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F <br />O <br />T <br />r <br />r Y <br />O ,�4 <br />Bas +1NCOt� *' <br />Town of Reading <br />Meeting Minutes <br />Board - Committee - Commission - Council: <br />Audit Committee <br />Date: 2014 -06 -03 <br />Building: Reading Town Hall <br />Address: 16 Lowell Street <br />Time: 7:30 PM <br />Location: Berger Room <br />Purpose: FY13 Audit Results and FY14 Audit Planning <br />Attendees: Members - Present: <br />RECEIV10 <br />TOWN CLERK <br />READING. MASS. <br />10 A 11� 02, <br />Barry Berman, Jeanne Borawski, Phil B. Pacino, Paul McNiece, Marsie West <br />Members - Not Present: <br />Stephen Herrick and Chuck Robinson <br />Others Present: <br />Sharon Angstrom, Ed Boyd and Scott McIntire <br />Minutes Respectfully Submitted By: Sharon Angstrom <br />Topics of Discussion: <br />Berman called the meeting to order and asked the Committee if they had an opportunity to <br />review the minutes from September 19, 2013. Borawski mentioned she had not received <br />the attachments by email but that she would abstain since she wasn't present on <br />September 19th. McNeice made a motion to accept the minutes as written which was <br />seconded by Pacino. The Audit Committee voted 4 -0 -1 to accept the minutes as written. <br />Berman instructed McIntire to begin the review of the FY13 audit results. McIntire started <br />by saying that in his opinion the audit went very well. The audit was pretty much completed <br />in November but due to the Town Accountant's maternity leave and some scheduling delays <br />we were forced to push this meeting out. He pointed out that no material journal entries <br />were proposed and that the records are in good working order. He noted that the auditor's <br />opinion is found on pages 1 -3 of the financial statements. He stated the opinion is that the <br />financial statements present fairly in all material respects, the financial position of <br />governmental and business -type activities of the Town of Reading. <br />McIntire then directs the board to turn to pages 10 -11 where the Manager Discussion and <br />Analysis begins. He points out that this section gives a snapshot of the General Fund. It is a <br />great resource as it summarizes the key elements of the General Fund. McIntire then points <br />out on the top of page 11 the unassigned fund balance as of 6/30/13 was just over $10.5 <br />million up $780k from last year but as a percent of expenditures it went from 9.6% to <br />12.4 %. McIntire pointed out that this is a solid increase. He referenced a chart in the middle <br />of page 11 that summarizes the balances of the stabilization accounts as of 6/30/13 as <br />compared to 6/30/12 noting that the balances remain stable in these accounts. <br />McIntire then pointed out that at the bottom of page 11 there is a chart that provides a 6 <br />year trend analysis of general fund balance. For 2013 total fund balance was just under <br />$14.2 million. The various components of the total fund balance are as follows rounded to <br />the nearest thousand: <br />Restricted for Debt Service $817 <br />Committed for Stabilization 365 <br />Page I 1 <br />