HomeMy WebLinkAboutBoard of Selectmen Agenda June 15, 2011 Packet_201402061632551760FROM:ORIGINAL BUDGET3% of ORIGINAL BUDGETBUDGET DECREASETO: BUDGET INCREASE NOTES:FromFinance & Operations, Salary 1,798,290.00$ 53,950.00$ 11,000.00$ Finance & Operations, Expense 11,000.00$ Travel & Seminar expense for additional training (UMAS Class; Abraham's Class)Marine Department, Salary 792,080.00$ 23,762.40$ 8,000.00$ Marine Department, Expense 8,000.00$ Utility Fuel Oil; Repair & Maint Vehicles; Repair & Maint: Building; Repair & Maint: EquipmentOur Island Home Enterprise Fund, Salary 6,578,041$ 197,340.00$ 110,000.00$ Our Island Home Enterprise Fund, Expense 110,000.00$ Utility Fuel Oil; Professional Services: Medical; Medicaid User Fee; Medicare A & B ExpensePolice Department, Salary 4,317,210.00$ 129,516.00$ 129,516.00$ Police Department, Expense 129,516.00$ Radio / Telephone; Photo Copier; (6) Laptops; (6) PC's; (12) Phones; (1) Server Upgrade; Community Room Audio/Video UpgradeTown Clerk, Salary 271,010.00$ 8,130.00$ 6,700.00$ Town Clerk, Expense 6,700.00$ Special Ballot Election Barnstable Retirement 3,011,055$ 90,330.00$ 8,500.00$ Council on Human Services, Slry 8,500.00$ Note: Severance PackageMedical Insurance, Salary 6,687,755$ 200,630.00$ 60,000.00$ Public Buildings, Expense 60,000.00$ Utility ExpensesBarnstable Retirement 3,011,055$ 90,330.00$ 62.93$ 2008 Debt Override School Bus Lanes 62.93$ To offset capital deficitMedical Insurance, Salary 6,687,755$ 200,630.00$ 18,200.00$ Contractual Allowances, Salary 18,200.00$ Union Negotiation Contracts, SettlementsMedical Insurance, Salary 6,687,755$ 200,630.00$ 18,870.00$ Public Works, Road Maintenance 18,870.00$ Chapter 90 Deficit: $18,865.63 cummulative amount not reimbursed by the State since 2000Medical Insurance, Salary 6,687,755$ 200,630.00$ 54,147.00$ Public Works, Article 10 / 2003 ATM 54,147.00$ Capital Appropriation subject to borrowing; funds spent without borrowing resulting in deficitMedical Insurance, Salary 6,687,755$ 200,630.00$ 13,742.28$ Public Works, Article 13 / 2008 ATM 13,742.28$ Capital Appropriation subject to borrowing; funds spent without borrowing resulting in deficitBarnstable Retirement 3,011,055$ 90,330.00$ 300.00$ Town Clock, Expense 300.00$ Repairs to the Town Clock exceeded budget439,038.21$ 439,038.21$ Approved by Board of Selectmen on ___/___/___ Scheduled 6/15/2011Approved by Finance Committee on ___/___/___ Scheduled 6/16/20113% of the original budget amount or $5,000, whichever is greater.2011 Year End Budget TransfersAuthorized under Chapter 44 Section 33B. Allowsbudgetary transfers from May 1 through July 15, 2011, if approved by the BOS &Finance Committee. Amount transferred from any budget may not exceed6/7/2011
TOWN OF NANTUCKET
BOARD OF SELECTMEN
FINANCIAL RESERVES POLICY
Effective date: 07/20/2011
Adopted: [if applicable]
Applicability: Town, School, and Enterprise Departments
I. Purpose
In an effort to improve and protect the Town’s long-term financial health, the proper
reserves should be in place to offset any unforeseen or extraordinary needs of an
emergency nature.
The purpose of this policy is to:
1. Ensure the Town maintains adequate reserves’
2. Ensure the Town maintains and improves its bond rating;
3. Ensure the operating budget is not balanced using financial reserves.
The effectiveness of this policy will be reviewed each fiscal year at the beginning of the
budgetary process and refined accordingly, if necessary.
II. Policy – Free Cash (Previously Adopted August 3, 2005)
Free Cash is the term used for the portion of the Town’s funds which is unrestricted and
available for appropriation at the end of a fiscal year. The amount of Free Cash is
certified by the Director of Accounts at the Department of Revenue’s Division of Local
Services, upon application by the Town on an annual basis.
As approved by the Board of Selectmen on August 3, 2005, appropriate uses of free cash
include: to fund the stabilization fund; to fund capital projects with an estimated cost
between $100,000 and $500,000 for which long-term borrowing is authorized at terms of
five or fewer years; to fund extraordinary deficits that would otherwise be carried over to
the following year; to remain in unreserved, undesignated fund balance until the sum of
unappropriated free cash is equal to 5% of general fund revenue. The purpose of
maintaining an unappropriated amount of free cash is to provide for cash flow and to
have funds available if necessary for emergency appropriation.
Exceptions to the free cash policy shall be made only under extraordinary circumstances
and any such exception shall be explained to the voters in a statement written by the
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Board of Selectmen in the Annual Town Meeting or Special Town Meeting warrant if
applicable. The Town will not use Free Cash as a source to balance its operating budget.
III. Policy – Stabilization Fund (Previously Adopted January 13, 2005)
A stabilization fund is designed to accumulate amounts for capital and other future
spending purposes, although it may be appropriated for any lawful purpose (MGL Ch 40
Section 5B). Communities may establish one or more stabilization funds for different
purposes and may appropriate into them in any year an amount not to exceed ten percent
of the prior years tax levy. The total of all stabilization fund balances shall not exceed
ten percent of the community’s equalized value, and any interest shall be added to and
become a part of the funds. A two-thirds vote of town meeting is required to establish,
amend the purpose of, or appropriate money into or from the stabilization fund.
The Town will maintain initial funding in the Stabilization Fund an amount equivalent to
3% of the Town’s prior year revenue. The fund shall be funded only with Free Cash or
revenues. Once the initial funding goal of 3% of revenue has been achieved, additions to
the Stabilization Fund shall be made each year to maintain the 3% level. In any year in
which Free Cash exceeds $3,000,000, an additional 3% of Free Cash will be added to the
Stabilization Fund until the Stabilization Fund reaches 5% of revenue.
The Stabilization Fund may only be used to support the operating budget when revenue
increases less than 3% from the prior fiscal year. The amount withdrawn from the Fund
shall be equal to the amount necessary to bring the year-over-year increase in the Town’s
prior year revenue to 3%, or 1% of prior year revenue, whichever is less. There will not
be any additional withdrawals from the Stabilization Fund until the amount withdrawn is
replenished. Funding to replenish the Stabilization Fund shall come from Free Cash or
from revenue. If Free Cash or revenue is insufficient to replenish the Stabilization Fund
in the immediately following fiscal year, the replenishment shall occur as soon as Free
Cash or revenue is available, and no further withdrawal shall occur until the fund has
been replenished.
IV. Policy – Trust Funds
Trust funds account for assets being held by a community in a trustee capacity and for a
specific purpose stipulated by a trust agreement. In the Town of Nantucket, the Treasurer
generally acts as the trustee. If the trust is an expendable trust, then both the principal
and interest may be used for the purpose as specified within the trust. If the trust is non-
expendable, then only the interest can be used as directed in the trust agreement.
In the event the Health Insurance Trust Fund exceeds $3,000,000, the Town portion of
the trust will be used to offset the Other Post Employment Benefits (OPEB) liability.
The Town will not use Trust Funds as a source to balance the operating budget.
V. Policy – Fund Balance
Fund Balance is defined as the difference between assets and liabilities reported in a
governmental fund, which is also known as fund equity.
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The Town will not use the fund balance(s) as a source to balance the operating budget or
to offset unforeseen expenditures.
TOWN & COUNTY OF NANTUCKET
BOARD OF SELECTMEN
COUNTY COMMISSIONERS
FINANCIAL ACCOUNTING POLICY AND PROCESS
Effective date: 07/20/2011
Adopted: [if applicable]
Applicability: Town, School, and Enterprise Departments
I. Purpose
In a concerted effort to improve financial management, the Town and County will
conform to Generally Accepted Accounting Principles as promulgated by the
Governmental Accounting Standards Board (GASB) and the General Laws of
Massachusetts (MGL).
The purpose of this policy is to:
1. Create transparency to the citizens, Board of Selectmen / County
Commissioners, and Town / County Administration on the financial condition
of the Town and County.
2. Provide a notification mechanism of major exceptions that will have a positive
or negative impact on the Town and/or County reserves and/or budget.
II. Accounting Basis
Governmental funds are accounted for using the current financial resources measurement
focus incorporated in the modified accrual basis of accounting. Using this basis,
revenues are recognized when they are subject to accrual or when they become
measurable and available. Likewise, expenditures are recorded as the liabilities are
incurred with the exception of principal and interest on general long-term liabilities
which are recognized when they are due. Revenues which are subject to accrual include
grants from other governments and interest on investments. Revenue from property taxes
is subject to accrual but is not accrued because funds are not collected in an appropriate
time period after the fiscal year’s end to pay the liabilities of the current reporting period.
Local revenues are generated from excise taxes, fees, licenses, permits, rentals, penalties,
and interest. Local revenues are not subject to accrual as they are neither measurable nor
available prior to receipt of revenue.
Proprietary funds, including enterprise funds and internal service funds, are accounted for
on the accrual basis of accounting. Revenues are recognized when they are earned and
become measurable. Expenses are recognized when incurred, if measurable. Unbilled
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receivables at the years end for the Airport, Siasconset Water, Wannacomet Water, Our
Island Home, Sewer, and Solid Waste enterprise funds are not accrued since they are not
significant to the general fund current operations.
The Town and County also report fiduciary funds which do not adopt budgets. These
funds are accounted for on an accounting basis consistent with the funds measurement
focus. Fiduciary funds include the health insurance trust fund, expendable trust funds,
and private purpose trust funds.
III. Budgetary Basis
Annual budgets are adopted for the general fund, special revenue funds (revolving funds),
and enterprise funds. All budgets are adopted on a basis consistent with Generally
Accepted Accounting Principals (GAAP) and the General Laws of Massachusetts
(MGL).
The level at which expenditures may not legally exceed the budget is contained within
each category (salaries and expense) in the fund. Any change in the appropriation level
of the fund must be approved by Town Meeting or at fiscal year end by the Board of
Selectmen and Finance Committee. Line item adjustments within departmental budgets
do not require Town Meeting approval; however transfers within a category of the budget
require the approval of the Assistant Finance Director. With the exception of
appropriations pertaining to capital improvements projects and outstanding purchases,
appropriations lapse at year end. Appropriations for capital improvement projects are
carried forward until such time as the project is completed or no longer occurring.
IV. Process – Single Audit
The audit function is contained within the Finance Department. The Finance Director is
accountable to the Town Manager to ensure the annual audit is conducted in a timely
manner.
As recipients of federal and state assistance, the Town and County are also responsible
for ensuring an adequate internal control structure is in place to secure compliance with
applicable laws and regulations related to those programs. This internal control structure
is subject to periodic evaluation by the Finance Director, Town Manager, external
auditing staff; and Audit Committee.
V. Process – Budgeting Controls
The Town and County also maintain budgetary controls to ensure compliance with legal
provisions. Balanced annual budgets are adopted for the general fund, special revenue
funds, and enterprise funds. The Assistant Finance Director monitors expenses and
revenues, adjusts departmental line item budgets as needed, and prepares interim
financial reports for Town Administration and the Board of Selectmen.
VI. Process – Monthly Financial Reports
The Assistant Finance Director will prepare monthly reports for Town Administration
and the Board of Selectmen that analyze and evaluate revenue and expenditure financial
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performance. Anomalies or one-time occurrences will be explained in a summary section
of the report. In the event a major revenue or expense exception occurs, the Assistant
Finance Director will inform Town Administration of the potential long-term impact on
the Town and County budget and financial condition. A major exception threshold is a
revenue decline or expense increase in excess of Two Hundred Fifty Thousand Dollars
($250,000).
VII. Financial Structure
Financial transactions of the Town and County are budgeted and recorded in separate
funds. A fund is an independent financial and accounting entity; it is a set of interrelated
accounts used to record revenues and expenditures associated with a specific purpose. A
fund has a balanced set of accounts and records, cash and other financial resources in
conjunction with all related liabilities and residual equities, which are segregated for the
purpose of carrying on specific activities or attaining certain objectives in accordance
with special regulations or restrictions. Funds include but are not limited to:
FUND PURPOSE*
General Fund The fund used to account for most financial
resources and activities governed by the
normal town meeting appropriation
process. Examples include the Police
Department, Fire Department, and School
Departments.
Special Revenue Funds Funds, established by statute or local bylaw
only, containing revenues that are
earmarked for and restricted to
expenditures for specific purposes.
Special Revenue for departmental
purposes, in accordance with MGL Ch 44
Section 53E1/2, must be reauthorized each
year by Town Meeting with a limit
established on the total amount that may be
spent from each fund. Examples include
the Ambulance Reserve Fund, the Beach
Improvement Revolving Fund, and
Waterways Improvement Fund.
Capital Improvements Projects Fund Fund type used to account for financial
resources to be used for the acquisition or
construction of major capital facilities.
Enterprise Funds An enterprise fund, authorized by MGL Ch
44 Section 53 F1/2 is a separate accounting
and financial reporting mechanism for
municipal services for which a fee is
charged in exchange for goods or services.
It allows a community to demonstrate to
the public the portion of total costs of a
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service that is recovered through user
charges and the portion that is subsidized
by the tax levy, if any. With an enterprise
fund, all costs of service delivery – direct,
indirect, and capital costs – are identified.
This allows the community to recover total
service costs through user fees if it
chooses. Enterprise accounting also
enables communities to reserve the
“surplus” or net assets unrestricted
generated by the operation of the enterprise
rather than closing it out to the general
fund at year-end. Services that may be
treated as enterprises include, but are not
limited to, water, sewer, hospital, and
airport services. In Nantucket, the six
enterprise funds are Nantucket Airport,
Siasconset Water, Wannacomet Water, Our
Island Home, Sewer, and Solid Waste.
Community Preservation Fund The purpose of the Community
Preservation Fund, as stated in the
legislation, is “the acquisition, creation
and preservation of open space, the
acquisition, creation and preservation of
historic structures and landscapes and the
creation and preservation of community
housing”.
*Source: Excerpts from Municipal Finance Glossary, Massachusetts Department of
Revenue, May 2008. Retrieved on August 14, 2008 from:
http://www.mass.gov/Ador/docs/dls/publ/misc/dlsmfgl.pdf
TOWN OF NANTUCKET
BOARD OF SELECTMEN
USE OF ONE-TIME FINANCIAL RESOURCES POLICY
Effective date: 07/20/2011
Adopted: [if applicable]
Applicability: Town, School, and Enterprise Departments
I. Purpose
One-time revenue sources are identified as unreserved, undesignated revenue streams that
occur on a one time basis as opposed to a continuous basis each fiscal year.
The purpose of this policy is to:
1. Ensure one time revenue sources are used in accordance with Government
Accounting Standards Board (GASB) guidelines and the General Laws of
Massachusetts (MGL);
2. Ensure one time revenue sources are used in a consistent and efficient manner;
3. Ensure the operating budget is not balanced by using one time revenue
sources.
The effectiveness of the policy will be reviewed at the beginning of the budgetary cycle
each fiscal year and refined accordingly, if necessary.
III. Policy – Use of Revenue from Sales of Public Land
Public land can be acquired through taking by eminent domain, tax title taking, and/or
gifted to or purchased by the Town. If the Town decides to sell public land, prior to
proceeding with the sale, the disposal of the public land is subject to approval at Town
Meeting.
Revenue obtained from the sale of public land will be recognized in accordance with the
General Laws of Massachusetts Chapter 44, Section 63 as follows:
“whenever the proceeds of the sale or other disposal of real estate exceeds five
hundred dollars, the same shall be applied to the payment of indebtedness
incurred in acquiring such real estate or shall be added to the sinking fund, if
any, from which said indebtedness is payable, or if no such indebtedness is
outstanding may be used for any purpose or purposes for which the town is
authorized to incur debt for a period of five years or more or be applied to the
payment of indebtedness incurred under clause (3) of section seven, except that
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the proceeds of a sale in excess of five hundred dollars of any park land by a town
shall be used only by said town for acquisition of land for park purposes or for
capital improvements for town land”.
The Town of Nantucket will not use revenue from the sale of public land as a source to
balance its operating budget.
III. Policy – Use of Grants
Grants are defined as a sum of money awarded by the federal government, state
government, private sector companies, or individuals. Examples of federal grants include
but are not limited to: general government grants, public safety grants, public works
grants, education grants, Federal Emergency Management Agency (FEMA) grants.
Federal grants include monies awarded to the Town through the Commonwealth of
Massachusetts. Examples of state grants include but are not limited to: general
government grants, public safety grants, public works grants, education grants,
Massachusetts Emergency Management Agency (MEMA), culture and recreation grants,
council on aging grants, and library grants.
Grants are awarded for specific purposes which do not include balancing the operating
budget.
The Town & County of Nantucket legally cannot use Federal, State, or other grants as a
source to balance the operating budget.
IV. Policy – Use of Gifts and Other One Time Sources
In accordance with the General Laws of Massachusetts Chapter 53A and 53A½ and
Chapter 38 of the Code of the Town of Nantucket, the receipt of gifts and donations are
subject to approval by the Board of Selectmen or the School Committee. Once approved,
gifts and other one time revenue sources such as donations shall be held by the Town
Treasurer and maintained in a separate fund by the Town Accountant. Gifts and
donations can only be expended according to the purpose of the gift and/or donation as
specified by the donor. If the Town is unable to use the gift or donation for the specified
purpose, the funds will be returned to the donor.
The Town will not use gift or donation funds as a source to balance the operating budget.
TOWN OF NANTUCKET
BOARD OF SELECTMEN
USER FEES & CHARGES POLICY
Effective date: 07/20/2011
Adopted: [if applicable]
Applicability: Town, and Enterprise Departments
I. Purpose
The Town may recapture, through fees, up to the full cost of providing specific services.
Regular and consistent review of all fees is necessary to ensure the costs associated with
the delivery of specific services have been appropriately identified and that the Town &
County is recapturing the full cost except in the case fee maximums are established by
the General Laws of Massachusetts (MGL); or where a policy decision has been made
otherwise.
The purpose of this policy is to:
1. Ensure the Town is recovering the full cost of providing specific services
where applicable.
2. Ensure user fees are not in excess of full costs.
3. Identify services where the Town decides against full cost recovery where
greater public benefit is demonstrated.
User fees and charges will be reviewed each year at the beginning of the budgetary
process and revised accordingly, if necessary.
II. Process
In conjunction with the specific departments collecting the user fees and charges, the
Finance Department will document a comparison between the revenue received from
specific user fees and the cost associated with delivery of the service. A subsidy is
shown when costs exceed revenues. A surplus is shown when revenues exceed costs.
At the beginning of each budgetary cycle, the Finance Department will forward
recommendations to Town Administration pertaining to increases and/or decreases to the
existing user fee and charges schedule. Within the report to Town Administration, the
service detail will indicate if there is an associated subsidy, surplus, or break even point.
Town Administration will review and recommend whether there is a public benefit to
providing a subsidy to support the service or if the user fee could be adjusted to achieve
full cost recovery. Town Administration’s recommendations are then forwarded to the
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Board of Selectmen for consideration. In order to be incorporated into the financial
forecast, the Board of Selectmen will need to adopt changes to the user fee and charges
schedule no later than October 31st each fiscal year.
DEPARTMENT OF MUNICIPAL FINANCE TOWN OF NANTUCKET
Finance Director (508) 325-7518 (508)228-7209
Operations (508) 228-7209 Town & County Building
Collector (508) 228-7270 16 Broad Street
Treasurer (508) 228-7265 Nantucket, MA 02554
Assessor (508) 228-7211
Accounts Payable (508) 228-7275
TO: C. Elizabeth Gibson, Town Manager
FROM: Irene Larivee, Assistant Finance Director
DATE: June 6, 2011
RE: Finance Department Progress - May 2011
In an effort to re-establish clear communication lines pertaining to progress within the Finance
Department an update follows for the following key initiatives: resolution to items contained in the
2010 Audit Management Letter; the Department of Revenue Schedule; and the Abrahams
Implementation Plan.
Fiscal Year 2010 Audit Management Letter
The audit management letter outlines areas for improvement and identifies findings and weaknesses.
The Town’s FY 10 management letter contains eight findings requiring immediate attention including
implementation of internal controls; cash reconciliations; legacy account issues; enterprise funds;
county reconciliations; late journal entries; enterprise fund inter fund transfers; capital borrowing and
associated expenditures.
Action Taken Since May 1, 2011:
1. Cash Reconciliations: County Cash Reconciliations as of March 31, 2011 are complete. Town Cash
Reconciliations are 96.7% complete as of March 31, 2011; with the remaining 3.3% in progress.
Between the Town and County, there are presently 108 bank accounts of which all activity is
reconciled through March with the exception of two town legacy accounts and one current
account. The Town current payroll account has been reconciled between the Treasurer’s
Cashbook and Bank Statements through April 30, 2011. The General Ledger reconciliation for this
specific account is scheduled to be completed by June 16, 2011. The remaining two legacy
accounts within the town are scheduled to be addressed by June 30, 2011.
Cash and accounts receivable reconciliations are reviewed with the Finance Transition team on the
third Thursday of each month. If the accounts are not reconciled in a timely basis; follow up
action is being taken and documented with the individual(s) responsible to complete the task.
2. Address Legacy Accounts Issues: In progress. As of May 31, 2011; the Legacy accounts issues
associated with the County Accounts Payable account has been resolved in both the Treasurers
Cashbook and General Ledger. The current Town Payroll account has been resolved in the
Treasurers Cashbook. The Treasurer and Auditor continue to make progress on both the Old
Town Payroll account and Old Town Accounts Payable account in the month of May with the intent
to close the legacy issues by June 30, 2011.
The Management Letter also identifies other areas of concern that need to be corrected during the
remainder of FY2011 and FY2012, including reconciling Massachusetts Highway Grants; Accounting for
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Trust Fund Balances; Commingling Cash Accounts of Enterprise Funds; Fraud Risk Assessment;
Accounting for Off-Duty Police and Fire Details; Dental Insurance Withholding Deficit; General Ledger
Maintenance and Reconciliations for Nantucket County; Receivable Reconciliations; Prepaid Expense
Balance; Journal Entry Control; and County Escrow Accounts.
An update on key items listed in the prior paragraph follows:
1. Accounting for Trust Fund Balances – In progress. The March 31, 2011 activity is reconciled;
however adjustments were identified that need to be made with the bank. The bank transfers
were requested in May 2011. Therefore, we anticipate the Trust Fund Balances will be
completely reconciled as of June 30, 2011.
2. General Ledger Maintenance and Reconciliations for Nantucket County – Complete. As of May
31, 2011; the Assistant Finance Director has reconciled the County and Town due to / due
from accounts.
3. Receivable Reconciliations – In progress. Of the 150 accounts receivable line items that are
reconciled each month, 136 or 90.7% of the accounts are reconciled as of March 31, 2011.
The remaining 14 accounts that have identified variances include Landfill User Fees (1
account), Our Island Home (12 accounts), and the 3-C Transportation Grant (1 account). The
Staff Accountant is working directly with departments to resolve the remaining issues by June
30, 2011.
4. Enterprise Funds – Complete. On a monthly basis, Airport and Wannacomet / Siasconset
Water reconcile the activity in their respective accounts (bank, general ledger, and billing
systems) to ensure transfers for payroll and accounts payable warrants as well as deposits for
cash receipts are made in an accurate and timely manner. As of May 31, 2011, the Airport and
Wannacomet / Siasconset water departments have confirmed their reconciliation has been
completed.
5. Enterprise Fund Inter-fund Transfers – Complete. The Enterprise Fund Inter-fund transfers
pertain to funds that are due to Siasconset Water, Sewer, Landfill, Airport, and Wannacomet
Water either from other Enterprise Funds or the General Fund. As of May 31, 2011, all due to
due from accounts have been reconciled.
6. Journal Entry Control – Complete. For the month of May, Town journal entries have a
cumulative decrease of 51.5% over FY2010; with County journal entries cumulatively
decreased by 64.7%.
Department of Revenue Schedule
The Massachusetts Department of Revenue provides a schedule of tasks for all municipalities in the
Commonwealth.
Action Taken Since May 1, 2011:
1. Payment of 2nd Half of County Tax – Complete. The county tax assessment is paid full in July of
each fiscal year.
2. Notification of Amount of Debt Due in Next Fiscal Year – Complete. This specific item pertains to
internal communication between the Accounting Division and Assessor Division. Prior to the
introduction of the Department of Revenue (DOR’s) Gateway system; the Town Accountant would
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notify the Assessor of Debt Projections for the next fiscal year. This information is now accessible
by all parties on the DOR Gateway website.
3. Third (3rd) Quarter Cash Reconciliation – Complete. The Treasurer and Acting Town Accountant
submitted the report in DOR Gateway in accordance with DOR’s timeline.
Abrahams Implementation Plan
In 2008, the Town contracted with the Abrahams Group to provide an organizational review of the
Finance Department. Within the report were thirty-six recommendations to improve the organizational
structure of the department. As of May 31, 2011; nineteen or 52.7% of the recommendations have
been implemented; with an additional eleven or 30.5% in progress.
Action Taken Since May 1, 2011:
1. Recommendation #16: Decentralize cash receipt entry. In progress. In May, the first phase of
implementation included nine departments. The training was conducted; however due to major
systematic issues related to the Munis 8.2 upgrade, the priority level for this initiative was
downgraded within the Information Technology (IT) department. Now that the Munis 8.2
upgrade issues have been resolved; IT is refocused on updating the Munis accounting software
permissions to perform the task at the department level. Phase II of the implementation is
scheduled for July, with the third and final phase scheduled for August.
2. Recommendation #18: Formal monthly reporting to the Audit Committee as evidence of monthly
cash reconciliation and accounts receivable reconciliations. Re-established with monthly meetings
scheduled throughout the rest of calendar year 2011.
As of March 31, 2011, County cash reconciliations were complete. Town cash reconciliations were
partially complete with the exception of the remaining town legacy accounts. Accounts receivable
were 90.7% reconciled with the exception of eleven accounts: The 3-C Transportation Grant,
Landfill User Fees, and Our Island Home.
3. Recommendation #34: Remove Human Resources / Personnel functions from the Finance
Department. In progress. As of May 31, 2011; Personnel benefit administration functions
including medical insurance; dental insurance; unemployment insurance; worker’s compensation;
and deferred compensation have been transitioned to Human Resources. All remaining personnel
related insurance functions are scheduled to transition by June 30, 2011.
4. Recommendation #35: Assistant Treasurer Function. In progress. Within the month of May,
there were three tasks performed that are associated with Recommendation #35.
The first task was to transition the cash receipt entry into the Munis accounting software
system to Accounting and Operations. This task was completed on May 31, 2011.
The second task was to install the software used by Treasury for cash management,
Quickbooks. The second task was also completed on May 31, 2011.
The third and remaining task to ensure the Assistant Treasurer is able to perform her
duties is to have the Assistant Treasurer bonded and designated as the second signatory
on the major cash accounts for the Town and County. This task is in progress and is
scheduled to be completed by June 30, 2011.
If you have any questions or concerns regarding our progress to date or future deadlines, please don’t
hesitate to let us know.
Combined Status of Management Letter, Abrahams Implementation, and Department of Revenue Schedule31-May-11Rec. #Fundamental Purpose/ObjectiveDate DueAccomplishedCommentAbraham's Implementation28Employee leave balances - centralized systemDepartment Heads / Assistant Finance Director Acting Finance Director(s)9/30/2008√Centralized system in place since 2007, reviewed annually by IL; additional issues will be addressed during implementation of decentralized payroll entry.Abraham's Implementation4c.Removal of Posting Authority (for anything, including Payments to the General Ledger) Finance Director Town Manager1/31/2009√Implemented January 2009Abraham's Implementation22One Audit Firm to audit all Town FundsFinance Director / Airport Manager / Water Manager Town Manager6/30/2009√ImplementedAbraham's Implementation5a.Remove Collector as Signature on Bank Account Treasurer / Collector Finance Director8/1/2009√ImplementedAbraham's Implementation5b.Pay Deputy Collector through Warrant signed by "Accountant" and Board of Selectmen consistent with MGL Collector Finance Director8/1/2009√ImplementedAbraham's Implementation9Finance Department to sign PAFs as budget control institute a personal requisiton formHuman Resources Director / Assistant Finance Director Finance Director8/1/2009√CompletedAbraham's Implementation11Assure Correct Payroll Authorizations Department Heads / Treasurer Finance Director8/1/2009√New signature block implemented by Interim ReportAbraham's Implementation26Facilitate on line Bank AccessTreasurer / Wannacomet Accountant / Airport Accountant Finance Director8/1/2009√CompletedAbraham's Implementation2Independent (Check and Balance) Reporting of All Receipts and collections to Controller's Division as basis for independent recording and posting to GL Collector / Assessor Finance Director8/30/2009√Implemented August 2009Abraham's Implementation3a.Provide receipts at time to Turnovers from Collector Collector / Treasurer Finance Director8/30/2009√Treasurer provides deposit slipAbraham's Implementation3b.Provide receipts at time to Turnovers from Departments Assistant Treasurer Finance Director8/30/2009√Implemented August 2009Abraham's Implementation1bEliminate all of the Treasurer's general ledger posting authorities Finance Director Town Manager12/31/2009√internal control weakness in its entirety.Abraham's Implementation7Eliminate practice of a cash drawer in the Collector's Office Collector Finance Director12/31/2009√Implemented Abraham's Implementation36Assess Responsibilities of Executive Assistant to optimize backup for key functionsFinance Director Town Manager12/31/2009√Impelemented. Position now vacant.Abraham's Implementation4a.Removal of Abatement Entry from Collector's Staff and Transfer to Assessor's Staff Collector / Assessor Finance Director5/1/2010√Implemented May 2010Abraham's Implementation4b.Posting of Abatements by Controller's Division Collector / Town Accountant Finance Director5/1/2010√Abatement review and posting has to be done by Controller'sAbraham's Implementation12Centralize MUNIS Control of "New Vendor" Set up to prevent fraud and assure procurement was authorizedChief Procurement Officer / Assistant Finance Director Finance Director6/30/2010√Recently completed, need to validateAbraham's Implementation14Require "Receiving Reports" to assure documentation or receipt of goods and materials Department Heads Town Manager6/30/2010√Actual warrants with paid invoices need to be tested to validate receiving reports are usedAbraham's Implementation27Formalize Indirect Cost Methodology Finance Director Town Manager6/30/2010√FormalizedDOR Schedule1Mail Annual Preliminary Tax Bills Tax Collector Finance Director 7/1/2010√DOR Schedule2Certification Date for Free Cash Town Accountant Finance Director 7/15/2010√Completed 12/02/2010DOR Schedule3Report Community Preservation Fund Balance Town Accountant Finance Director 7/15/2010√Completed 09/13/2010DOR Schedule4Certification Date for Excess and Deficiency (E&D) Fund School Business Officers Superintendent 7/15/2010DOR Schedule5Deadline for Appealing Commissioner's Pipeline Valuations to ATB Assessor Finance Director 7/15/2010 X NOT APPEALINGDOR Schedule10Notification of Total Receipts of Preceding Year Town Accountant Finance Director 8/1/2010√Completed 11/18/2010DOR Schedule11Deadline for Appealing EQV's to ATB Assessor Finance Director 8/10/2010 X NOT APPEALINGDOR Schedule12Deadline for Appealing SOL Valuations to ATB Assessor Finance Director 8/10/2010 X NOT APPEALINGDOR Schedule16Begin Work on Tax Rate Recapitulation Sheet (to set tax rate for semi-annual bills)Assessors Finance Director 8/31/2010√Completed 11/18/2010DOR Schedule17Jointly Submit Community Preservation Surcharge Report Accountant / Assessor Finance Director 9/15/2010√Completed 11/18/2010DOR Schedule18Compensating Balance Report Treasurer / Collector Finance Director 9/30/2010 X Not applicable per Collector & TreasurerDOR Schedule19Jointly Submit End of Year Report to DOE Accountant / School Committee Finance Director 9/30/2010√Completed 01/10/2011DOR Schedule20Submit Snow & Ice Report Town Accountant Finance Director 9/30/2010√Completed 08/11/2010DOR Schedule22Statement of Indebtedness Treasurer Finance Director 9/30/2010√Completed 11/05/2010DOR Schedule214th Quarter Reconciliation of Cash for Previous Fiscal Year Treasurer Acting Finance Director(s) 9/30/2010√Completed 10/27/2010DOR Schedule24Mail Semi-Annual Tax Bills Collector Finance Director 10/1/2010√Completed December 2010DOR Schedule27Submit School Foundation Enrollment Report to DOE Superintendent School Committee 10/15/2010DOR Schedule28Submit Schedule A for Prior Fiscal Year Town Accountant Finance Director 10/31/2010√Completed 02/24/2011DOR Schedule29Begin Establishing Next Fiscal Year Budget Guidelines and Request Department Budgets Board of Selectmen Town Manager 10/31/2010√DOR Schedule30Begin Work on Tax Recapitulations Sheet (to set tax rate for annual preliminary tax bills Assessor Finance Director 10/31/2010√Completed 11/18/2010Responsible for Performing Task's) Responsible for Follow UpPartially AccomplishedNot Accomplished6/3/2011
Combined Status of Management Letter, Abrahams Implementation, and Department of Revenue Schedule31-May-11Rec. #Fundamental Purpose/ObjectiveDate DueAccomplishedCommentResponsible for Performing Task's) Responsible for Follow UpPartially AccomplishedNot AccomplishedDOR Schedule34Deadline for Payment of First Half of County Tax Treasurer Finance Director 11/1/2010√Completed 07/31/2010DOR Schedule35First Quarter Reconciliation of Cash Treasurer Finance Director 11/15/2010√DOR Schedule37Review Budgets Submitted by Department Heads Board of Selectmen Town Manager 11/30/2010√Completed & Adopted Jan 2011DOR Schedule39Submit Amendments to End of School Year Report to DOE Accountant / School Committee Finance Director 12/15/2010√Completed 01/10/2011DOR Schedule41Deadline for Betterments to be Included on Next Years Tax Bill Water/Sewer Commissioners Finance Director 12/31/2010√DOR Schedule42Begin to Finalize Budget Recommendation for Review by Finance CommitteeBoard of Selectmen Town Manager 12/31/2010√Completed & Adopted March 2011DOR Schedule43Mail 3-ABC Forms to All Eligible Non-Profit Organizations Assessor Finance Director 12/31/2010√DOR Schedule44Deadline for Mailing Actual Tax Bills Tax Collector Finance Director 12/31/2010√Completed December 2010DOR Schedule45Property Tax Assessment Due Assessors Finance Director 1/1/2011√DOR Schedule492nd Quarter Reconciliation of Cash Treasurer Finance Director 2/15/2011√Completed 03/10/2011DOR Schedule50Continue Budget Review and Develop Recommendations Finance Committee Town Manager 2/28/2011√Completed & Adopted March 2011Abraham's Implementation18a.Present Evidence of Rec of Cashbook to G.L.Town Accountant / Assistant Finance Director (County) Acting Finance Director(s)3/17/2011√Implemented March 2011Abraham's Implementation18b.Present Evidence of Rec. of Bank Accounts to Cashbook Town Accountant Acting Finance Director(s)3/17/2011√Implemented March 2011Management Letter13Escrow Accounts Assistant Finance Director Acting Finance Director(s) 3/25/2011√Completed by Assistant Finance Director 03/25/11Management Letter1e. County ReconciliationsAssistant Finance Director (County) / Treasurer Acting Finance Director(s) 3/31/2011√Addressing County Old AP Accountant with Auditors 03/25/2011Management Letter11Prepaid Expense Balance Town Accountant Acting Finance Director(s) 3/14/2011√Completed by Asst. Finance Director 3/14/2011DOR Schedule55Mail 2nd Half Semi-Annual Tax Bills Collector Acting Finance Director(s) 4/1/2011√Management Letter3Accounting for Trust Fund Balances Town Accountant / Treasurer Acting Finance Director(s) 4/14/2011√Treasurers cashbook reconciliation is complete; General Ledger in progress.Abraham's Implementation35Appointment of Assistant Treasurer per MGL Ch 41, s 39A Treasurer Acting Finance Director(s)4/20/2011√Completed 04/20/2011Management Letter1b. Cash ReconciliationsTreasurer / Assistant Treasurer / Town Accountant / Accounting Clerk Acting Finance Director(s) 4/21/2011√Completed 04/21/2011Management Letter9General Ledger Maintenance and Reconciliations for CountyAssistant Finance Director / Town Accountant Acting Finance Director(s) 4/21/2011√Completed 04/21/2011Management Letter10Receivable ReconciliationsStaff Accountant / Town Accountant / OIH Administrator / DPW Acting Director Acting Finance Director(s) 4/21/2011√Completed 04/21/2011 - However legacy issues with Chapter 90, 3-C Grant, Landfill, and Our Island HomeManagement Letter1c. Address Legacy Account IssuesAssistant Finance Director (County) / Treasurer / Town Accountant Acting Finance Director(s) 4/27/2011√Status Required @ Monthly Audit Committee Meeting; Old County AP Completed in March; Old Town Payroll and New Town Payroll account in Progress with Treasurer & Auditor; Old Town AP Account not completeManagement Letter1d. Enterprise FundsTreasurer / Airport Accountant / Water AccountantActing Finance Director(s) / Airport Manager / Water Manager 4/28/2011√Wannacomet confirmed 100% reconciled; Waiting for response from Airport as of 04/28/11; Airport confirmed 05/24/11Management Letter1g. Enterprise Fund Inter-fund TransfersTown Accountant / Assistant Finance Director Acting Finance Director(s) 4/28/2011√Completed 04/29/2011Management Letter12Journal Entry ControlTown Accountant / Finance Operations Coordinator Acting Finance Director(s) 4/28/2011√Completed 04/29/2011Abraham's Implementation34Transfer H.R. functions done by Finance to H.R. DepartmentHuman Resources Director / Treasurer Town Manager4/30/2011√Completed Health and Dental Insurance Transferred to Human Resources on April 30, 2011DOR Schedule59Deadline for Payment of 2nd Half of County Tax Treasurer Acting Finance Director(s) 5/1/2011√Completed 07/31/2010DOR Schedule60Notification of Amount of Debt Due in Next Fiscal Year Accountant / Treasurer Acting Finance Director(s) 5/1/2011√Completed 05/16/2011; Notification was internal from Accounting to Assessor.DOR Schedule613rd Quarterly Reconciliation of Cash Treasurer Acting Finance Director(s) 5/15/2011√Treasurer submitted 5/14/11; Town Accountant submitted 05/16/11Management Letter1b. Cash ReconciliationsTreasurer / Assistant Treasurer / Town Accountant / Accounting Clerk Acting Finance Director(s) 5/19/2011√Completed 5/31/2011Management Letter9General Ledger Maintenance and Reconciliations for CountyAssistant Finance Director / Town Accountant Acting Finance Director(s) 5/19/2011√Completed 05/18/2011Management Letter10Receivable ReconciliationsStaff Accountant / Town Accountant / OIH Administrator / DPW Acting Director Acting Finance Director(s) 5/19/2011√Third Thursday of Each Month; need to enter journal entries.Management Letter1c. Address Legacy Account IssuesAssistant Finance Director (County) / Treasurer / Town Accountant Acting Finance Director(s) 5/19/2011√Status Required @ Monthly Audit Committee Meeting; Old County AP Completed in March; New Town Payroll account Completed in May; Old Town Payroll and AP Account in progress.Management Letter1d. Enterprise FundsTreasurer / Airport Accountant / Water AccountantActing Finance Director(s) / Airport Manager / Water Manager 5/26/2011√Completed 5/31/2011Management Letter1g. Enterprise Fund Inter-fund TransfersTown Accountant / Assistant Finance Director Acting Finance Director(s) 5/26/2011√Completed 5/31/2011Abraham's Implementation34Transfer H.R. functions done by Finance to H.R. DepartmentHuman Resources Director / Treasurer Town Manager5/31/2011√Deferred Compensation Transferred to Human Resources 05/26/20116/3/2011
Combined Status of Management Letter, Abrahams Implementation, and Department of Revenue Schedule31-May-11Rec. #Fundamental Purpose/ObjectiveDate DueAccomplishedCommentResponsible for Performing Task's) Responsible for Follow UpPartially AccomplishedNot AccomplishedAbraham's Implementation16 a.Decentralize cash receipts data entry into Munis to departmentsDepartment Heads / Assistant Finance Director Town Manager5/31/2011√Scheduled 1st team training and implementation in May (Includes: Airport, Wannacomet Water, Siasconset Water, Police, Fire, Collector - Finance, Planning, and Community School. Munis Upgrade 8.2 issues has delayed implementation with IT.Abraham's Implementation35Continuation of Assistant Treasurer Function; Ensure Assistant Treasurer is a signatour on major bank accounts and has ability to make transfersTreasurer Acting Finance Director(s)5/31/2011√Cash Receipts posting to GL transitioned to Operations Coordinator; Bonding in progress; Signatour tasks take up to 3 weeks; expected completion date 06/30/11.Abraham's Implementation35Continuation of Assistant Treasurer Function; Ensure Assistant Treasurer has Quickbooks Cashbook available on her terminal. Treasurer Acting Finance Director(s)5/31/2011√Completed 05/25/11Abraham's Implementation35Continuation of Assistant Treasurer Function; Transfer cash receipt entry into Munis to Accounting. By September 2011, departments will have the ability to perform this function. Controller Acting Finance Director(s)5/31/2011√Cash Receipts posting to GL transitioned to Operations Coordinator 05/31/11DOR Schedule64Determine Valuation of Other Municipal or District Land Assessors Acting Finance Director(s) 6/1/2011√DOR Schedule70Deadline for Appealing Commissioner's Telephone & Telegraph ValuationsAssessors Acting Finance Director(s) 6/15/2011√DOR Schedule71Make Annual Preliminary Tax Commitment Assessors Acting Finance Director(s) 6/15/2011N/APertains to Quarterly Tax BillingManagement Letter1b. Cash ReconciliationsTreasurer / Assistant Treasurer / Town Accountant / Accounting Clerk Acting Finance Director(s) 6/16/2011√Third Thursday of Each MonthManagement Letter9General Ledger Maintenance and Reconciliations for CountyAssistant Finance Director / Town Accountant Acting Finance Director(s) 6/16/2011√Third Thursday of Each MonthManagement Letter10Receivable ReconciliationsStaff Accountant / Town Accountant / OIH Administrator / DPW Acting Director Acting Finance Director(s) 6/16/2011√Third Thursday of Each MonthManagement Letter1c. Address Legacy Account IssuesAssistant Finance Director (County) / Treasurer / Town Accountant Acting Finance Director(s) 6/16/2011√Status Required @ Monthly Audit Committee MeetingManagement Letter1d. Enterprise FundsTreasurer / Airport Accountant / Water AccountantActing Finance Director(s) / Airport Manager / Water Manager 6/16/2011√Fourth Thursday of Each MonthManagement Letter1g. Enterprise Fund Inter-fund TransfersTown Accountant / Assistant Finance Director Acting Finance Director(s) 6/16/2011√Fourth Thursday of Each MonthDOR Schedule72Final Date to Make Omitted or Revised Assessments Assessors Acting Finance Director(s) 6/20/2011√Abraham's Implementation34Transfer H.R. functions done by Finance to H.R. DepartmentHuman Resources Director / Treasurer Town Manager6/30/2011√Remaining Insurances Transferred to HRManagement Letter2Reconciling Massachusetts Highway GrantsStaff Accountant / DPW Acting Director / Town Accountant Acting Finance Director(s) 6/30/2011√Complete Reconciliation by 4th Quarter 2011Management Letter4Commingling Cash Accounts of Enterprise FundsTown Accountant / Treasurer / Assistant Finance Director Acting Finance Director(s) 6/30/2011√Reconciliation completed by Assistant Finance Director March 2011. Complete Physical Due To / Due From Transfers by 4th Quarter 2011Management Letter6Accounting for Off-Duty Police and Fire DetailsStaff Accountant / Town Accountant / Chief of Police Acting Finance Director(s) 6/30/2011√Complete Reconciliation by 4th Quarter 2011Management Letter7Dental Insurance Withholding DeficitTreasurer / Assistant Treasurer / Town Accountant Acting Finance Director(s) 6/30/2011√Complete Reconciliation by 4th Quarter 2011Management Letter8Accounting Separately for Bond Proceeds Town Accountant Acting Finance Director(s) 6/30/2011√Complete by 4th Quarter 2011DOR Schedule73Notification of Quarterly Local Aid Payments Before June 30 State Treasurer 6/30/2011 N/A Applies to FY2013DOR Schedule74Overlay Surplus Closes to Surplus Revenue Assessors Acting Finance Director(s) 6/30/2011√DOR Schedule75Physical Inventory of all Parcels for Communities that accepted MGL Ch 59, Sec 2A(a)Assessors Acting Finance Director(s) 6/30/2011 N/ADOR Schedule76Submit Annual Report of Omitted or Revised Abatements Assessors Acting Finance Director(s) 6/30/2011√DOR Schedule77Last Day to Submit Requests for Current Fiscal Year Reimbursements of Exemptions Granted Under the Various Clauses of Chp 59, Sec 5 Assessors Acting Finance Director(s) 6/30/2011√Abraham's Implementation1aTo assure dutires that should be segregated are segregated to prevent internal control weaknesses Treasurer / Town Accountant Acting Finance Director(s)6/30/2011√all reassigned to another individual continuing theAbraham's Implementation20Record all Receivables on G. L. based on recording of the relevant source documents Staff Accountant / Town Accountant Acting Finance Director(s)6/30/2011√All financial activity recorded on G.L. should be based on source document. Challenge remains with Landfill and Our Island Home back dating.Abraham's Implementation24Timely submittal of reimbursements for loan drawdownsTown Accountant / Acting DPW Director / Transportation Planner Acting Finance Director(s)6/30/2011√Resolved in FY 2009 according to audit report to management with exception of 3-C and Chapter 906/3/2011
Combined Status of Management Letter, Abrahams Implementation, and Department of Revenue Schedule31-May-11Rec. #Fundamental Purpose/ObjectiveDate DueAccomplishedCommentResponsible for Performing Task's) Responsible for Follow UpPartially AccomplishedNot AccomplishedAbraham's Implementation16 b.Decentralize cash receipts data entry into Munis to departmentsDepartment Heads / Assistant Finance Director Town Manager7/31/2011√Scheduled 2nd team training and implementation in July (Includes: Code Enforcement, Public Works, OIH, Visitor Services, and Marine Department.)Abraham's Implementation16 c.Decentralize cash receipts data entry into Munis to departmentsDepartment Heads / Assistant Finance Director Town Manager8/30/2011√Scheduled 2nd team training and implementation in August (Includes: Human Services, Senior Center, Town Clerk, Town Administration, County Administration, Registry of Deeds, Remaining School Depts.)Management Letter1f. Late Journal EntriesTown Accountant / Finance Operations Coordinator Acting Finance Director(s) 9/15/2011√All YE JE's to be complete by 09/15/11Management Letter12Commingling of Federal and State GrantsTown Accountant / Finance Operations Coordinator Acting Finance Director(s) 9/30/2011√6/15/2011 to be operational 1st Quarter FY2012Abraham's Implementation8Transfer Entry of MUNIS Personnel Actions to HR to assure sound segregation of duties.Human Resources Director / Assistant Finance Director Acting Finance Director(s)9/30/2011√Review with Pat; tentative 3rd quarter 2012.Abraham's Implementation13Budget control at line item level Assistant Finance Director Acting Finance Director(s)9/30/2011√Previously removed from "tasks to accomplished"; re-established March 2011 to be implemented in Fall of 2011Abraham's Implementation5c.Close Town Clerk's Bank Account and make all vendor payments through warrant process Town Clerk / Treasurer Acting Finance Director(s)12/31/2011√Town Clerk's account not implemented as of 03/16/11; Meeting with IL, DW, and Town Clerk.Abraham's Implementation6Submittal of Cash Register Tapes for Significant Cash Turnovers Departments / Treasurer Acting Finance Director(s)12/31/2011√Accomplished for school lunch program, other "cash" areas need to be addressed with Mark.Management Letter1h. Capital Borrowing and Associated Expenditures Town Accountant / Treasurer Acting Finance Director(s) 6/30/2012√Close of FY2012Management Letter5Fraud Risk AssessmentTown Manager / Acting Finance Director(s) Town Manager 6/30/2012√Close of FY2012Abraham's Implementation10Appropriate Written Authority and Understanding of Collective Bargaining Agreements and other non routine payments Human Resources Director Town Manager6/30/2012√New procedures in draftAbraham's Implementation15Decentralize time and attendance data entry to departmentsDepartment Heads / Assistant Finance Director Town Manager6/30/2012√Tentatively scheduled to begin implementation in October 2011 with test subjects; expand to all town departments by end of fiscal year. Implementation date subject to CRP process implemenation.Abraham's Implementation19Report all Balances on MLCs to assure sound practice and to protect town's right to collect the funds. CollectorActing Finance Director(s) / Water Manager 6/30/2012√Additional training needed to access data baseAbraham's Implementation25Tailings processTreasurer / Assistant Finance Director Acting Finance Director(s)6/30/2012√Began in 2008; need to draft process with specific time periods for review. Tentative Dec 2011Abraham's Implementation29 Facilitate School's EOR reporting via re-design of chart of accounts School Business Office Manager Superintendent6/30/2012√(IL email to GF on 03/16/11 to identify remaining issue.)Abraham's Implementation30Restructure School Chart of Accounts School Business Office Manager Superintendent6/30/2012√(IL email to GF on 03/16/11 to identify remaining issue.)Abraham's Implementation32Remove accounts payable and payroll processing and review activities from the Treasurer and reassign to Controller Treasurer / Town Accountant Acting Finance Director(s)6/30/2012√Accounts Payable is scheduled to be reassigned to Controller in Summer of 2011 with Payroll following by the end of the fiscal year. Additional training for the Controller will be required for a successful Payroll transition.Abraham's Implementation33Need to assign clear responsibilities/dichotomy between the two accounting / control positions Town Accountant / Finance Director Acting Finance Director(s)6/30/2012√Accountability for each official, outline of responsibilities recently developed.Abraham's Implementation23Quarterly tax billingAssessor / Collector / Town Accountant / Asst. Finance Director Acting Finance Director(s)9/1/2012√ATM 2011 for 2013 ImplementationManagement Letter1a. Implementation of Internal ControlsBOS / Town Mgr / Acting Finance Director(s) Auditors 6/30/2013√Close of FY2013Abraham's Implementation31Document Financial Policies and Procedures Assistant Finance Director Acting Finance Director(s)6/30/2013√Financial policies drafted and under review by Town Administration; Financial processes will develop over time.Abraham's Implementation17Eliminate Duplication in Recording Abatements Assessor Acting Finance Director(s)N/A√Town has decided to maintain the Manual Log Process. Discuss removal of item with Mark.Abraham's Implementation21Establish and maintain one accounting and financial reporting system Acting Finance Director(s) Town ManagerN/A√Challenge remains with limitations of Munis to provide billing for Landfill, Nursing Home, and Utilities; currently the Finance Transition Team is working with IS to install the various programs on the controllers system that will allow "read access" to the enterprise fund billing system.6/3/2011