HomeMy WebLinkAbout2005-03-16 RMLD Audit Committee MinutesMinutes of Audit Subcommittee Meeting
RMLD Board of Commissioners
Date
March 16
2005
,
Time:
6:00 p.m.
Place:
General Manager's Conference Room
Attendees:
Messrs. Soli and Pacino, Ms. Kearns
Messrs. Cameron, Fournier and Kazanjian
W
cn :
Mr. Frank Biron, Melanson & Heath
Mr. Biron went over the findings of the Audit. Mr. Biron discussed Auditor's Opinion and how
depreciation is calculated differently from GASB requirements, but this does not represent an issue.
Mr. Biron went over the following:
• GASB 34 and what are the requirements.
• Balance Sheet and Income Statement.
• Sick Leave Buyback in response to Ms. Kearns' question.
• Messrs. Biron and Fournier spoke about the 8% Rate of Return calculation.
• Net Assets were explained in response to Mr. Soh's question.
• Pension Trust.
• Management Letter.
• SAS 99 (Fraud Standard), which is addressed in all audits.
Meeting adjourned at 7:25 p.m.