City of North Chicago Finance/Audit Committee met June 20.
Here are the minutes provided by the committee:
Alderman Allen called the meeting to order.
ROLL CALL:
Present: Jackson, Evans, Allen, Smith, Murphy
Absent: Coleman, January
I. DISCUSSION OF FINANCE/AUDIT MONTHLY REPORT:
Interim Comptroller Tawanda Joyner provided overview of the Finance/Audit Monthly Report. She noted that it was an unaudited report; end of fiscal year. The General Fund had collected 100% totaling $25,378,364.22. Departmental spending was less than what was proposed in the budget.
II. DISCUSSION OF AUDIT SERVICES; FY2023 – FY2025:
Ms. Joyner explained 2022 there was bid for auditing services and it was for 1 year. Typically there is a 3-5 year contract for auditing companies. She was requesting to waive competitive bidding because it was done the previous year. The extension of audit services of Lauterbach & Amen for 2023 – 2025; included services would be, City Audit, TIF Report, CYEFR, Single Audit *if required, COA Setup, Police Pension Fund and Fire Pension Fund. The previous Police audit service was added as the previous company did not perform pension audits any longer.
Ms. Joyner noted that Lauterbach & Amen provides multiple services within other companies and did not see a conflict of performing multiple jobs for the City also for the Police/Fire Pension. There was a letter from the American Institute of Certified Public Accountants there was no conflict. She clarified with the City Attorney if acceptable; Attorney David Silverman said that he was confident that it was ok if Lauterbach & Amen said it was being experienced. He said it was ultimately up to the Council if the City agreed.
Treasurer Vance Wyatt clarified there was no problem with the consultant agreement for accounting services they provide. Ms. Joyner said the consultant was just an assistant to assure that she was within guidelines and there was no access.
III. DISCUSSION OF TREASURER’S REPORT – MAY 2023:
Vance Wyatt, Treasurer provided the overview/summary of the Treasurer’s report for May 2023. He noted the Accounts and Investments balance was $41,545,149.27. Increase of cash on hand will be from property taxes. Alderman Allen asked if the MFT monies was taken out; Mr. Wyatt said that it would be reclassified to the General Fund. Alderman Allen questioned $500,000 of MFT Funds; Mr. Wyatt explained that the City was not liquidating the bond therefore no money is lost (hold until maturity). Home Rule Sales Tax collection was $358,173.33 and Casino $128,386.55 thus far; projections look on track.
Alderman Evans asked what the difference in revenue between the casino and the local video gaming; Mr. Wyatt said video gaming last year collected $532,307.75. Based on the first 3 months of the casino it appeared to be collection of less than projected amount the City was told for the year; looked to be closer to amount collected previous for local video gaming. Alderman Evans clarified how it was calculated. Mr. Wyatt said North Chicago’s 10% come directly from the State.
Alderman Murphy moved, seconded by Alderman Jackson that the Finance/Audit Committee Meeting stand adjourned.
ROLL CALL:
Ayes: Jackson, Evans, Allen, Smith, Murphy
Nays: None
Absent: Coleman, January
The meeting adjourned at 7:43 p.m.
https://www.northchicago.org/vertical/sites/%7B52959CF2-969E-41D9-A9CF-CF0A11D0BEA9%7D/uploads/COMMITTEE_MINUTES.6.20.23.pdf
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