Wednesday, February 6, 2013

Live reporting: Audit for 2012

Melanson Heath & Co., 2012 Audit

up to Page 12, MD and A, management discussion and analysis
Page 13
summary of future view

Page 15
unassigned fund balance $4,289
modest improvement over prior year, about 4.2% of general fund, auditor look at that number

stabilization accounts, fund increases due to actions voted but not yet spent

$15M vs. a year ago of $11M, $3M of that was committed 

Page 17 helps to understand why the increase in unassigned fund balance
change in fund balance seen here, majority of this is timing

there is a good deal of info in the footnotes
there is interest in OPEB, if you choose I could talk for hours on it

In the management letter, recommendations begin on Page 3
follow up to prior year, more formal risk process, formal = written

The Town has provided responses to the issues raised, we think what has begun is off to a good start

On Page 4 - issues 2 and 3 will be addressed collectively, billing collection and assessment of funds, no segregation of duties present

on Page 5
Policy on handling fund balances, deals with spending prioritization
there are different constraints on the source of funds, determine which buckets of money shold be used first, would help provide guidance on what to do, what to use

Page 6 - prepare for GASB 68
the handling of the Norfolk County unfunded liability would need to be added to the books
an informational comment, I can not anticipate what that number would be
it is likely to be a large number, liabilities will go up, assets will go down

Powderly - yes,I did notice the quicker turnaround
does this happen often? 

Nutting - we didn't have staffing, one clerk was doing both, we can resolve that with staffing and the outsourcing being looked at.

Risk assessment,the small towns will consider and accept the risk

Gagner, the risk assessment will be a multi year process, we have looked at the Treasurer and Comptroller depts, and once we have ours down, we'll expand to others

Nutting - eventually every department will go through the process, 

Many more appointed treasurers

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