2016-05-05 Audit Committee Minutes

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0,4 0",40 Town of Reading Meeting Minutes board - committee - commission - council: 2012 JAN 15 AM 8: 21 Audit Committee Date: 2016-05-05 Time: 7:30 PM Building: Reading Town Hall Location: Berger Room Address: 16 Lowell Street Purpose: FYSS Audit Results and FY16 Audit Planning Attendees: Members - Present: Barry Berman, Phil B. Pacino, Paul M[Neice, Mark Dockser and Stephen Herrick Members - Not Present: Chuck Robinson and lean Borawski Others Present: Sharon Angstrom, Ed Boyd and Scott McIntire Minutes Respectfully Submitted By: Sharon Angstrom Topics of Discussion: Mr. Dockser called the meeting to order and asked the Committee if they had an opportunity to review the minutes from May 15, 2015. Mr. Pacino made a motion to accept the minutes as written with a correction to the spelling of Mr. McNelce which was seconded by Mr. MCNeice. The Audit Committee voted 4-0-1 to accept the minutes as written. Mr. Dockser Instructed Mr. McIntire to begin the review of the FY15 audit results. Mr. 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. Mr. McIntire explained that the FY 15 financials include changes related to GASB 68 that requires the net pension liability to appear on the face of the Balance Sheet. In the past this liability was in the disclosures but did not appear as a liability on the face of the financials. Mr. 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 bottom of page 10 the unassigned fund balance as of 6/30/15 was just over $11.9 million up $454k from last year but as a percent of expenditures it went from 13.2% to 14.5%. 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 6/30/15 as compared to 6/30/14 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 2015 total fund balance was just over $16.98 million. The various components of the total fund balance are as follows rounded to the nearest thousand: Page 1 1