Exh 8KAGENDA ITRM #8K
JUNG 13, 2005
N1ay 23, 2005 REGULAR COMMISSION MEETING Pale 2
Courtesy of the Floor 2. Courtesy of the Floor to Visitors
A. Presentation of Independent Auditor's Report by Purvis, Gray
& Company
Ron Whitesides, C.P.A., introduced himself and Steve Pratto, Staff Auditor,
as members of the Atlantic Beach audit team. He apologized for the late
delivery of the report and explained that the humcanes of last year
presented internal challenges for his company that prevented them from
completing the reports by February or March, as normal. Mr. Whitesides
proceeded to review the highlighted items in the reports and indicated that
the report complied with all federal, state and local accounting
requirements.
Mr. Whitesides noted that his company audits the financial statements as
maintained and presented by the City. He stated that the auditors look for
accuracy in the figures, examine the internal controls used, and test for
compliancy with governmental standards. Mr. Whitesides stated that, in the
opinion of his company, the financial statements audited presented fairly
and he proceeded to briefly review the information in the report. He
pointed out that the Managements' Discussion and Analysis is a new
addition to the audit report and provides a good overview of the City's
activities during the audit period.
One of the items addressed by Mr. Whitesides was the utility fund, as seen
on the income statement in the report. He noted the utility fund is operating
at a slight loss and commented that his firm prefers to see municipalities
cover their depreciations. He reported that Atlantic Beach is very close to
that goal, and encouraged the City to strive for having its utility fund break
even in the future. He also discussed the City's Debt Service Coverage
ratio and advised that the Commission keep an eye on that figure since it
was only slightly higher than the required percentage. He also briefly
discussed the history and current status of the assets and projected liabilities
of the City's pension plans.
In closing, Mr. Whitesides noted that the report is very good and
commended the City staff at its job of maintaining the books and complying
with the regulatory provisions.
There were no questions or comments from the Commission. Mayor
Meserve thanked Mr. Whitesides and praised Nelson Van Liere, Finance
Director, for keeping the financial records in good order.
B. Presentation of Transportation Improvement Program by First
Coast Metropolitan Planning Organization
Mayor Meserve introduced Wanda Forrest, of the First Coast Metropolitan
Planning Organization, to present the Transportation Improvement
Program. Ms. Forrest reviewed the plan and noted that it is afive-year