Audit Committee 070908

Fauv - Craig Abernathy

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Town of Nantucket Audit Committee Meeting thMinutes – Audit Committee Meeting March 4 , 2009 Approved March 25, 2009 Present: Mr. Jim Kelly, Mr. Michael Kopko, Ms. Patricia Roggeveen, Ms. Constance Voges, and Mr. Bob Dickinson Absent: None. Also present: Mr. Rick Atherton, Mr. Malachy Rice, and Mr. Craig Abernathy Call to Order: Ms. Roggeveen called the meeting to order at 2:00 PM. Announcements and Updates: None. Approval of Minutes of 10 February 2009: th Mr. Kelly moved to approve the minutes of February 10 , 2009; seconded by Mr. Kopko. So voted unanimously. Update on Status of FY 2008 Audit Ms. Voges stated that she has not yet received a draft of the FY 2008 Audit, but she has been assured by Reneé Davis, Powers and Sullivan, that the draft will come today. Ms. Voges added that the numbers for the audit are now in the reporting format, and as such she will be able to work on her letter to be included in the audit report. Ms. Voges commented that she expects to continue this work until the week before the audit is due to be submitted to the Department of Revenue (DOR). Mr. Kelly asked Ms. Voges when she expects to receive the Letter to Management. Ms. Voges answered that she has not seen the Letter to Management, and that she does not expect it to be included with the copy of the draft she will receive Minutes – Audit Committee thMarch 4 , 2009 Page 2 of 4 today. Mr. Kelly then asked Ms ...

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TownofNantucketAuditCommitteeMeetingth Minutes–AuditCommitteeMeetingMarch4 ,2009ApprovedMarch25,2009Present:Mr.JimKelly,Mr.MichaelKopko,Ms.PatriciaRoggeveen,Ms.ConstanceVoges,andMr.BobDickinsonAbsent:None.Alsopresent:Mr.RickAtherton,Mr.MalachyRice,andMr.CraigAbernathyCalltoOrder:Ms.Roggeveencalledthemeetingtoorderat2:00PM.AnnouncementsandUpdates:None.ApprovalofMinutesof10February2009:th Mr.KellymovedtoapprovetheminutesofFebruary10 ,2009;secondedbyMr.Kopko.Sovotedunanimously.UpdateonStatusofFY2008AuditMs.VogesstatedthatshehasnotyetreceivedadraftoftheFY2008Audit,butshehasbeenassuredbyReneéDavis,PowersandSullivan,thatthedraftwillcometoday.Ms.Vogesaddedthatthenumbersfortheauditarenowinthereportingformat,andassuchshewillbeabletoworkonherlettertobeincludedintheauditreport.Ms.VogescommentedthatsheexpectstocontinuethisworkuntiltheweekbeforetheauditisduetobesubmittedtotheDepartmentofRevenue(DOR).Mr.KellyaskedMs.VogeswhensheexpectstoreceivetheLettertoManagement.Ms.VogesansweredthatshehasnotseentheLettertoManagement,andthatshedoesnotexpectittobeincludedwiththecopyofthedraftshewillreceive

Minutes–AuditCommitteeth March4 ,2009 Page2of4 today.Mr.KellythenaskedMs.Vogesifsheexpectstheretobemanychangesinrecommendationsforreporting.Ms.Vogesansweredthatlastyear’sauditcontainedmorechangesthansheexpected,butitisdifficulttopredictforthisyear.UpdateonStateReportingMr.DickinsonstatedthathehasbeenworkingonScheduleAandtheBalanceSheet.HeaddedthathehassentScheduleAtotheAbrahamsGroup,buthewillneedtoreviewthedocumentwhenitisreturned.HeexplainedthattheAbrahamsGrouphasbeencontractedtoperformpartoftheworkrelatedtoScheduleA.Mr.DickinsonstatedthathehopesScheduleAwillbereturnedbytheendoftheweek.Mr.KopkoaskedMs.Vogesifsheanticipatescompletingthisportionofth reportingpriortoMarch20 .Ms.Vogesrespondedintheaffirmative,andcommentedthatinyearspriorto2003thisworkwasdonebytheauditorsafterfinishingtheaudit.ShenotedthatinthepastsomeStatepaymentsweredelayedduetothefactthatthisreportingwasnotcompleteuntilsummer.Mr.Ricepointedoutthatthedeadlineforth reportingisSeptember30 ,butassertedthatnocommunityevermakesthissubmissiondate.Mr.AthertonaskedhowtheTownisnotifiedofdelaysinStatepayments.Mr.KopkoansweredthathereceivedaletterfromtheStatenotifyinghimofthedelayinreporting.Mr.Athertonaskedthathebekeptadvisedofanysuchdelaysonanongoingbasis.Ms.RoggeveenrepliedthattheforumoftheAuditCommitteeistheareainwhichsuchnotificationsaremade.UpdateontheAbrahamsGroupImplementationPlanReferencingunusualchallengesfacedduringthecurrentyear,Ms.VogesstatedthatsomeitemsintheAbrahamsGroupImplementationPlanhavenotyetbeencompletedduetothechallengesofcompletingtheFY2008AuditandtheDecemberSpecialTownMeeting.ShenotedthatmostrecommendationsassociatedwithCashReconciliationshavebeenimplemented,andthattheserecommendationsrepresentthemostcriticalpartoftheimplementationplan.Mr.KellyaskediftheplanistocompleteadditionalitemsintheimplementationplanpriortohavingMarkAbrahamsreturntoreviewprogress.Mr.Riceanswered,statingMr.AbrahamswillreturntoreviewtheTown’sprogressratherthanwaitingforthecompletionofadditionalitems.Mr.KopkoaskedaboutprogressintransferringadditionalresponsibilitiestoHumanResources.Ms.VogesstatedthatthetransferisincludedinPhaseTworecommendations.Mr.Kopkothennotedthatthetransferhasnotbeenimplemented,yetadditionalstaffhasbeenhiredtoaccommodatetheadditionalworkinthedepartmentassociatedwiththetransfer.Mr.Riceansweredthatcurrentlytheposition

Minutes–AuditCommitteeth March4 ,2009 Page3of4 isbeingstaffedonapart‐timebasis,whiletherecommendationcallsforfull‐timestaffing.DiscussionofIndependentInterviewswithPowersandSullivanMr.KopkocommentedthatheisnotawareofanyindependentmeetingseverbeingconductedbetweentheAuditCommitteeandtheTown’sauditingfirm.Ms.RoggeveenassertedherbeliefthatsuchameetingwillbeusefulespeciallysincetheTownwillbeissuingarequestforproposalforauditingservicesthisyear.Ms.VogesaskedthattheCommitteerequestanexplanationofcostsbeincludedinanewcontractwithPowersandSullivan.Mr.RicenotedthatpartofthecontractmayincludeadditionalcostsrelatedtotheauditsoftheAirportandtheWaterCompany.Ms.Vogespointedoutthattheseitemsarepartofthecurrentcontract,butPowersandSullivancontinuestouseauditworkperformedbyBurkeandLamb.Mr.KopkoaskediftheAirportandWaterCompanyhaveagreedtohavetheirauditsperformedinconjunctionwiththeTown’saudit.Ms.Vogesansweredthatbothpartieshaveagreed,butaddedthatshebelievestheyintendtokeepBurkeandLambforsomeoftheirfinancialwork.Mr.KopkocommentedthatalthoughhehasneverheardofNantucket’sAuditCommitteeconductingthesetypesofmeetingswithitsauditfirm,JimSullivanandReneéDavis,PowersandSullivan,haveassuredhimthatthesetypesofmeetingsarenotunusual.Ms.Roggeveenaskedifitwouldbeproductivetotalkaboutcontractrenewalsduringthemeeting.Mr.Kopkoassertedhisbeliefthathewouldprefertoseparatethosediscussionsfromthemeeting.Ms.Gibsonagreed.CashReconciliationsMr.DickinsonstatedthatJanuarywasataxmonthandassuchthereconciliationistakingabitlongerthanothermonths.Ms.Gibsonaskedifthereconciliationhasbeencompletedorifitisoutstanding.Mr.Dickinsonansweredthattherearesomeoutstandingreconciliationsintermsofmoneycomingin,astimingdifferencesareaffecting$20millioncollectedbytheTowninJanuary.st Mr.AthertonaskediftheopeningbalanceasofJuly1isstilltobecompletedorifthereisstillavariance.Ms.VogesstatedthataspartofauditproceduretheTownmustcarrythevarianceuntilthevariancecanbefoundinpreviousfiscalyears.ShenotedthatinthepastauditorsrelieduponexternalauditsfromAirportandWaterCompanyfortheirwork,andassertedherbeliefthatthevariancewillbefoundhere.ShestatedthatshebelievesanerrorinpostingwirepaymentstotheWaterCompanymaybethecauseofthevariance.Mr.Athertonthenaskedifauditscangoforwardwhenthereisavariance.Ms.Vogesansweredintheaffirmative,butnotedthatthevariancecanaffectFreeCash.Sheaddedthatshehasallowedforthiscontingency.

Minutes–AuditCommitteeth March4 ,2009 Page4of4 NewBusiness:None.OtherBusiness:None.DateofNextMeeting:Ms.RoggeveenproposedthatthenextmeetingshouldtakeplaceonWednesday,th March25 ,2009,at9:00AM.AdjournmentMs.Roggeveenaskedforamotiontoadjournwhichwas“somoved”byMr.Kelly.Themeetingwasadjournedat2:32PM. PreparedbyCraigAbernathy

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