2015-05-13 Audit Committee Minutes

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OP R i . Itis �{ ef9.1NC04P0� Town of Reading Meeting Minutes Board - Committee - Commission - Council: Audit Committee Date: 2015-05-13 Building: Reading Town Hall Address: 16 Lowell Street Time: 7:30 PM t�,ECE.iVE:D TOWN CLERK REr DING. M� SS. 1011 MAR 21 P 2-011 Location: Berger Room Purpose: FY15 Audit Results and FY16 Audit Planning Attendees: Members - Present: John Halsey, Jeanne Borawski, Phil B. Pacino, Paul McNeice, Mark Dockser and Stephen Herrick Members - Not Present: Chuck Robinson Others Present: Sharon Angstrom, Ed Boyd and Scott McIntire Minutes Respectfully Submitted By: Sharon Angstrom Topics of Discussion: Dockser called the meeting to order and asked the Committee if they had an opportunity to review the minutes from May 7, 2014. Pacino made a motion to accept the minutes as written which was seconded by Borawski. The Audit Committee voted 4-0-2 to accept the minutes as written. Dockser instructed McIntire to begin the review of the FY14 audit results. McIntire started by saying that in his opinion the audit went very well. He pointed out that no material journal entries were proposed and that the records are in good working order. He noted that the auditor's opinion is found on pages 1-3 of the financial statements. He stated the opinion is that the financial statements present fairly in all material respects, the financial position of governmental and business -type activities of the Town of Reading. McIntire then directs the Committee Members to turn to page 5 where the Manager Discussion and Analysis begins. He points out that this section gives a snapshot of the General Fund. It is a great resource as it summarizes the key elements of the General Fund. McIntire then points out on the top of page 11 the unassigned fund balance as of 6/30/14 was just over $11.4 million up $891k from last year but as a percent of expenditures it went from 12.4% to 13.2%. McIntire pointed out that this is a solid increase. He referenced a chart in the middle of page 11 that summarizes the balances of the stabilization accounts as of 6/30/14 as compared to 6/30/13 noting that the balances remain stable in these accounts. McIntire then pointed out that at the bottom of page 11 there is a chart that provides a 6 year trend analysis of general fund balance. For 2014 total fund balance was just over $15.8 million. The various components of the total fund balance are as follows rounded to the nearest thousand: Committed for Stabilization 365 Assigned for Encumbrances 2,034 Assigned for Subsequent Year Exp. 2,050 Page I 1