The village of Barrington Hills Finance Committee met July 18 to present a draft of the audit report.
Here is the meeting's agenda, as provided by the committee:
FINANCE COMMITTEE 2016
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Village of Barrington Hills
Minutes of Finance Committee
July 18, 2016
Call to Order 6:00 p.m.
Members Present Bryan Croll, Chairman
Other Attendees
Peggy Hirsch, Treasurer
Richard Semelsberger, Chief of Police
Robert Kosin, Director of Administration
MINUTES Reviewed minutes from November 12, 2015 Finance Committee meeting. Accepted as
submitted.
LAUTERBACH & AMEN
CONVERSION PROJECT UPDATE
Representative from Lauterbach & Amen (Nathan Gaskill) review their work of account reconciliation
and fund balance from FY 2015 and forward. No operational errors were encountered and their
personnel had experience with existing accounting software. Their work was also presented to the
Village auditor XYZ Company for FY 2015 audit and management recommendation. Lauterbach &
Amen had prepared their own recommendation for the operation going forward into FY 2017. By a
motion made and second the Service Agreement was recommended to continue through the remainder
of FY 2016.
[VOTE] SOFTWARE CONVERSION AND 2016 AUDIT WORK PROPOSAL
The recommendation of Lauterbach & Amen was a software consolidation of three functions within the
Treasurer’s office, accounting including payroll, reporting and levy preparation. At this time the
functions are autonomous and require manual transfer of information included for payroll and outside
service. By a motion made and second a recommendation was made to accept an agreement for a
service contract to undertake the conversion and operation of a consolidated financial program.
[VOTE] FY 2015 AUDIT DRAFT
Representative from Klien Hall (Tim Gavin) presented a draft of the audit report for Fiscal Year 2015 as
well as the elements of the management guidelines. The audit and accompanying guidelines once
presented to the Board is distributed for public arability to the State, Cook County and posted on the
Village Web site. With a motion made and second the audit was recommended to be presented at the
next available meeting of the Board of Trustees.
FINANCE COMMITTEE 2016
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ST HALF 2016 FINANCIAL REVIEW
The Treasurer’s Report for June 2016 was examined and found that reported performance was within
historical and expected trends. No action was required of the Committee.
INVESTMENTS REVIEW
ACCOUNT ANALYSIS
The Treasurer reviewed the elements of the adopted VBH Investment Policy regarding Section 1.10 for
collateralization of percentage return on investment. Discussion included the role of an investment
advisor or service. It was the sense of the Chairman to review with the Treasurer such consultants for
future consideration by the Committee.
PUBLIC COMMENTS
No persons present or comments received upon notice of meeting.
ADJOURNMENT
There being no further business, a motion to adjourn so made at the end of business.
Robert Kosin Acting Recording Secretary
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