Highlights from the IVGID SPECIAL Meeting

September 1, 2023

After the meeting on August 9th, where the Interim Director of Finance informed the board of the issues with the financial records, the board called a special meeting held on August 24th. The board discussed the list of issues and needs prepared by the Interim Director of Finance that included the following:

• Non-reconciliation of bank balances since July 1, 2022 – Implement an action plan to resolve issues regarding non reconciliation of bank balances as an urgent priority;

• Current imbalances in the general ledger trial balance – Implement an action plan to resolve as an urgent priority;

• Implement actions to ensure internal controls and processes are sufficiently developed to avoid future recurrence of the identified issues and concerns;

• Enable the annual audit to be completed by the state mandated deadline;

• Perform a complete independent assessment, and remediation plan, pertaining to the Tyler Munis ERP System Implementation. Assess resource needs and estimated time frame to remediate and complete a successful implementation;

• Implement adequate full-time staffing levels in Finance Department to address regular workload;

• Provide direction and timelines to staff on the Board’s priorities for the Finance Department active and special project list;

• Identify the actions and resources required to be able to timely close the District accounts each month and produce reliable financial statements and supporting footnotes to staff, Board of Trustees, and the community;

• Restore public trust in accuracy of IVGID reported financials;

• Ensure that State Revolving Fund (SRF) Borrowings/Bonding for the effluent pipeline replacement are not adversely impacted;

• Provide direction to staff on the Board’s priorities for the Finance Department active and special project list.

The board approved the following:

Adding additional full-time personnel to the Finance Department as necessary based on the identified needs to meet the current and expected future workload.

For staff to formulate a scope of work for a Forensic Financial Due Diligence Audit.

With the Board’s identified priorities, to formulate a resource plan to achieve the goals.

Staff is to begin the process for conducting a Public Hearing to adjust the General Fund budget as needed as a result of the associated costs of the board’s approved actions.

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