DATE: March 10, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Mike Lowe, Comptroller
SUBJECT:
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Consideration of Resolution 2016-18, a Resolution adopting the City’s Internal Controls Documentation as Required by State (04/14/16 Finance 3-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the array of internal controls implemented by City management and staff to ensure the highest quality management of financial affairs and reduce the change of fraud or misappropriation of public assets.
Background
In 2015, State Law was enacted that requires local governments to document its internal controls by June 30, 2016. This documentation creates no new policies. It simply documents the City’s current internal control objectives and assessment of the risks inherent in achieving these objectives. The documentation also lists the policies and procedures in place for meeting the objectives while reducing risk to the level of reasonable assurance
Financial Impact
The documentation is a means to assess our internal controls and continually implement best practices of financial management.
Recommendation
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Staff recommends approval of the Internal Control DocumentationE