The Audit Board of the City of Orlando met on Friday, January 20, 2006 in conference Room R on the

The Audit Board of the City of Orlando met on Wednesday, January 21, 2009 in Conference Room R on the second floor of Orlando City Hall. BOARD MEMBERS: Judith K. Welch, Chair Present [2/1] Lynda M. Dennis, Vice Chair Present [2/0] Kenneth Scearce Present [2/0] W. Neal Carris Absent [2/1] Anne M. Mercer Present [2/0] OTHERS PRESENT: Deborah D. Girard, Deputy Chief Administrative Officer Rebecca W. Sutton, Chief Financial Officer Raymond M. Elwell, Deputy Chief Financial Officer Beryl H. Davis, Director, Office of Audit Services & Management Support William C. Mummert, Controller Michael Pattillo, Audit Partner, Ernst & Young Michelle McCrimmon, Senior Manager, Ernst & Young Annette Madden, Recording Secretary 1. OPENING REMARKS Ms. Welch, Audit Board Chair, called the meeting to order at approximately 9:00 a.m. Ms. Welch questioned the use of the word “profit” in the third paragraph of the Budget Update section of the November 24, 2008 meeting minutes. Mr. Elwell explained that he may have used that term related to revenues over expenditures. Ms. Girard stated that the words “slight surplus” should be used to substitute and Mr. Elwell agreed. Motion was made by Ms. Dennis and seconded by Mr. Scearce to approve the November 24, 2008 minutes as amended. The motion was approved. 2. BUDGET UPDATE – RAY ELWELL, DEPUTY CHIEF FINANCIAL OFFICER Mr. Elwell distributed copies of the FY 2008/09 Fund Status Report as of December 31, ...