TOWN OF MANSFIELD
FINANCE COMMITTEE MEETING
MINUTES OF February 10, 2009
Members Present: C. Schaefer, B. Clouette
Other Council Members Present: G. Nesbitt
Staff Present: M. Hart, J. Smith, C. Trahan
Guests: Joseph Centofanti, Kostin, Ruffkess & Co, LLC
Carl Schaefer called the meeting to order at 6:00pm.
1. Minutes from 1/12/09 meeting approved as presented
2. Joseph Centofanti from the Town’s auditing firm, Kostin, Ruffkess & Co, provided a brief summary of highlights from the 06/30/2008 Comprehensive Annual Financial Report. Most notably, the firm issued an “Unqualified” opinion; there were no material weaknesses or significant deficiencies in internal controls. Federal Single Audit reported no findings or questioned costs. State Single Audit reported (2) findings – timing of the State owned property report and calculation of daycare fees. There were no questioned costs. Mr. Centofanti also reported on the number of audits prepared for the Town (10 in all); and described the audit process and testing performed. Further discussion centered around the management comments. Mr. Centofanti noted that if there were significant audit issues, there would have been many more management comments than there were. Staff will provide responses to the management comments to the Finance Committee before they are sent to the Office of Policy and Management for the State.
Cherie Trahan explained that the 2008 CAFR was submitted to the Gov’t Finance Officers Association Certificate for Excellence in Financial Reporting Program. She further provided a brief summary of the eligibility requirements for the program; audit requirements; and judging process. The summary of the grading for the Town’s 2007 CAFR was provided as well. The grading was “Proficient” in all areas and we believe the 2008 report will meet those standards as well.
The Finance Committee accepted the Comprehensive Annual Financial Report and recommends its acceptance by the Town Council.
3. Discussion on the draft Purchasing Ordinance centered around Gene Nesbitt’s recommended changes to the ordinance for additional “checks and balances”. Bruce Clouette spoke to the additional cost and layer of bureaucracy that this would add to a system that already works. Jeff Smith will review Board of Education implications with regard to the Purchasing Ordinance and report back to the Finance Committee at its next meeting.
4. Discussion on the untimely invoicing from the Town’s attorney. Jeff Smith explained that while it is an inconvenience and can cause some budgeting issues, we receive good legal advise at a cost much less than firm with back office support. Jeff will follow up with the Town Attorney to get the invoicing caught up and get on a schedule of timely billings.
5. Jeff Smith reviewed the Financial Statements dated December 31, 2008. Revenues, as discussed previously, are expected to be approximately $400,000 short of budget. Expenditure reductions have been implemented in order to compensate for the revenue shortfall. The Parks & Recreation Fund is anticipating a $55,000 revenue shortfall, which we expect will also be compensated for with expenditure reductions. The Finance Committee accepted the financial statements and recommended acceptance by the Town Council.
Motions:
Motion was made to accept the January 12, 2009 minutes by Bruce Clouette and seconded by Carl Schaefer. Motion so passed.
Motion was made by Bruce Clouette and seconded by Carl Schaefer to accept the Comprehensive Annual Financial Report and recommend its acceptance to the Town Council. Motion so passed.
Motion was made by Bruce Clouette and seconded by Carl Schaefer to accept the Financial Statements dated December 31, 2008 and recommend its acceptance to the Town Council. Motion so passed.
Motion was made by Bruce Clouette and seconded by Carl Schaefer to adjourn. Motion so passed.
6. Adjournment. The meeting adjourned at 8:00pm.
Respectfully Submitted,
Cherie Trahan
Controller/Treasurer