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OF R?t, <br />N d r J <br />fn f vv. <br />Audit Committee Meeting. <br />January 19, 2011 ' Z) <br />The meeting convened at 7:16 p.m. in the Conference Room, 16 Lowell Street, Reading, <br />Massachusetts. Present were Chairman Marsie West and Audit Committee members David Greenfield, <br />Camille Anthony, Steve Herrick. Also present were Town Accountant Gail LaPointe, Scott McIntire <br />from Melanson Heath. <br />Marsie West called the meeting to order, and asked Scott McIntire to review the annual Audit. <br />McIntire pointed out that the Town Unreserved Fund Balance stayed level with last years. <br />Unrestricted Net Assets are lower because of recognizing the Other Post Employment Benefit Expense <br />and it will continue to reduce our Net Assets as we recognize more of the liability but do not fully fund <br />it. <br />McIntire also reviewed the Town's financial picture, and the Auditor's findings. Overall, the auditors <br />were very satisfied with the audit process. There were no significant Audit Adjustments, no material <br />weaknesses or deficiencies in Internal Controls, no disagreements with accounting standards and the <br />only major estimate is the OPEB liability. <br />Motion to adjourn was made by Camille Anthony and seconded by Stepehn Herrick, the Audit <br />Committee voted unanimous to adiourn. <br />Respectfully submitted, <br />Gail LaPointe <br />