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HomeMy WebLinkAbout2010-09-29 RMLD Audit Committee MinutesReading Municipal Light Department Board of Commissioners Audit Committee RMLD Cafeteria September 29, 2010 Start Time of Regular Session: 6:40 p.m. End Time of Regular Session: 7:25 p.m. Attendees: RMLD Audit Committee Members: Mr. Pacino and Mr. Soli RMLD Board; Ms. O'Neill RMLD Staff: Mr. Cameron and Mr. Fournier Town of Reading Audit Committee: Mr. Greenfield, Mr. Herrick, Ms. Anthony and Ms. West, Mr. Pacino Melanson Heath and Company, Inc.: Mr. Biron and Ms. Snow Town of Reading Staff: Mr. LeLacheur Ms. West called the Town of Reading Audit Committee meeting to order at 7:40 pm. Mr. Pacino called the RMLD Board of Commissioners Audit Committee ("RMLD Audit Committee") to order simultaneously. Mr. Cameron introduced Mr. Frank Biron and Ms. Karen Snow of Melanson Heath who worked on the RMLD audit and will present the audit findings to the Audit Committee. Mr. Biron opened the meeting by giving an overview of the RMLD audit for FY10. Mr. Biron stated that the RMLD had all pertinent information ready for the auditors. The audit was very clean. There was no management letter required, indicating that no material deficiencies were identified. Mr. Biron also stated that the RMLD was the first audit they had completed for FY10. Mr. Biron then said that Karen Snow, audit supervisor at Melanson Heath, would give the committee a more detailed overview of the audit. Ms. Snow gave an overview of the Management's Discussion and Analysis and stated the audit was in conformity with Generally Accepted Governmental Accounting Standards. Ms. Snow then went over the financial statements. Various questions were asked and answered throughout the presentation. Mr. Herrick arrived at 6:45 pm. After full discussion of the RMLD financial statement, Mr. Biron presented the results of the audit of the RMLD Pension Trust. A full discussion of the financials related to both RMLD and the RMLD pension trust took place throughout the entire meeting. The Town of Reading Audit Committee moved, seconded and voted in approval to recommend that the Fiscal Year June 30, 2010 Audit be accepted by the RMLD Board of Commissioners. Mr. Soli made a motion seconded by Mr. Pacino that the RMLD Audit Committee recommend to the RMLD Board of Commissioners that they accept the Fiscal Year June 30, 2010 Audited Financial Statements as presented by Melanson Heath. Motion passed 2:0:0. Audit Committee Meeting September 29, 2010 2 Mr. Soli made a motion seconded by Mr. Pacino that the RMLD Audit Committee recommend to the RMLD Board of Commissioners that they accept the Fiscal Year June 30, 2010 Employee's Retirement Trust Audited Financial Statements as presented by Melanson Heath. Motion passed 2:0:0. Motion to Adjourn At 7:25 p.m. Mr. Soli made a motion seconded by Mr. Pacino to adjourn. Motion carried by a show of hands 2:0:0. The Town of Reading Audit committee moved, seconded and voted to adjourn simultaneously.