Conference/Public Meeting Agenda/Documents — Packet

Best Practices Worksheet CY 2012/SFY2013 West Orange Township (Essex) 0722 Please see Color Key at bottom of sheet for limits on answers Answer Question Comments With regard to your municipality's collective bargaining agreements that replaced contracts expiring on or after 1/1/11, is the overall impact of the aggregate economic costs limited to an average increase of 2% or less per year over the contract term? An 9 Yes example of such analysis can be found on the "PERC Summary Form; Public Sector; Non- Police and Non-Fire; Section V Impact of Settlement" and "PERC Summary Form; Police and Fire; Section VII Impact of Settlement" While the CFO does discuss these issues Internal accounting control processes, procedures and authorizations are designed to with the administration and governing safeguard assets and to limit the risk of loss or misstatement. Does your CFO evaluate body as issues arise during the regular and discuss this risk assessment annually with your governing body or an appropriate 10 Prospective course of business, no formal meeting subcommittee of the governing body (Audit or Finance Committee) with a focus on to discuss such has occurred. We will developing accounting control processes, procedures and authorizations designed to work to include such discussions in limit the risk of loss or misstatement?

work to include such discussions in limit the risk of loss or misstatement? future finance work sessions. Internal Controls are clearly discussed An accounting policy manual documenting all internal accounting control processes, with staff in order to obtain compliance. procedures and authorizations is of great value for staff to understand these safeguards. 11 Prospective We will work toward establishing a Are internal accounting control processes, procedures and authorizations documented formal document specifying the and communicated to staff? extensive existing internal controls. Are all General Ledger cash balances reconciled to bank statements (e.g. receipts postings to bank deposits; disbursement postings to cleared checks and wire transfers) 12 Yes with all reconciling differences verified (e.g. deposits in transit, outstanding checks and posting differences)? Municipalities have the potential to save significant money by auditing their telephone lines annually, and other utilities on a less frequent but nonetheless regular basis. Does 13 Yes your municipality perform an audit of its utility accounts (e.g. telephone, electric meters, streetlighting) at least once every three years to ensure that inactive accounts are cancelled? In submitting your corrective action plan for findings cited in your annual audit, are these 14 Yes items reviewed by the CFO with the governing body or an

cancelled? In submitting your corrective action plan for findings cited in your annual audit, are these 14 Yes items reviewed by the CFO with the governing body or an appropriate subcommittee of the governing body (e.g. finance or audit committee)?