2017.04.24 Finance Committee Minutes
Town Council Finance Sub-Committee Meeting Minutes
LARGE CONFERENCE ROOM
Falmouth Town Hall
April 24, 2017 – 5:30PM
--DRAFT--
Members Attendance: Ned Kitchel (Finance Committee Chair), Charlie McBrady (Town Council)
Others in Attendance: Karen Farber (Council Chair), Caleb Hemphill (Town Council), Claudia King (Town Council);
Nathan Poore (Town Manager); Peter McHugh (Finance Director); Amy Lamontagne (Assistant Town Manager); Parker Madden (Runyon, Kersteen Ouellette (RKO))
The meeting was called to order @ 5:30PM
AUDIT FIRM PRESENTATION
Parker Madden from RKO presented the FY2017 Audit Plan to the group covering Audit standards, management and auditor responsibilities, and the testing plan.
There was a discussion about purchasing policy changes needed for entities receiving federal grant money due to the OMB Uniform Guidance.
The tests to be completed in the audit are as follows:
Cash Receipts
Cash disbursements
Purchasing policy compliance
Payroll
Vehicle Maintenance Inventory
Activity Fund (TIF) testing
Councilor Farber asked how Towns find fraud?Parker discussed some of the ways that fraud has been discovered.
Change of Staff
Lack of segregation of duties
Staff reports of suspicious activity
APPROVE MINUTES FROM THE MARCH 27th MEETING
Councilor Charlie McBrady moved to approve the minutes of March 27, 2017, seconded by Finance Chair Ned Kitchel. Minutes were approved.
BUDGET CHANGES SINCE THE APRIL 5 PUBLIC HEARING
Nathan presented a summary of three changes to the Budget since April 5 that had no impact on the mil rate.
Fire Department CIP Fund
Chief Rice requested a move of $10,000 from the FY17 spending plan to FY18 to fund a feasibility study to evaluate the most efficient way to renovate the Central Fire House to meet future needs.
Route One South TIF
There was a request to utilize funds set aside in FY17 for “storm water retrofits” in the amount of $125K to complete the remaining tasks for the Route One Commercial District Storm Water Management Plan.
Tercentennial Event Special Revenue Fund
There was a request to modify the FY18 appropriation from the Oceanview/Natural Gas TIF to the Tercentennial Special Revenue fund to $39,000. This reduced amount is based on the latest Tercentennial Event Budget submittal of $217K approved by the Council.
Adjourn – Councilor Kitchel adjourned the meeting at 6:44PM.
Respectfully submitted by Peter McHugh