Live reporting: Town Council - Mar 9, 2016

Present: Padula, Mercer, Vallee, Kelly, Pfeffer, Bissanti, Dellorco, Jones
Absent: Pellegri 


A. APPROVAL OF MINUTES
none

B. ANNOUNCEMENTS
– This meeting is being recorded by Franklin TV and shown on Comcast channel 11 and Verizon channel 29. This meeting may also be recorded by others.

C. PROCLAMATIONS/RECOGNITIONS
none

D. CITIZEN COMMENTS
– Citizens are welcome to express their views for up to five minutes on a matter that is not on the Agenda. The Council will not engage in a dialogue or comment on a matter raised during Citizen Comments. The Town Council will give remarks appropriate consideration and may ask the Town Administrator to review the matter.

E. APPOINTMENTS
none

F. HEARINGS
none

G. LICENSE TRANSACTIONS
none

H. PRESENTATIONS/DISCUSSIONS

2015 Audit – Melanson Heath, Auditors

The documents released for this agenda can be found here
http://town.franklin.ma.us/Pages/FranklinMA_CouncilAgendas/2016%20Complete/03092016.pdf

Independent Auditors Report

P 14
enterprise funds (water, sewer, solid waste) in the second column
118M high school building to be depreciated
118M other fixed assets being depreciated

42M - OPEB listed, this is the GAAP amount for reporting purposes, not the total outstanding liability.
net pension liability, 39M

1.5M in OPEB trust fund to help fund the liability

deficit equity due to the unfunded liability previously not reported

P 16
9M is a good number, one the bond agencies look for (stabilization accounts and free cash)
at 9% indicates a very strong financial  position

P 20
amount revenues beat the budget, in far column $864K, a good number

$3M
use of free cash and stabilization, appropriately used for one time funds, i.e. snow and ice

very strong financial balances for enterprise funds

Management Letter

no material issues or weaknesses noted

The Risk assessment process mentioned has been for past couple of years and it being worked, still work needs to be done. Looking for Franklin to be more proactive in identifying risks for the town

single audit completed, no findings this year. Thresholds are being raised and more documented policies and procedures are being required. If not completed by next year's report, there could be 'findings' next year.

the audit runs very smoothly