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TO: FROM: DATE: SUBJECT: Shawn Ortgiesen Stan Helgerson and David Richardson May 17, 2012 Weekly Report
Below is a summary of activities for our first two days here in the City: Attended several meetings with key City officials and employees to obtain background information on City finances. Performed initial analysis of key revenue sources for use in the upcoming 2013 fiscal year budget. Began analysis of outstanding debt obligations for 2013 budget planning purposes. Performed itemization of all bank accounts to assist in evaluating collateralization positions. Met with Midland Bank to review collateralization and wire transfer agreement issues. Met the Police and Fire Pension Board members as well as the Fund attorney and investment manager. Met with representatives of Wipfli CPAs and Consultants to discuss financial, operational and internal control issues. Met with Water Department staff to gain an overview of their accounting system.
The following are a couple of recommendations that we have for the City to consider: Selection of a firm to conduct the 2011/2012 annual fiscal year audit should be considered ASAP. The audit firm will be an integral partner in reviewing possible internal control modifications. The City should begin recruitment of a replacement Comptroller.
TO: FROM: DATE: SUBJECT: Shawn Ortgiesen Stan Helgerson and David Richardson May 24, 2012 Weekly Report
Below is a summary of activities for current week here in the City: Attended several meetings with key City officials and employees to obtain background information for preparing the City’s 2012/2013 Budget. Key individual contacts included the Police Chief, Fire Chief, Ambulance billing coordinator, Water Superintendent and Library Director. Continued our analysis of key revenue sources for use in the upcoming 2013 fiscal year budget. A recommendation on fund consolidations and accounting changes is being developed. Met with the Village Attorney to complete an analysis of outstanding general obligation and alternative revenue debt for 2013 budget planning purposes. Confirmed with Midland Bank the amount of debt service payments to be made in June, 2012 to assist with cash flow planning. Met with Police and Fire Pension Board leadership to discuss possible modifications to current administrative practices including accounting, investment advising and receipt of property taxes. Discussed invoice authorization and approval practices with Commissioner Considine. Met with Commissioner Blackburn and yourself to discuss budget year 2013 revenue projections. Worked with the Village Clerk to answer Illinois Department of Insurance questions in relation to the Police and Fire Pension Funds currently being audited by the State. Met with representatives of Wipfli CPAs and Consultants to discuss input needed from them to reconcile interfund receivables/payables and cash. Met with Water Department staff to gain an overview of their accounting system. Prepared a draft job description and promotional notice for the new position of Finance Director.
We do not have any new recommendations at this time.
TO: FROM: DATE: SUBJECT: Shawn Ortgiesen Stan Helgerson and David Richardson May 29, 2012 Weekly Report
Below is a summary of activities for the current week: Assisted the Police and Fire Pension Funds with preparing a property tax collection summary for 2009, 2010 and 2011 for use in responding to audit questions from the Illinois Department of Insurance. Met with Dawn in the Water Department to discuss the ongoing loan from the Water Fund to the Sewer and/or General Funds. The loan backup has been shared with the Wipfli auditors who will perform more detailed tests as part of the April 30, 2012 audit. Completed the general obligation debt service schedules and started assembling loan documents & debt service schedules for outstanding Water, Sewer, IEPA and EPA related debt. Talked to Bond Attorney Patricia Curtner of Chapman & Cutler seeking direction on what should be done, if anything, to notify bondholders of the financial irregularities the City has uncovered. Since all outstanding bonds were sold to a local bank and continue to be held by that local bank (Midland States), no additional disclosures are required. The City Council has finalized their review of a job description for the newly named position of Finance Director. Recruitment ads will be placed on the City’s website and in the local newspaper later this week. Advertisements will also be placed with the Illinois Government Finance Officers Association (IGFOA) and the Illinois Municipal Treasurers Association (IMTA).
We do not have any new recommendations at this time. We will be back in the City on June 5 and June 6. In the interim, if you should have any questions or concerns, please feel free to contact us at your convenience.