Agenda - Council - 04/14/1981 - Laserfiche WebLink

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· OFFICE: OF THE: SE:CRETARY OF THE TREASURY Dear chief Executive officer: As you are probably aware, Congress recently passed the "State and Local Fiscal Assistance Act Amendments of 1980." The audit requi~em~ of the Act have not been materially changed by the ~u Amendments so that a financial audit of all funds and a compliance audit of · rina entitlements must be performed for any revenue sba ~. ...... oive $25,000 or more in annual recipient expecting ~u ~ be performed in entitlementS- The examination must accordance with generally accepted auditing standards, not less than once every three years. It should be noted that the compliance audit is to be performed in the same year in which the financial audit' is performed. If a · ~ _~=,, a~Droach is elected for financial "ser~eS o~ au~*~ ~- ..... audit purposes, the comp£~anu= audit is to be performed for the same year in which the financial audit is performed on the fund intO which revenue sharing entitlementS are deposited. An initial review of revenue sharing allocations for Entitlement Period 12 indicates that your government will be subject to the audit requirements of the Act, as amended. Accordingly, if you have not already done so, your govern- ment should start planning for the submission of a financial audit of all funds and a compliance audit of revenue sharing in 1980, 1981 or funds ~t the for one of your fiscal years ending 1982~ We strongly urqe you to plan for and subm until requzred reports as e~rly as possxble and not wazt the last moment. By waiting unkil the very last, you do not allow any time for correct'On of problems which may exist in your reportS. The absence of this time may subject your government to a withholding of future entitlements. We suggest that you check with your State officials to determine if the required reports are to be sent by you to your State for review, who in turn will report to the office of Revenue Sharing on your behalf, or if the reports should be sent directly by you to the offic~ of Revenue Sharing.