Focus Area: Internal Audit
Staff Contact: Caitlin Clark
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title:
title
Monitoring of Economic Incentives Audit Report.
Body
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recommended motion:
Review and accept report information.
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Summary:
An audit was conducted to determine whether the City had procedures in place to monitor selected key requirements and activities for its IRB, CID, and TIF projects. The audit found that while the City had documented procedures for administrative tasks, it did not have comprehensive processes for monitoring compliance with individual incentive agreement requirements. The audit recommended implementing written risk-based monitoring procedures for IRB, CID, and TIF projects. The City agreed with the recommendation and is currently updating its controls to address the finding.
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Financial Information:
None
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Attachment(s):
Monitoring of Economic Incentives Audit Report.