1996-10-08 Audit Committee Minutes

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Audit Committee October 8, 1996 The meeting came to order at 7:30 pm in the own Hall Conference Room. In attendance were Steve Blewitt, Carol Grimm, Camille Anthony, Fred n Magness. In addition, Brock Romano from KPMG Peat Marwick and Beth Klepeis and Richard Foley were in attendance. Mr. Romano reported that Peat Marwick had completed its field work and that no material adjustments or weaknesses were noted. Mr. Romano also indicated that Peat Marwick allocated some time with data processing to discuss the "Year 2000" issue, and some time reviewing surplus property and controls over blank checks. The Committee then discussed potential areas of concern to direct Peat Marwick to review. Ms. Grimm raised a question about Trust Funds. Mr. Romano responded that Peat Marwick completes an asset check for all Trust Funds each year and reviews disbursements for individual funds on a rotating basis every three to five years. Some time was spent discussing the Hospital Trust fund. Ms. Klepeis reported that approximately $108,000 was disbursed last year, with approximately 80% related to home health care expenses and 20% related to transportation to health care facilities. Mr. Romano reported that Peat Marwick reviewed this fund in 1995 and concluded that money was being disbursed in accordance with the spirit of the Trust. Additional ideas were raised, including Construction Accounts and issues related to arbitrage; proceeds to the Town from the Hockey Rink; School Revolving Funds (eg., athletic, lunch); ambulance billing; building permits, Town Manager's relationship with MIIA, and accumulated sick and vacation time. Most of these areas have been reviewed in the past. It was agreed that a list should be developed indicating which areas have been previously reviewed and when. On a motion by Blewitt, which was seconded by Anthony, the Audit Committee voted 4-0 to direct Peat Marwick to complete a departmental review of the Police Department, especially with regard to "off book" funds, and fees associated with parking violations and moving violations. Mr. Romano reported that the Town's Audit Report would be completed in approximately three weeks and that the Management Letter would be completed shortly thereafter. The Audit Committe agreed to meet after the Audit Report and Management Letter were available. On a motion by van Magness, which was seconded by Grimm, the Audit Committe voted 4-0 to adjourn at approximately 9:00 pm. Respectfully submitted. y P Stephen J. Blewit Chairman