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HomeMy WebLinkAbout2011-01-19 Audit Committee MinutesOF R?t, N d r J fn f vv. Audit Committee Meeting. January 19, 2011 ' Z) The meeting convened at 7:16 p.m. in the Conference Room, 16 Lowell Street, Reading, Massachusetts. Present were Chairman Marsie West and Audit Committee members David Greenfield, Camille Anthony, Steve Herrick. Also present were Town Accountant Gail LaPointe, Scott McIntire from Melanson Heath. Marsie West called the meeting to order, and asked Scott McIntire to review the annual Audit. McIntire pointed out that the Town Unreserved Fund Balance stayed level with last years. Unrestricted Net Assets are lower because of recognizing the Other Post Employment Benefit Expense and it will continue to reduce our Net Assets as we recognize more of the liability but do not fully fund it. McIntire also reviewed the Town's financial picture, and the Auditor's findings. Overall, the auditors were very satisfied with the audit process. There were no significant Audit Adjustments, no material weaknesses or deficiencies in Internal Controls, no disagreements with accounting standards and the only major estimate is the OPEB liability. Motion to adjourn was made by Camille Anthony and seconded by Stepehn Herrick, the Audit Committee voted unanimous to adiourn. Respectfully submitted, Gail LaPointe