HomeMy WebLinkAboutAudit Committee Minutes 01 27 2010_201402041939409282
Town of Nantucket
Audit Committee
Minutes – Audit Committee Meeting, held, January 27, 2010
A duly noticed meeting of the Audit Committee was held in the conference room at 16 Broad
Street on Wednesday, January 27, 2010 commencing at 9:00 AM.
Present: Chairman Patty Roggeveen, Jim Kelly, Michael Kopko
Absent: None
Others Present: Libby Gibson, Renee Davis, Mark Abrahams, Bob Dickinson, Constance Voges,
and Debbie Weiner, Deb Palmer
Call to Order:
Ms. Roggeveen called the meeting to order at 9:00 AM.
Announcements/Updates:
Review of FY 2009 Audit
The Audit was reviewed by Renee Davis, and the Town of Nantucket has an unqualified opinion
of the Financial Statements for FY2009.
The town was able to set some deadlines and keep those deadlines
Renee proceeded to go over the financials and answer any questions.
Actuarial study done for Other Post Employment Benefits resulted in a $7.4 million liability
recorded. As long as this continues to be recorded the net assets will go into a negative.
Minutes – Audit Committee
January 27, 2010 Page 2 of 2
State Law now allows an irrevocable trust to be set up. Acceptance of the law will be on the
2010 annual town meeting warrant so that when the Town of Nantucket is able to begin to
funding the liability, there is a legal means to do so.
‐
‐ Enterprise Funds
o Solid Waste – GASB requires that the liability for closures and post closure
monitoring be recorded
New 2011 GASB #54 will impact financial statements
GASB #54 will have the Stabilization Fund shown under the General Fund
Review of FY 2009 Management Letter by Renee Davis
Renee Davis reviewed in detail, noting items which are material weaknesses, and other
items, and also noting items which have been resolved since prior year report.
Mark Abrahams
36 Recommendations – spreadsheet provided with updates on the progress
Motion:
To recommend changing Our Island Home to an Enterprise Fund at Town Meeting,
effective July 1, 2010.
Motion made
Jim Kelley moved and Michael Kopko seconded the motion.
Motion: Approved
Future Agenda: none
Date of Next Meeting:
The date of the next meeting will be made at a later date.
Adjournment: Ms. Roggeveen asked for a motion to adjourn that was “so moved” by Mr.
Kelley. The meeting was adjourned at 9:45 AM.
Prepared by Deborah Palmer