04.15.24 MEETING MINUTES - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, April 15, 2024 Page 14 First Reading of Resolution No. 2024-21, entitled, "An emergency resolution authorizing the Mayor and President of Council to enter into an audit arrangement with the Auditor of State by means of an engagement letter for the audit of the Village's basic financial statements as of and for the year ended December 31, 2023 and to authorize an expenditure to the Treasurer, State of Ohio, in an amount not to exceed $14,000.00." Introduced by Mayor Bodnar (Finance Department) (Requires suspension of the rules tonight and upon passage this legislation will take effect immediately upon signature of the Mayor.) Mr. Murphy, seconded by Mrs. Jurcisek, made a motion to suspend Resolution No. 2024-21. ROLL CALL: AYES: All Motion Carries NAYS: None Resolution Suspended Mr. Murphy, seconded by Mrs. Jurcisek, made a motion to enact Resolution No. 2024-21. Council President Schutt asked, any discussion? Mr. Murphy asked, Ron, does the State have to do this once every three years? Mr. Wynne replied, it's every two years. Back in 2010, at the time we decided to go to the residents for an income tax increase from 1.5% to 2%, Mayor Rinker and I at that point in time decided to do an annual audit as opposed to biannual to be as transparent as possible so the residents know how the money is being used once we got the tax increase. We continue to have discussions internally about whether to switch this from a one year to a two year audit. We decided to keep it as a one year audit for right now. Mr. Murphy asked, doesn't the State have a stipulation where once every three years the State has to perform the audit rather than farming it out to someone else? Mr. Wynne replied, the State can hold onto an audit for about 10 years. Mr. Murphy asked, didn't we have a different auditing firm a couple of years ago? Mr. Wynne replied, right. Mr. Murphy asked, and then the State stepped in and said, hey, we haven't done your audit in the past couple years. We have to do it. Mr. Wynne replied, going back probably about 8-10 years, because of staffing issues the State wanted to focus on the audits of the larger municipalities and school districts. At that time they told us we could go out and get an independent firm to do our audit. There's only a certain period of time we are allowed to do that before the State says, okay, now we have to put it back into our rotation which they did a couple of years ago.