HomeMy WebLinkAbout2005-09-21 RMLD Audit Committee MinutesMinutes of Audit Subcommittee Meetin
Date:
Time:
Place:
Attendees:
Guest:
Town of Reading
Audit Committee:
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RMLD Board of Commissioners
September 21, 2005
6:00 p.m.
Cafeteria
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RMLD Board Vice Chair Soli, and Commissioner Pacino
General Manager Vinnie Cameron and Bob Fournier, Accounting
Manager
Frank Biron of Melanson & Heath
Camille Anthony and Chuck Roberts
Meeting started at 6:20 pm. The Town of Reading Audit Committee did not have a quorum.
Mr. Cameron explained the RMLD has contracted with Melanson Heath to perform its annual
financial audit. The audit covers the six-month period January through June, 2005. He
introduced Mr. Fournier, Accounting Manager/ Business Manager who subsequently introduced
Frank Biron, President of Melanson Heath, who directed the RMLD's audit.
Mr. Biron went through the audit and discussed the salient points of the balance sheet and
income statement.
The latest audit brings the RMLD on the same fiscal year as the Town of Reading.
Calculation of depreciation expense difference between DTE and GAAP not mentioned in this
year's Independent Auditor's Report.
GASB 34 requires pages 3-5, Management's Discussion and Analysis, to be done.
Page 6, Balance Sheet, discussed.
Page 17, Restricted Cash and Investments, discussed.
Page 7, Change in Net Assets, (Income Statement) discussed. Advance in aid of Construction
activity was discussed. Mr. Cameron explained the Purchased Power Adjustment.
Mr. Biron explained the Retirement Trust.
Ms. Anthony asked about the level of funding the Retirement Trust had in relation to the liability.
Mr. Fournier replied that it was 100%o funded.
Mr. Fournier left at 6:44 p.m. to interview potential the E&O Manager. He did not return to the
meeting.
Ms. Anthony asked about the level of bonds the RMLD has outstanding. Mr. Cameron replied
that on page 20 it states that the RMLD outstanding long-term debt is $2.5 million.
Discussion ensued.
The meeting adjourned at 7:05 p.m.
