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RECEIVED <br />OFR TO' CLERK <br />READING, MASS. <br />K <br />2011 JUL 13 A c~ 50 <br />s39+lNCO4Q0~~ <br />Audit Committee Meeting <br />May 10, 2007 <br />The meeting convened at 7:35 p.m. in the Conference Room, 16 Lowell Street, Reading, <br />Massachusetts. Present were Chairman Andrew Grimes and Audit Committee members <br />David Greenfield, Camille Anthony, Steve Herrick, and Lisa Gibbs. Also present were <br />Town Accountant Gail LaPointe, Assistant Town Manager/Finance Director Bob <br />LeLacheur and Scott McIntire from Melanson Heath. <br />Andrew Grimes called the meeting to order, and asked Scott McIntire to review the <br />annual Audit. McIntire discussed pension and OPEB obligations, and then reviewed these <br />three highlights of the audit: closing of the landfill; the $24 million up-front payment <br />from the SBA on RMHS; and the MWRA full buy-in process. <br />McIntire also reviewed the Town's financial picture, and the Auditor's <br />findings. (INSERT SOME COMMENTS <br />After some discussion, the Committee requested some future information and discussion <br />from: (a) Nancy Heffernan (Treasurer) - credit risk and investment policy; (b) Mary <br />Delai (School Business Manager) - policy on cash handling and student activity funds. <br />The Committee reviewed both the performance of and the proposal for services by <br />Melanson Heath. A one-year and a three-year engagement was debated, including a <br />discussion of when it is appropriate to change auditors due to staleness, as opposed to <br />unsatisfactory performance. McIntire described Melanson Heath's structure, and that <br />clients do request a change in lead partner for this reason, from time-to-time. <br />On motion by Grimes seconded by Anthony, the Audit Committee voted to accent <br />the three-year proposal by Melanson Heath by a vote of 5-0-0 They also voiced <br />unanimous approval of having Scott McIntire continue as the lead partner. <br />McIntire and the committee discussed future audit focus areas for the next Audit. The <br />following were agreed to: Water billing meter reading process; Permitting process (ahead <br />of the new process design under the financial platform); Revolving funds are they being <br />used appropriately; Why are there such large projects in capital being encumbered; <br />Compost stickers at the police station- cash collections for both Police & Fire. <br />Respectfully submitted, <br />Secretary <br />