2005-06-08-AC-min - Laserfiche WebLink

Browse Search

June 8, 2005 ACTION ITEM: Al Levine agreed to invite Candy McLaughlin to the next meeting to give us an update on the status, and to give members an opportunity to ask questions and/or to express views. Michael Young expressed an opinion that such a meeting would be helpful for Ms McLaughlin as well. d. The seven remaining deficiencies reported (#2-8): David Kanter raised questions on each of the town’s responses. In particular on item 3 (establish procedures to monitor arbitrage requirements) he asked if the town did what the auditors advised. ACTION ITEM: Michael Young took an action item to find out and report back to the committee what has been done. David’s questions on the remaining 6 items were similar in nature. The town’s responses were, in general, promises to do things, and the questions were whether the relevant town personnel had indeed done what was promised. ACTION ITEM: How do other towns deal with auditors’ reports? Deborah and John took an action item to bring back some information to the committee on the experience of other towns that have a separate, permanent Audit Committee. 3. FY 2005 Year End Status: Michael Young supplied a handout on the expected requests for reserve funds. The committee will review more specific requests at the meeting of 6/22. It is expected that the entire $300,000 in the reserve fund will be requested to compensate for overruns of the budgeted amounts in Legal ($190,000), Library Utilities – Electric ($80,000), Fee Compensation ($30,000). A question was raised on how much library utility funding was raised for 2006. The answer from the budget book is $20,000. How this will work was not clarified. The committee needs an answer to that as well as how we will address the ever- burgeoning legal fees. We expect there will be explanations on these in the 6/22 meeting. The handout also indicated how the $50,000 in the Municipal Salary adjustment line item for FY 2005 will be distributed. 4. Closeout results for FY 05 In response to a question from Paul Hamburger, Michael Young stated that information on the amounts remaining in accounts which would be forwarded to free cash, and the amounts transferred from DPW accounts to reduce the large FY05 snow deficit, would be available at the Selectmen’s goal setting in early August, and the Appropriation Committee would get copies of this information (electronically, please!) - 2 -