HomeMy WebLinkAboutAudit Committee Minutes 05 26 2010_201402041939428501
Town of Nantucket
Audit Committee
Minutes – Audit Committee Meeting, held, May 26, 2010
Approved 04/26/2011
A duly noticed meeting of the Audit Committee was held in the conference room at 16 Broad
Street on Wednesday, May 26, 2010 commencing at 9:00 AM.
Present: Chairman Patty Roggeveen, Jim Kelly, Rick Atherton
Absent: None
Also present: Bob Dickinson, Constance Voges, Debbie Weiner, , Gregg Tivnan, Libby Gibson,
and Deb Palmer
Call to Order:
Ms. Roggeveen called the meeting to order at 9:00 AM.
March 17th minutes have been approved
Announcements/Updates:
Barbara Dakin – DOR Representative visiting June 9, 2010
Schedule a meeting for the 9th with the Audit Committee meet and greet
New employee – Linda MacDonald
Craig Abernathy has left Nantucket to further his career in Serbia
The Finance Dept. is fully staffed for the first time.
Officers are not designated until after the first of the year
FinCom Chair is automatically the Audit Committee Chair – Patty Roggeveen
Minutes – Audit Committee
May 26, 2010 Page 2 of 3
Updates on reconciliations:
Cash:
March has timing issues that will clear in April
The differences have been identified, and need to be figured out and adjustments to be
made in MUNIS.
The actual variance between the cash and the treasurer’s books is zero.
Account Receivable:
Enterprise Funds are the most troublesome to reconcile.
In September of 2009 Heidi Holdgate sent an e‐mail stating that Peter Lamb made a
decision that WWCO was to use the Accounts Receivable Transaction Summary as
supporting documentation for the Finance Department to use for a basis for
reconciliation to MUNIS. This Transaction Summary report does not match the general
ledger activity that is also given to the Finance Department as part of the reconciliation
process.
In order to reconcile the WWCO, all of the payments, commitments, bounced checks,
and adjustments are identified on the WWCO general ledger, and then compared to the
Accounts Receivable Transaction Summary. If there are differences, and e‐mail is sent
out to Heidi Holdgate, and the variance is identified by her department.
The same information needs to be received by the Finance Department from the
Airport. At this time the Airport forwards the ending balance of their ending general
ledger information. This balance is the basis for which MUNIS is adjusted by either a
credit or debit.
Jim Kelley made a motion to ask the Airport for sufficient back‐up to be given to the
Finance Department.
A Policy should be created for all the Enterprise Funds to ensure proper receipt of the
back‐up to reconcile the accounts.
Connie will be pushing the Airport for the proper detail.
Finance has certain expectations to receive the proper back‐up.
New Business: Real Estate Taxes
There is a $750 million dollar decrease in Real Estate Taxes with a 3.4% tax value.
In January 2010 the value dropped again.
Ongoing redistribution of the aggregate
Share with the community who the taxpayers are in the top 25 for the Town of
Nantucket. The tax bills are going out timely, and the residents are getting their bills.
Minutes – Audit Committee
May 26, 2010 Page 3 of 3
The Audit Committee would like to see a spreadsheet of where the percentage of taxes
fall to the percentage of taxes payers.
Old Business:
Mark Abrahams and Renee Davis have commented that the Material Weaknesses have
come a long way since January.
Renee would like the material weaknesses to be closer to perfection.
Cash Reconciliations
County Reconciliations
Policies and Procedures
HR Transfer
Rick Atherton is concerned with HR being an issue, and is wondering why the process of
transition is taking so long. The transition should be done by June 30, 2010.
Future Agenda:
Patty Roggeveen would like to review the Abrahams report again and double check the
items that needed to be completed, and see where it is in the process of completion.
Date of Next Meeting:
June 9, 2010
Adjournment: Patty Roggeveen asked for a motion to adjourn that was “so moved” by Mr.
Kelley. The meeting was adjourned at 10:50 AM.
Prepared by Deborah Palmer