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<br />® CITY of NORTH OLMSTED <br />Carrie B. Copfer, CPA ~ Director, Department of Finance <br />A 5200 Dover Center Road I North Olmsted, Ohio 44070 P 440-716-4144 F 440-716-4235 <br />TO: All of Council <br />CC: Kevin M. Kenndy, Mayor, Michael R. Gareau, Jr., Law Director <br />ft <br />FROM: Carrie B. Copfer, CPA, Director of Finance; ` i ,~ ~ <br />,; ~ t <br />'`y, <br />DATE: November 8, 2011 <br />~(vy, 1, ~0 4i <br />RE: Finance Director Report of O~nJ~e~48~0'I''I'~ <br />In my report at the last Council meeting when I reported what savings would be attained from <br />our telephone audit, I said that the City would save $4,392.64 on a monthly basis with annual <br />savings of $52,712 and expenses recouped in 2.3 months. After I said this I thought I should <br />double check the number because it seemed high. Sure enough, there was an error in the <br />calculation and the true cost of savings is $1,710.82 per month, which is $20,530 annually <br />and expenses recouped in 5.9 months. Although this is a significantly less than the savings <br />reported, it is still a considerable amount that has been captured and adequately covers the <br />amount of the outside telephone audit company along with continued savings in the future. <br />I apologize for this misinformation and will report this at the next Council meeting so that the <br />record stands corrected. <br />W WW.NORTH-OLMSTED.COM <br />rain -,. - <br />I <br />