Navajo Council questioning KPMG and sponsor Delegate LoRenzo Bates on KPMG’s audit of 2012 Navajo Government operating budget.
DELEGATE LORENZO BATES
regarding Mr. Tsosie’s allegation that there money was mis-spent. Page 13: expenditures prior to 2010 and 2012
Page 15: revenues versus expenditures and Budget and Finance Committee recommended revenue projection and B&F has never recommended revenue projection that was unattainable. revenues are in line with expenditures. i wud agree with you with if expenditures exceeded revenues.
If you think u can better on returns,
Come 2013, there will be different
Returns on Permanent Trust Fund was 20 percent!
DELEGATE TSOSIE and DELEGATE CURLEY
point of order
DELEGATE CURLEY
Information on actual returns needed in hard copy.
DELEGATE TSOSI
page 3: adjustments – Since u oversee chair of B&F…
SPEAKER PRO TEMP INTERRUPTS TSOSIE
DELEGATE KATHERINE BENALLY
Sponsors have three minute limit.
SPEAKER PRO TEMP SMITH
Several questions asked.
DELEGATE TSOSIE
i know Bates is trying to make me look bad but presenter shud not be allowed to answer with question. we have asked many questions. maybe have Controller mark grant and KPMG to answer questions.
DELEGATE BATES
page 22, see hypothetical and see interest income which is actual. total return $21 million.
KPMG
Unqualified opinion: it is unqualified cuz accounting correct.
the amounts to chapters and enterprises: enterprises audited by own auditors. more chapters certified have audits and why not included in audit. Audit is actually what extracted as oil and gas and transaction reflected.
page 14: level of $200 million – accruals,
Consolidated Notes: decision by tribe for ease of reporting. $200 million is total agreement for gaming. $109 million for construction. $180 million in 2013.
Why Twin Arrows so small? That is for land.
Total expenditures of $14 million from Trust Funds: not for casino but expenditures. This slide is show that each fund operating the way they were created to do.
Page 24: balloon payment 2015 is correct.
BATES in resolution, it states that there wud be balloon payment and that is Council resolution. At time, RDC chairperson Katherine Benally submitted her request for a Bond, and if approved, there wud be no balloon payment.
VOTING ON KPMG’S AUDIT OF 2012 NAVAJO GOVERNMENT BUDGET AT 1:47 PM: 11 in favor, 2 opposed
