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ACCOUNTING RECOMMENDATIONS <br /> The following is a list of recommendations regarding the current accounting system that I <br /> would like to implement in order to make this department much more efficient. At this <br /> time, I am asking for you to review this list and make any additional suggestions. This <br /> list is strictly for your information at this point. I would like to wait until after the 2003 <br /> Audit before obtaining approval to proceed further. <br /> PHASE ONE <br /> 1. Merge the investment funds with the respective department funds. <br /> 2. Create an Interest Fund for all interest monies from investment accounts and <br /> possibly use the interest monies as a reserve. <br /> 3. Distribute new monthly reports to City Council and Department Heads on a <br /> monthly basis. Included in your agenda packet are several new reports for <br /> your review. <br /> 4. Remove any funds on CTAS that the City no longer needs. <br /> PHASE TWO <br /> 1. Close all savings accounts at various banks and open one savings account with <br /> a high interest return. The City will then have one checking account and one <br /> savings account. <br /> 2. Deposit all monies into the high interest savings account. Always keep the <br /> checking account balance at zero and set up an agreement with bank to <br /> transfer monies from savings to checking as needed. <br /> We will also be working with department heads on any suggestions they may have <br /> regarding the accounting department. I am currently generating monthly reports to each <br /> department head to allow them to better track their budget (see attached copy of the <br /> Interim Financial Report by Object Code). <br /> We may also want to create a cash/investments policy before proceeding with these <br /> changes. <br /> Sincerely, <br /> NANCY RUDBECK <br /> Administrative Assistant <br />