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TownofNantucketAuditCommitteeMeetingth MinutesAuditCommitteeMeetingJanuary14 ,2009th ApprovedFebruary10 ,2009Present:Mr.JimKelly,Ms.PatriciaRoggeveen,Ms.C.ElizabethGibson,Mr.MalachyRice,andMs.ConstanceVoges,Mr.BobDickinsonAbsent:Mr.MichaelKopko.Alsopresent:Mr.RickAtherton,Ms.ReneéDavis,Mr.GlennField,Mr.CraigAbernathy,andMr.WhitingWillauerCalltoOrder:Ms.Roggeveencalledthemeetingtoorderat9:00AM.AnnouncementsandUpdates:None.ApprovalofMinutes:
Mr.KellymadeamotiontoapprovetheminutesfromthemeetingofDecemberth 10 ,2008;secondedbyMs.Roggeveen.Sovotedunanimously.
DiscussionofFY2008AuditwithPowersandSullivan:
ReneéDavis,ofPowersandSullivanCertifiedPublicAccountants,statedthatafterworkingforeightdaysontheFY2008AuditshebelievestheTown’sfinancialstatementsareingoodshape.Shenotedthatshedoesexpectsomeslippageinthedrafttimelineduetodelaysinreceivingcashreconciliations,theTreasurer’sCashBookandupdatedfixedassetsforFY2008.Ms.Davisaddedthatsheexpectstoreceivethesedocumentsbytherd 23ofJanuary,2009.Ms.GibsonaskedifMs.Davisexpectstomeetthedeadlineforst submittingaFY2008FinalAuditonMarch31 ,towhichMs.Davisrespondedthatshebelievesthattobearealisticdeadline.Mr.KellyaskedifaoneweekdelayinreceivingcashreconciliationsandfixedassetswillresultinaoneweekdelayfortheFY2008DraftAudit.Ms.Davisrespondedthatthedelayinreceivinginformationwillresultinaonetotwoweek
MinutesAuditCommitteeth January14 ,2009 Page2of4 delayinthedraftduetoschedulingissues.Ms.RoggeveenaskedthatMs.Davissendanemailtoconfirmthattheauditscheduleisontrack.Ms.VogesaskedifadraftoftheFederalFinancialshasbeencompleted,towhichMs.DavisrespondedthattheFederalFindingsareingoodshapeandthattherewerenonewfindingsinthisyear’saudit.Shealsostatedthatthesamematerialweaknessesfrompreviousyearswillagainappearintheaudit.Mr.Ricecommentedthatthishasbeentheexpectationofallstakeholders,sincetherehasbeenlittletimebetweenthecompletiondatesforseveralyearsoffinancialreporting.
Mr.KellyaskedMs.Davistodescribetheprocessusedtoperformthepayrollaudit.Ms.Davisstatedthatherfirmlooksattwoareaswhenperformingapayrollaudit:ensuringthatitemsarecategorizedinthecorrectfiscalyearandreviewingpoliciesandprocedures.Mr.KellythenaskedifPowersandSullivanperformsa“paystub”audit.Ms.Davisansweredthatherfirmdoesnotperformthistypeofaudit.Mr.Kellythenaskedifthefirmlooksatovertimeandothertypesofpremiumpaytoensurethattheyarecalculatedinthecorrectmanner.Ms.Davisansweredthatasapartoftheaudittheaccrualofsickandvacationtimeisscrutinizedandtested.
CashReconciliationUpdateforFY2009:
Ms.VogesstatedthattwoweekspriortothemeetingshedirectedtheFinanceDepartmenttofocusitseffortsontheFY2008Audit,soworkoncashreconciliationsforFY2009hasbeenputonhold.Mr.DickinsoncharacterizedworkontheFY2008cashreconciliationsas“thorny,”butstatedthattheFinanceDepartmentwillbeinamuchbetterpositionregardingcashreconciliationsforFY2009.HeaddedthatworkonFY2009cashreconciliationshashelpedidentifyissueswithcashreconciliationsinFY2008.Ms.Davisrd askedMr.DickinsonifheiscomfortablewithadeadlineofJanuary23forcompletingtheFY2008cashreconciliationsandfixedassets.Mr.DickinsonansweredthatDebPalmer,StaffAccountant,isworkingonfixedassetsandheisworkingwithDebWeiner,Treasurer,tocompletethecashreconciliations,andstatedthathefeelscomfortablethathewillbeabletomeetthedeadline.
InreferencetoanauditoftheimplementationofnewcashreconciliationsperformedforFY2009,Ms.Davisaskedifanyonewouldliketodiscussthefindingsofthiswork.Ms.Roggeveencommentedthatshefeelsanauditofanothermonth’scashreconciliationswouldbeappropriate,asitwouldallowforcomparisonbetweentwomonthsofcashreconciliations.Ms.Davisnotedthatmostoftheerrorsdiscoveredintheauditwere“firstmontherrors”thatshouldhavebeencorrectedinsubsequentmonths.Ms.VogesaskedthatthecurrentfocusremainoncompletingtheFY2008Auditbeforecommissioningfurtherauditwork.Ms.GibsonremindedtheCommitteethattheauditworkperformedoncashreconciliationswascostly,andthatiffurtherauditworkiscommissionedamethodoffinancingtheworkwillneedtobefound.
DiscussionofIndirectCosts:
MinutesAuditCommitteeth January14 ,2009 Page3of4 Describingaformulausedtodeterminecostsincurredthroughjointusageofadministrativeservices,Ms.GibsonstatedthattheFinanceDepartmentisdevelopingaformulaforassessingindirectcoststhatisreasonableandcalculatedinafairandconsistentbasis.ShecommentedthattheAirportandtheWaterCompanyhavedisputedtheamountsassessedforindirectcostsinrecentyears.Ms.Vogesstatedthattherearefourissueswithindirectcosts:theformulaforassessingindirectcosts,budgetingforindirectcosts,achangeintheDepartmentofRevenue(DOR)instructionsonhowtobudgetforindirectcosts,andhowtohandlerevenuedeficitissueswiththeSolidWasteEnterpriseFund.Providinghistoryontheprocess,Ms.Vogesexplainedthatinthepastthepaymentwasbasedonpropertyvalueandassessedasapaymentinlieuoftax.ShenotedthattheAbrahamsGrouphasrecommendedthataformulaforassessingindirectcostsbedeveloped.Ms.Vogesstatedthatshehascontactedothermunicipalitiesthatoperateairportenterprisefundsinordertocomparemethodsofassessingthesecosts.Mr.Kellyaskedhowthecurrentamountoffundscollectedforindirectcostsisassessed.Ms.VogesansweredthattheFinanceDepartmentpresentstheAirportandtheWaterCompanywithanamountbaseduponareasonableformulathatiscalculatedinafairmannerthatisconsistentwithothermunicipalitiesintheCommonwealth,buttheseentitieshavedeclinedtopaytheassessedamounts.Mr.Kellyaskedwhatamounttheseentitiespay,towhichMs.Vogesstatedthattheypayaselfdeterminedamountthatisincludedwithintheirexistingbudgets.SheaddedthatifareasonableformulaisassessedtheTownwouldaddanadditional$150,000to$200,000totheGeneralFund.
Ms.RoggeveenassertedherbeliefthatthedevelopmentofsuchapolicyshouldbeapolicydecisionfortheBoardofSelectmen,notingthatsuchapolicywouldbesimilartoexistingpoliciesthatareenactedbytheBoardandimplementedbytheFinanceCommittee.Ms.Gibsonagreed,statingthatshebelievesaBoardendorsementwilladdweightandvaliditytotheformula.Mr.KellynotedthattheAirport’sproposedcapitalplanincludesfundingaresidencefortheAirportManager($800,000),addingthatthisexpenditurewaspartiallyjustifiedbyaneedtoallocateunrestrictedassets.Mr.KellythenaskedifitiswithinthepurviewoftheAuditCommitteetoconsiderapolicydecisionregardingindirectcosts,towhichMr.RiceansweredthatasthematterisarecommendationoftheworkperformedbytheAbrahamsGroupfortheCommitteeitiswithinthepurviewoftheCommittee.
InregardtoimpendingchangestobudgetingmethodsforindirectcostsproposedbyDOR,Ms.VogesstatedthatthereissomeconfusionaboutthesechangesasBarbaraDakin,DORRepresentative,statesthesechangeswilltakeplacewhileMarkAbrahamsstatesthattheywillnottakeplace.Ms.Vogesalsonotedthatanyformuladevelopedtoassessindirectcostsappliestoallenterprisefundsandassuchitshouldbeapplieduniformly.Ms.Davisstatedheropinionthatwhatevermethodisuseditisimportanttodemonstratethatacalculationisperformedandindirectcostsareassessedequally.Mr.Riceagreed,notingthatitisimportanttoconsiderallcostswhenlookingatrevenuestreams.Mr.Kellyencouragedpartiesnegotiatingfortheuseofaformulaindetermining
MinutesAuditCommitteeth January14 ,2009 Page4of4 indirectcoststolookbackatrecentyearsanddocumenttheamountofindirectcoststhathavebeenpaidaswellastheamountthatcouldhavebeenallocated.NewBusiness:
Ms.RoggeveenspokeofherinterestindevelopingaTownpolicyforprovidingcompensationintheformofahousingallowance.ShenotedthatcurrentlytheTownhasnopolicyforprovidingortrackingtheseallowances,andnotedthatinrecentyearstheamountofhousingallowanceshasbecomesubstantial.Ms.Gibsonaskedwhichdepartmentsreceivesuchallowances,towhichMs.VogesrespondedthattheSchool,Airport,andWaterCompanyprovidehousingallowances.Ms.GibsonnotedthatthesedepartmentslieoutsideoftheauthorityofTownAdministration.Ms.RoggeveenproposedthattheBoardofSelectmencanimplementarecommendedpolicyforprovidingadditionalcompensationintheformofahousingallowance.Discussionofotherformsofcompensationfollowed,including:freehousing,takehomevehicles,andcommutingexpenses.
OtherBusiness:None.DateofNextMeeting:Ms.RoggeveenproposedthatthenextmeetingshouldtakeplaceonWednesday,th January28 ,2009,at9:00AM.AdjournmentMs.Roggeveenaskedforamotiontoadjournwhichwas“somoved”byMr.Kopko.Themeetingwasadjournedat9:57AM.”””””””””””””””””””””””””””””””””””””””” PreparedbyCraigAbernathy
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