HomeMy WebLinkAbout2006-09-20 RMLD Audit Committee MinutesMinutes of Audit Subcommittee Meeting O RECEIVED
CLERK
RMLD Board of Commissioners READING, MASS.
Date: September 20, 2006 1001 MAR 20 P 5i 02
Time: 6:00 p.m.
Place: RMLD Cafeteria
Attendees:
RMLD Commissioners: Messrs. Pacino and Soli
Staff: Messrs. Cameron and Fournier
Guests: Frank Biron, Karen Snow and Sandy Kupcho,
Melanson Heath & Co.
Meeting started at 6:10 P.M.
There was no representation from the Town of Reading, Audit Subcommittee
Mr. Biron issued a clean opinion on the Independent Auditor's Report.
Mr. Biron then discussed the Page .6 of the Balance Sheet.
Chairman Pacino asked about bad debt reserve amount.
Secretary Soli questioned the Inventory amount as it pertained to the management letter.
At the next Board meeting, the RMLD staff will bring its recommendation to the Board on the
over recovery amount of $1.2 million.
Mr. Biron addressed the Pension Trust.
Mr. Biron also discussed GASB 45, which will become effective in 2009. This deals with post
employment health care funding and the potential liability it poses to the RMLD.
Mr. Biron commended the staff for a job well done throughout the year and during the audit.
Mr. Biron stated that RMLD was the first "town" with his firm to have their audit completed.
Meeting adjourned at 6:55 P.M.