Absent: Mercer, Pellegri
| Agenda Item | Summary |
|---|---|
| Town Council Meeting Agenda |
Meeting of March 20, 2019
|
| 1. ANNOUNCEMENTS |
a. This meeting is being recorded by Franklin TV and shown on Comcast Channel 11 and Verizon Channel 29. This meeting may be recorded by others.
|
| 2. CITIZENS COMMENTS |
a. 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.
|
| 3. APPROVAL OF MINUTES |
None
|
| 4. PROCLAMATIONS/RECOGNITIONS |
None
|
| 5. APPOINTMENTS |
None
|
| 6. HEARINGS |
None
|
| 7. LICENSE TRANSACTIONS |
None
|
Alan Earls
Charles River Meadowlands Initiative - better access to the area, Apr 11 input schedule to review findings - location at King St Fire Station
6:30 PM
| 8. PRESENTATIONS/DISCUSSIONS | |
| 8a. PRESENTATIONS/DISCUSSIONS |
a. Auditors- Independent Auditors Report for the Year Ended June 30, 2018
|
Zack Bentros, Auditor
Chris and Kerry
page 1 (after table of contents)
clean opinion, best opinion
narrative summary, page 14 state of net position
library project as completed moved from a project to an asset accounted for as depreciation
Norfolk Retirement changed assumption rate
increase in liability offset by an increase in investment revenue
$4.4M decrease in liability
Net OPEB liability
big change for town and all communities
change in accounting statements reflected in the changes here
full liability required to be presented in full, as opposed to spread of 30 years
users of statements won't be shocked by the change
P 16
$1.3M current taxes or liened, good job on tax collections
$11.9M an increase over the prior year; starting point of DOR amount of free cash
a little over 10%, and an increase over the prior year, favorable
P 20
highlights the unassigned fund balances
$1.9M more revenue than expected
$1.3M less expenses than budget
used $2.2M in free cash but then gave back more than used
amount set aside for OPEB is about average for other communities
the Town is in a very strong financial position, there are no items in a management letter to be addressed, only about 20% of the communities don't get a letter
thanks to Kerri and Chris, Audit is a cumbersome process and they did very well
Chris and Kerry
page 1 (after table of contents)
clean opinion, best opinion
narrative summary, page 14 state of net position
library project as completed moved from a project to an asset accounted for as depreciation
Norfolk Retirement changed assumption rate
increase in liability offset by an increase in investment revenue
$4.4M decrease in liability
Net OPEB liability
big change for town and all communities
change in accounting statements reflected in the changes here
full liability required to be presented in full, as opposed to spread of 30 years
users of statements won't be shocked by the change
P 16
$1.3M current taxes or liened, good job on tax collections
$11.9M an increase over the prior year; starting point of DOR amount of free cash
a little over 10%, and an increase over the prior year, favorable
P 20
highlights the unassigned fund balances
$1.9M more revenue than expected
$1.3M less expenses than budget
used $2.2M in free cash but then gave back more than used
amount set aside for OPEB is about average for other communities
the Town is in a very strong financial position, there are no items in a management letter to be addressed, only about 20% of the communities don't get a letter
thanks to Kerri and Chris, Audit is a cumbersome process and they did very well
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