor and Council
From: Judy Holst, Deputy Clerk/Finance Director
Re: GASB 44 — Statistical Section of Annual Audit Report
I have had a discussion with our Auditor, Dave Mol, regarding the GASB 44
requirements for reporting. GASB 44 requires a detailed statistical section in the annual
report for those cities that submit their report under the certificate program for reporting.
This requirement will be mandatory beginning with the 2006 reports for the certificate
program. It remains to be seen if the GASB board eventually requires this information
for all municipalities.
Our city does not submit a report for the certificate program, although I have explored the
possibility of doing so. The certificate program requires a little more in depth reporting
than what we currently have in our annual report.
Some of the information in the statistical section of the report is already included in our
annual report. GASB 44 states we either report the entire detail statistical section or we
take all of the current statistical section out of our annual report.
I have attached a template copy of what the new Statistical Section would entail. There
are 5 sets of schedules in the section: Financial Trends, Revenue Capacity, Debt
Capacity, Demographic and Economic Information and Operating Information. You may
find that some of this information may be of value to the City.
Much of the report would need 10 years of information for comparison purposes. Our
Auditor has proposed compiling this information for the City at a cost of approximately
$J,000 to $1,500. This is a very rough estimate and actual costs may exceed this amount
depending on the number of hours needed to gather the information.
I recommend approving HLB Tautges Redpath gather the information for the Statistical
Section of our annual report.
I also recommend a budget adjustment increase of $1,500 to the General Fund Audit
Professional Services. This would be covered by the 2005 undesignated fund balance.