HomeMy WebLinkAbout2008-09-24 RMLD Audit Committee MinutesReading Municipal Light Department Board of Commissioners
Audit Committee
September 24, 2008 REC NED
Start Time of Regular Session: 6:50 p.m.
End Time of Regular Session: 7:25 p.m.
Attendees: t
Committee Members: Messrs. Pacino and Soli
RMLD Staff: Messrs. Cameron and Fournier
Town of Reading Audit Committee: Mr. Herrick and Ms. Anthony
Chair Pacino called the meeting to order at 6:35 p.m.
Mr. Fournier introduced Mr. Frank Biron and Ms. Karen Snow of Melanson and Heath who
worked on the RMLD audit and will present the audit findings to the Audit Committee.
Mr. Biron initially went through the audit and explained the Management's Discussion and
Analysis. Mr. Biron stated that the audit was conducted according to the Generally Accepted
Accounting Principles.
Mr. Biron then went on to explain the Balance Sheet on Page 6 and the Income Statement on page
7.
Ms. Anthony asked about the Receivables and the increased Fuel Charges. Mr. Biron explained
that is reflected in the increased Receivables.
Mr. Herrick asked about the depreciation level of three percent. Mr. Biron stated that the
depreciation rate is set by law but can be changed through a request to the Department of Public
Utilities.
Mr. Biron then presented the results of the RMLD's Retirement Trust on pages 9 and 10.
Mr. Biron ended the presentation by stating that the RMLD is in very good financial shape with
almost no debt. He also stated that the RMLD was the first audit finished by Melanson Heath
and that the RMLD's financial information is in very good shape and the staff is very professional
and cooperative.
Mr. Soli made a motion seconded by Mr. Pacino that the Audit Committee recommend the
RMLD Board of Commissioners accept the fiscal year 2008 Employees' Retirement Trust Audit on
the recommendation of the Audit Committee.
Motion carried 2:0:0.
Motion to Adjourn
At 7:25 p.m. Mr. Pacino made a motion seconded by Mr. Soli to adjourn the meeting.
Motion carried by a show of hands 2:0:0.
F` _