Wednesday, January 24, 2018

Live reporting: Audit Report - FY 2017

H. Presentations/Discussions
H. Presentations/Discussions
1. 2017 Audit

Zake Bentrous (?) 
overall theme - Town is in good financial shape, no major issues

pages 4-12 is the narrative summary
page 13 specific items
statement of net positions
assets increased by about $4M due to the library renovation work
OPEB line changes from this year to next year for accounting purposes
GASB statement 75, full liability needs to be recorded as opposed to over a 30 year period.

last page
will jump from $54M to approx $69M next year

p 15
assigned dropped by $800K (due to the turf field replacements)
unassigned fund balances $10M (bond rating agencies like to see) 9.24% of total

p 19
$1.79M favorable revenues over forecast
$1.13M favorable expenses vs. forecast

$2.9 beat budget (next years free cash)

p 23
$3.3M funding for OPEB

Thanks to all the Town for their help in conducting the audit

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