Audit Committee 070908

Enyo - Craig Abernathy

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Town of Nantucket Audit Committee Meeting Minutes – Audit Committee Meeting July 23, 2008 Present: Mr. James Kelly, Mr. Michael Kopko, Ms. Patricia Roggeveen, Mr. Malachy Rice, and Ms. Constance Voges Absent: Ms. Libby Gibson Also present: Mr. Mark Abrahams, Mr. Rick Atherton, Ms. Irene Larivee, Mr. Whiting Willauer, and Mr. Craig Abernathy 1. Announcements and Updates: None. 2. Approval of Minutes: thMr. Kelly made a motion to approve minutes from the meeting of July 9 , 2008. The motion was seconded by Mr. Kopko. th3. Accomplishments since Meeting of July 9 , 2008. Ms. Voges reported that the Town’s Treasurer, Ms. Weiner, has been providing a weekly summary of cash reconciliations to the Town’s Controller, Mr. Dickinson. When Ms. Voges last spoke with Mr. Dickinson, he stated that the first week of Fiscal Year 2009 had been reconciled and he was also working on the second week. In the process of reconciling cash Mr. Dickinson is identifying and recording issues. The Finance Department will use this information to find automated methods for resolution. As an example of an issue encountered in the cash reconciliation process, Ms. Voges stated the source of cash can affect a difference in time between when the cash is recorded in the general ledger and when the cash is recorded in the bank account. Her goal is to improve consistency for these types of recordings. Mr ...

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th Mr.KellymadeamotiontoapproveminutesfromthemeetingofJuly9 ,2008.ThemotionwassecondedbyMr.Kopko.

th 3.AccomplishmentssinceMeetingofJuly9 ,2008.Ms.VogesreportedthattheTown’sTreasurer,Ms.Weiner,hasbeenprovidingaweeklysummaryofcashreconciliationstotheTown’sController,Mr.Dickinson.WhenMs.VogeslastspokewithMr.Dickinson,hestatedthatthefirstweekofFiscalYear2009hadbeenreconciledandhewasalsoworkingonthesecondweek.IntheprocessofreconcilingcashMr.Dickinsonisidentifyingandrecordingissues.TheFinanceDepartmentwillusethisinformationtofindautomatedmethodsforresolution.Asanexampleofanissueencounteredinthecashreconciliationprocess,Ms.Vogesstatedthesourceofcashcanaffectadifferenceintimebetweenwhenthecashisrecordedinthegeneralledgerandwhenthecashisrecordedinthebankaccount.Hergoalistoimproveconsistencyforthesetypesofrecordings.Mr.Kopkoaskediftherewasanindustrystandardforthistypeofactivity.Ms.Vogesstatedthatsheisunawareofanysuchstandard.

Minutes – Audit Committee July 23, 2008

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st RobinLaPienebeganworkintheFinanceDepartmentonJuly21 ,2008.Ms.VogessaidMs.LaPienewillbeworkingwithMr.DickinsononFY2008andFY2009cashreconciliations.Ms.Vogessaidthat,althoughtherecapwouldnotbesubmitteduntilSeptember,theinitialbudgetinMUNIStotheFY2008Recaphasbeencompleted.ShestatedthatMs.LariveecontinuestoworkonFY2008tasksaswellasthe2010budget.Additionally,Ms.VogessaidthattheScheduleAfor2007hasbeenacceptedbytheState.ShealsoremindedtheCommitteethatuntilrecentlytheScheduleAhadbeenaresponsibilityoftheauditors.4.NewBusinessPowersandSullivansubmittedtheFY2007DraftAuditlateFridayevening.Ms.Vogesstatedthatsheisabouthalf‐wayfinishedwithherreviewoftheaudit.Mr.Kopkoaskedhowthisauditfitsinwiththe2007timeline.Ms.Vogesrepliedthatherofficeisth stillontracktosubmittheaudittotheStatebyAugust15 ,2008.ShestatedthatshewillbetalkingtoMs.Davis,PowersandSullivan,aboutFederalFinancialsandtheReporttoManagementthisweek.Mr.Athertonaskedifthereisafederalfinancialreportforgrantsthatwouldprovidedetailonindividualgrants,suchasthesalaryfortheTransportationPlanner.Ms.Vogesstatedthatthegranthewasreferringtoisknownasthe“3C”grant.ShesaidthattheFederalFinancialsisonereportonallofthegrantsreceivedbytheTown.Detailisonlyprovidedforgrantsthatmeetacertaincriteriainsize.Shestatedthateconomicandplanningdevelopmentcommissionshaveseparateaudits.Thisarrangementmakesiteasiertocompleteauditsastheseagenciesaresmallerinsizethanthemunicipalitiestowhichtheybelong.Mr.AthertonaskediftheNantucketPlanningandEconomicDevelopmentCommittee(NPEDC)areincludedintheTownAudit.Ms.VogesrepliedthattheyareaTowndepartmentandtheyarenotconsideredaseparateagency.Mr.AthertonaskediftheTownbudgetsfortheexpendituresoftheNPEDC.Healsoaskediftheirgrantisconsideredarevenuestream.Ms.Vogesrespondedthatthegrantrevenueandexpendituresdonotappearinthegeneralfundbudget,buttheNPEDCrevenueandexpendituresdoappearinthegeneralfundbudget.Mr.Athertoncontinuedbyaskinghowexpendituresarepaid.Ms.Vogesrespondedthateverythinggoesthroughthegeneralledger,butgrantsgointoafundthatiscomposedofStateandFederalgrants.Eachgrantisidentifiedbyaspecificorganizationandobjectcode.TheFinanceDepartmentthenpaysexpendituresforbillsandpayrolljustastheydoforotherdepartments.Mr.Atherton,usingMikeBurns(TransportationPlanner)asanexample,askedhowtheTownisreimbursedforemployeespaidforbygrantssalaries.Ms.Vogesrepliedthatthefundthatcontainsthegrantischargedfortheindividualamountofthe

Minutes – Audit Committee July 23, 2008Page 3 of 5 salary.Mr.AthertonthenaskedhowtheexpensesarepaidduringthecurrentinterimperiodwheresomeNPEDCgrantsarebeingwithheld.Ms.VogesrepliedthatinFY2008,Article6,fundswereapprovedbyvoterstomovedirectlyintotheNPEDCaccounttopayforexpendituresintheinterimperiod.5.OtherBusinessTheAuditCommitteediscussedchargesassessedbyBankofAmerica.Mr.KopkoaskedMr.Abrahams,AbrahamsGroup,tomakeafewcommentsinregardtothestudybeingconductedbyhisgroup.Hestatedthathisgrouphasconductedapproximatelythirtytofortyinterviewstodate.Mostoftheseinterviewswereinitialinterviews,butsomefollow‐upinterviewswereconducted.Hestatedthathisgroupexpectstocompleteitsinitialfindingswithinacoupleofweeks.Mr.AthertoninquiredaboutthestatusofaletterfromtheSheriff’sOfficeinregardtointer‐agencyaccounts.HeaskedwhetherornottheseissuesareresolvednowthatheFY2007DraftAudithasbeensubmitted.Ms.Vogesrespondedthatoneofthe“todo”itemsthatremainsonherlististocompletetheCountyjournalentriesforFY2007.TheunauditedfundbalanceswerecontainedinaletterthatwenttotheStateinMarch.Currently,thereisonlythematterofmakingthejournalentriestoreflectthefundbalancesastheywereapproved.ThosefundbalancesandthemethodsofarrivingatthemwillbeprovidedtotheSheriffBretschneiderwhentheFY2007Auditiscompleted.Mr.AthertonaskediftheSheriffagreedwiththebalances,andMs.Vogesstatedthatshebelievedthathedidagree.Ms.LariveestatedthatheaskedforthebalancesinlateMay.ShesaidthatsheadvisedhimthatitwouldbebettertowaitabitlongerforthefinalnumbersfromtheFY2007Audit.Mr.AthertonthenaskedifSheriffBretschneideragreedtotheentriesfromFY2006.Ms.Lariveerespondedthathestillwantstodisputesomeofthefiguresfromearlieryears.Mr.AthertonaskedaboutsomekindofactionorresolutionfromtheAuditCommittee.Ms.VogessaidthatshewillpresenttheFY2007AudittotheSheriff.Mr.Athertonstatedthatitwasveryimportanttogettheissue“signedoff”orelsetheTowncouldexpecttheissuestogoonforever.Ms.Roggeveenaskedthatthisitembeplacedontheagendaforthenextmeeting,andMr.RiceaskedthattheitembereferredtoalateragendainordertofocusoncompletionoftheFY2007Audit.Ms.Roggeveenagreed.Mr.KellyaskedaboutanupdatedlettertotheDepartmentofRevenuedueonth th August15 ,2008.Mr.RicerespondedthattheFY2007AuditisdueonAugust15 ,butth nocorrespondencewiththeDepartmentofRevenuewillbedueuntilSeptember5 ,2008.ThatcorrespondencewilloutlineaworkplanfortheFY2008Audit.Mr.KopkoaskedaboutadeadlineforthecompletionoftheFY2008Audit,andMs.Vogesth respondedthatithasadeadlineofMarch15 ,2009.Mr.AthertonaskedaboutanyresponsestotheManagementLetter.Ms.Vogessaidshewouldhavetomakea

Minutes – Audit Committee July 23, 2008Page 4 of 5 judgmentabouthowtomuchtimetodevotetotheseresponses.ShestatedthateverythingtheTownisdoingisinresponsetotheManagementLetter.Mr.AthertonaskedifthefundsthatSheriffBretschneiderhadappropriatedforthePublicSafetyFacilityareseparatedfromtheSheriff’sfunds.Ms.VogesrespondedthatthefundsareoutofhisbooksandarenowinthenameoftheTown.Mr.Ricestatedthatthetotalamountoffundingis$3.3million.OnemillionisappropriatedforacentraldispatchfortheTowntospend.Thesefundswillnotreverttoanyotherorganization.Theremainingamount,$2.3million,isathreeyeargrant.In2011,theCountyCommissionersortheBoardofSelectmencandecidewhetherornotthatamountwillreverttotheCounty.Mr.Athertonaskediftheoriginalamountwas$4million,andMr.Kopkorespondedthattherehadbeenanissuewithprojectedfunds.Ms.VogeswentontoexplainthattheSheriffhadproposedfiguresbaseduponprojectedbankbalancesfortheendofFY2008,butintheendtheCountyrequiredhimtousetheunobligatedfundbalancesattheendofFY2007.ShealsostatedthattheSheriffbasedsomeofhisinformationuponbalancesinhisbankaccountsthatstillhadoutstandingencumbrances.ThisledtoadifferencebetweentheprojectedamountandtheactualamountofthePublicSafetyGrants.6.DateofNextMeeting:Ms.RoggeveenproposedthatthenextmeetingshouldtakeplaceonWednesday,th th August13 ,2008.ThemeetingtofollowthemeetingofAugust13wastentativelyrd scheduledforSeptember3 ,2008.7.AdjournmentMs.Roggeveenaskedforamotiontoadjournwhichwas“somoved”byMr.Kelly. PreparedbyCraigAbernathy

Minutes – Audit Committee July 23, 2008

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