HomeMy WebLinkAboutR-77-0166RPC/rb
2/i4/77
RESOLUTION NO. 7,,7
A RE-So/JUT/0N APPRoVrNO ANb RATIFYING THE
ACTIoN OP THE RETIREMENT 80ARD oP THE MIAMI
CITY EMPtoYEESs RtTIREMENT SYSTEM IN EXECUT-
INO A PROFESSIONAL SERVICE AGREEMENT W/TH THE
FIRM OP COOPERS & LY8RANot CERTIFIED PUbLIC
ACCOuNTANT8# on THE PURPOSE oP CONDUCTING
THE AUDIT OF THt BOOKS, ACCoUNTING MialcoPlaSAM
FINANCES oP AFORESAID SYSTEM PoR THE
CALENDAR YEAR ENDING otCEMEER 31, 1976, AT
A COST NOT TO EXCEED $5,500.
BE IT RESOLVED BY THE COMMISSION OP TH CITY oP
MIAMI, FLORIDA:
Section 1. The action of the Retirement 8oard of
the Miami City Employees' Retirement System in its execution
of a professional service agreement with the firm of Coopers &
Lybrand, Certified Public Accountants, for the purpose of
conducting the audit of the books, accounting records and
finances of the aforesaid System for the calendar year ending
December 31, 1976, at a cost not to exceed $5,500 is hereby
approved and ratified.
PASSED AND ADOPTED this 24th day of February
1977.
MAURICE A. FERRE
7..(7/
rj
RALPH G. ONGIE
RALPH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLKRK
Assistant City Attorney
APP AS TO FORM AND CORRECTNESS:
GEOBQE F,
CITY ATTO
NOX, J
MAURICE A. FERRE
MAYOR
6 u L.) L._ A
ITEM NO._________
CITY COMMISSION
MEETING OF
I IT: e.a.-1 1977
vEsoi,ovi NO, iq-/c,
Ft.svto,s-
1
JOSEPH R` C/ASS1E
Cif, MANAGER
,_- r
r
PROM; ( / \1/;
IRWIN MA2tN, .$,ECOETARY
RETIREMENT SYSTEM
EIS? OF MtAMt, FLOAIbA a�
II 1
it Ter4-oi~tic: MEMO ANb+JM
04Y
FE3PUAR? 9,
917
suFnEer ANNUAL AU6It OE FINANCIAL STATEMENTS
OF THE MIAMI CITY FMPLOTEES'
RETIREMENT SYSTEM
ENCLOSURES.
AT THE RETIREMENT DoARD MEETING OP THE MIAMI CITY EMiyLOYEESI RETIREMENT
SYSTEM HELD ON FEBRUARY 3, 1977, THE BOARD UNANIMOUSLY APPROVED ENGAGING
THE FIRM or COOPERS & LYBRAND, CERTIFIED FUSLIC ACCOUNTANTS, TO EXAM THE
FINANCIAL STATEMENTS OP THE CITY CF MIAMI EIAPLOYEES' RETIREMENT SYSTEM
roli THE YEAR ENDtNA DECEu3ER 31, 197S.
PLEASE PLACE THIS ITEM ON THE CITY COMMISSION AGENDA PGA RATIFICATION.
CC: JAMES E. GuNDERsoN
DIRECTOR or FINANCE
CC: GEORnE KNlX, JR.
CITY AtToR`IEY
COOPtPt 6* LlitirlANb
etrifIkIkt5 Oulsuc AccouNtANts
*666 hatt ttotOAL ttuit.61146
MIA.. frLoPitIA
130t) 3t$3,.0).363
Pebtuary 8, 19/7
Miami City tmployees' Retirement System
Miami City Hall - Dinner Fey
Miami, Florida 33133
Attentions Mr, Irwih Mezin, Secretary
Dear Boatd Members:
1,4e wish to confirm our understanding that we have been
engaged to examine the financial statements of the Miami City
Employees' Retirement Systemlfor the year ended December 31, 1976.
Our report will include our opinion as to the fairness with
which the Systern's financial statements present fairly the financial
position at December 31, 7'976 and the results of operations for the
year then ended, in conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding
year. Ve anticipate that the basic financial statements on which
we will report will include the statement of net assets available
for System benefits and the statement of changes in net assets
available for System benefits as well as the footnotes to the
financial statements.
The interests of both the City and the participants in its
Retirement System require a hizh quality audit performed on a cost-
effective basis. Ilavirc:' yori:od wi r. Mazin in the past, we are
leplessed by his capabilities in metters involving accounting and
reporting. We believe that his expertise will complement our
approach to the audit. Our audit approach is to make use of as
much of your in-house capability as is available. This will ensure
that accounting and reporting matters will be accomplished efficiently
and, of course, on a timely basis.
Our Firm presently serves as auditor for the Miami City General
Employees' Retirement Plan. As a result of this association, benefits
will accrue to the audit of both entities as we have an understanding
of the common accounting procedures used by both the System and the
Flan.
The Coopers & Lybrand audit team will include pension accounting
specialists, which will minimize the response time for answering
accounting, auditing and reporting questions. In addition to the
direct participation of specialists as members of your audit team,
Coopers & Lybrand's national pension support group will be called on
immediately as needed to meet aay special problems that arise.
M etlbets Of this group include the authors of the f.1tat defiiiti.re
tetht is l book on pension plans; "Pensions An Accounting and Management
Guide", but fullcomplement of actuarial benefit consultants trill
Also be available to the audit team immediately if needed. We ate
brie of the few public accounting firms with actuatial capability
htid e:ttensi.ve expertise in the entire employee benefits field,
Out Mani Office includes such experts,
As pert of our examination we will review and test the internal
betbutiting control. of the System to the extent we consider necessary
tb evaluate the procedures as required by generally accepted auditing
Standards, lender these standards the purpose of such evaluation is
to establish a basis for reliance thereon in determining the nature,
timing and extent of other auditing procedures that are necessary
for expressing an opinion' on the financial statements In this
Connection, it any material weaknesses in the system of internal
accounting control are noted, we will call theta to the attention of
the toard and subsequently submit a separate report containing out
recommendations for strengthening controls in the areas of such
Weaknesses, In making out examination we will be aware of the
possibility that fraud may e?:ist, but it should be recognized that
such an examination cannot be relied upon to assure the discovery
Of fraud, and that it is not primarily or specifically designed,
and cannot be relied upon,disclose defalcations and other similar
irregularities, although their discovery may result.
Fees for the services we provide will be charged to you on the
basis of time spent in the various jobs and the levels of skill and
responsibility required for these jobs. t,e do not expect that our
estimated fee for the examination of the 1976 financial statements
described above will exceed $5,500. Every effort will be made to
keep our time to a minimum, consistent with the engagement require—
rrents.
Xf you have any qut st ions regarding the above arrangements,
?le se contact me.
Very truly yours,
Coop.
Srs & Lybrand
by: Thomas F. Jennings
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