The City Council will present its annual audit review for the fiscal year of May 2010 to April 2011 at today’s meeting at City Hall.

Mayor John Inyart said Joyce Madigan of accounting firm Gilbert, Metzger and Madigan, of Charleston, will present highlights of the audit review and answer any related questions the council might have.

Inyart said the audit is a required yearly procedure and provides an up-to-date financial rating for the city, which he said is beneficial when they borrow money from banks.

“Anyone that loans money or rates our bonding structure will want to see this audited financial statement,” he said.

Inyart said the audit accounts for any transactions that took place during the fiscal year.

“It’s a mechanical safeguard for the taxpayers,” he said.

The Council will also vote on a resolution to implement the provisions of the Illinois Pension Code act and to approve fire and police pension board report with regard to the annual tax levy.

Inyart said this resolution is in regards to the year-end pension fund report that has been verified by auditors.

“We have to formally accept this before we can continue with the budget process next spring,” he said.

Inyart said these reports will outline how much money is available and how it compares to how it should be funded based on formulas for pension funds.

“It’s a report saying ‘Here’s where we are,'” he said.

Inyart added that the report has to be placed on file for review to be approved.

The council will also vote on an ordinance to approve the annual tax levy ordinance for the fiscal year of May 1, 2012, to April 30, 2013.

Inyart said the ordinance will determine tax levy for next year.

“This is how much money we will need to run the city on,” he said.

Inyart said comptroller Heather Kuykendall, who worked with City Manager Scott Smith, arrived at the determined amount.

Inyart said a large majority of the tax levy is made up by the pension fund.

The council will also vote on a resolution to acquire a piece of real estate adjacent to the water treatment plant at 2801 McKinley Dr. for $150,000.

Inyart said the city would be able to purchase the property through a grant from the Charleston Area Charitable Foundation.

He said the grant will pay for half of the property.

Sara Hall can be reached at 581-2812 or [email protected].