THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

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City ofLakewood AuditCommittee AnnualReport 2010 Page 2 Key Activities in the 2d Quarter 2010 included the following Met with James G Zupka CPA Inc to review the status of the 2009 Audit preliminaryfindings and timelineof audit completion October 2010 Meet with the Finance Director and Assistant Finance Director who provided an update on the financial resultsofthe City for the first quarter of 2010 Met with the City of Lakewood Finance Committee and Finance Department Key Activities in the 3rd Quarter 2010 included thefollowing Meet with the Finance Directorand Assistant Finance Director who provided an update on the financial results ofthe City for the second quarter and first half of 2010 Met in executive session with representatives ofthe City s Independent Auditor James G Zupka CPA Inc who conducted the 2009 Auditofthe Cityof Lakewood Revised and issued the Self Evaluation Form that the Committee usesto help identify specific areas that the members believe needs further development Reviewed the confidential anonymous submissions by employees regarding cdncernsorsuspectsoffraud Initiated a review ofthe Winterhursttransaction to ensure all applicable ordinances were adheredto improve transparency and improve internal controls Key Activities to be performed in the 4th Quarter 2010 include the following Meet with the Finance Directdr and Assistant Finance Director who will provide an update on the financialresults ofthe City forthe third quarter of2010 and status of the 2011 budget Conduct a post review ofthe 2009 Audit findings including a review of the administrative response to the findings and recommendations made by the Independent Auditor Election of2011 Committee Chairperson and Secretary In addition tothe above other activities ofthe Committee included Other Comments Provided financial market analysis opinions and common business practice information to all committee members and administrative staff Attended periodic meetings and seminars pertaining to the currentevents that may affect city governance and administration The Finance Director and or the Assistant Finance Director have attended the majority the meetings ofthe Audit Committee in 2010
City ofLakewood Audit Committee Annual Report 2010 October 2010 Minutes from all ofthe Audit Committee meetings have been filed with the Clerk of Council Future Objectives 2011 2012 The Committee plans to continue tofollowthe activities on a timely base as described more specifically in the Annual Meeting Planner with the focus on providing an independent oversight oftheCity s financial reporting processes and internal controls review and The Committee intends to continue to be a sounding board for the Finance Director other members ofthe Administration and membersofCouncil To provide a relative and meaningful financial business perspective tothe financial issues facingthe City ofLakewood Specific areas offocus forthe coming year include Initial assessment of establishing a risk management process Remediation of IT issues noted in the 2009Audit findings Financial Modeling beyond a one year time horizon Development of a Strategic Planning process Capital Structure ofthe City currently and the potential impact offuture funding requirements Respectively Submitted on behalfofthe Audit Committee Charles Page Chairman 2010 Committee Members Kenneth Haber Council Appointment Raymond Cushing Council Appointment Charles Page Mayoral Appointment William George Mayoral Appointment Clint Weddell Mayoral Appointment Renee Mahoney Mayoral Appointment Michael Summers Councilman NickieAntonio Councilwoman Mary Louise Madigan Councilwoman Page 3 f
Page 1 and 2: DOCKET OF AMEETING OF THE LAKEWOOD
Page 3 and 4: l0 ORDINANCE NO 53 10 An Ordinance
Page 5 and 6: Kaufmann Park known as Lakewood Lit
Page 7 and 8: 128 0306 CORPORATION COryoration me
Page 9 and 10: No shall be person required to with
Page 11 and 12: as CONSTRUCTION INDEPENDENT cuM1 nn
Page 13 and 14: d 1 On the portion attributable to
Page 15 and 16: MUNICIPALITY OR IN ANY MUNICIPALITY
Page 17 and 18: 2 A TAXPAYER WHO RECEIVES INCOME AS
Page 19 and 20: 128 2203 13A8I13TY PORNON PAYMENT B
Page 21 and 22: f Help maintainastable basebypxovid
Page 23 and 24: H Theyshallbe dceigned to havetow f
Page 25 and 26: ee Registered PmfessiovW Surveyor m
Page 27 and 28: 5 Theapplicant shall meet Ne requir
Page 29 and 30: Section 2 It is found and determine
Page 31 and 32: oao so nn 043r m Toy 3 O m ac o m m
Page 33 and 34: Ordinance No 53 1o PLACED ON 1ST RE
Page 35 and 36: e hUQUraI Design Anygrephiq other s
Page 37 and 38: egulations of the Gty shall beremov
Page 39 and 40: j Wall arPanel Sons Shall not Proje
Page 41 and 42: RESOLUTION NO 8450 10 gy PLACED ON
Page 43 and 44: N Q Q r O N LJ m X w r f0 a O N W O
Page 45: City ofLakewood Audit Committee Ann
Page 49 and 50: 6 Reduction of economicdevelopment
Page 51 and 52: Counrl ak Large NICKIE ANTONIO MONI
Page 53 and 54: Citizens Committee for Leashed Dogs
Page 55 and 56: I h orr October 18 2010 Dear Member
Page 57 and 58: ORDINANCE N0 BY AN ORDINANCE to tak
Page 59 and 60: nsoo a and of any of its committees
Page 61 and 62: am O 6 m a s5 d Y b N e cW a ctrl a
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Page 67 and 68: 0 0 0 0 0 b d o oa o w MAR c w o 7
Page 69 and 70: a a 0n O 0 y nd a v y S F w s j 7 c
Page 71 and 72: 7b y wo ro b ms rn o F a y y o F gy
Page 73 and 74: N 0 y ti o sb w to R O N w o M p y
Page 75 and 76: ORDINANCE NO By AN ORDINANCE to tak
Page 77 and 78: Unless otherwise indicated referenc
Page 79 and 80: Bonds isnot secured by a lien on an
Page 81 and 82: any subsequent Mandatory Sinking Fu
Page 83 and 84: they not been called for redemption
Page 85 and 86: notification of the book entry inte
Page 87 and 88: or give reports covenants and certi
Page 89 and 90: waiver will notbe effecfive unless
Page 91 and 92: Section 16 Emereency This Ordinance
Page 93 and 94: Annual Information means annual fin
Page 95 and 96: Interest Payment Dates means June 1
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a Interest Rates and Payment Dates
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applicable to those Term Bonds the
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on behalf ofthe City The same perso
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Ordinance arenot materially adverse
Page 105 and 106:
T b Applicationfor Rating or Bond I
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Annual hiformafion and notices ofth
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or o Q QD f I LAWRENCE E MROZ o FIR
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automatically by the most recent ed
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Ir October 18 2010 Lakewood City Co
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the reasons set forth and defined i
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RESOLUTION N0 BY A RESOLUTION to ta
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NOTICE TO LEGISLATIVE AUTHORITY TO
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THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

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