HomeMy WebLinkAbout2013-10-1 ProposedMinutes for October 1, 2013, adopted Dec. 3
Town of Nantucket
is Audit Committee RECEIVED
www.nantucket- ma.eov
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MINUTES NAPI 1 817 9 23
Tuesday October 1, 2013 NANTUCKET TOWN CLERK
4 Fairgrounds Road, Training Room — 9:00 a.m.
Staff: Libby Gibson, Town Manager; Irene Larivee, Finance t ; Deb We
Treasurer; Bob Dickinson, Assistant Town Amon M guelov, dget
Analyst; Terry Norton Town Minutes Taker
Attending Members: Rick Atherton, Matt Mulcahy
Absent Members: Bruce Miller t.
Public: None
Auditor: Anthony Roselli, Roselli, Clark & Associates (RC &A
Documents used: Copy August 27, 2013 minutes; Aud it l n fonn,�Ehec September 27,
2013. �
I. August 27, 2013 — Motion to Approve. (made by: Mulcahyf(seconded by: Atherton)
unanimously
III. PUBLIC COMMENT
Roselli — Stated that he anticipates having Town & County field work done by end of Thursday of this
week. As yet his firm hadn't started auditing the School Student Activities Account, which is required
under Massachusetts General Law at least every 3 years; part of the audit will be t® look at the invoices.
Explained the process for handling student activity funds. Stated that the "Friend' groups are not part of
the schools, therefore not part of the audit.
Dig `ff,,u,,ssion about the— ols' thinking Powers & Sullivan is doing the End -of -Year (EOY) report.
Roseili — Talked about Irport using the consultant, Burke & Lamb and what that firm's function is
though they arc not doi an audit; there are three sets of records and there could be redundancy that needs
to be eliminated.
Discussion about the Great Plains® software used by Burke and Lamb in regards to the Airport.
Roselli— Revigwed the Single Audit which primarily involves the airport because of the federal funding.
Noted an issue with the location of certain types of financial information for the Airport. He said that
compliance information is held at the Airport but purportedly other documents might be elsewhere. Stated
his firm will follow up to ensure everyone has all the necessary information. On the Town side, one of the
biggest tasks is that the Town has on a large fixed asset inventory. Everything is accounted for through
Excel. That list is being updated. Stated that Wannacomet Water Company maintains its own fixed asset
inventory and does a good job; his firm will recommend that they continue to so do that and merge the two
lists at the end of the year. Stated his firm is waiting to hear from Burke & Lamb in regards to the Airport's
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Minutes for October 1, 2013, adopted Dec. 3
fixed assets, the inventory of which should be managed through the Town. Six reports will be returned to
the Town by October 15: Town Financial Report, Student Activity Report, Airport Report, Single Audit
Report, Management Report, and School End -of -Year Report. Recommended that for next year, the Town
should create a Comprehensive Annual Financial Report, which provides more transparency and could be
submitted to the Government Finance Officers Association (GFOA) for ranking. A good report could
improve the Town's bond rating.
Larivee — Everything on the audit checklist is completed. Explained the status of the the cash
reconciliation process.
Roselli — The Town has managed its process well and that shows in free cash.
Discussion about Our Island Home (OIH) CPE funds and the positive trends a Tally in s to the
bond ratings.
Atherton — Would like Nantucket's bond rating compared to a similar s I to see how own
stacks up and compare differences.
Larivee — Explained what affects the Town's bond rating: OIH, the dfill, rate o wth salaries.
Stated that a significant change in the bond rating is that in the p rese as ad or the bond
rating agencies; now they are looking for a 10% reserve. Need build e I % ipse over time.
November 26, 2013 9:00 a.m. 4 Fairgrounds Ro
Motion to Adjourn: 9:44 p.m.
Submitted by:
Terry L. Norton
r_—I
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