Good afternoon. This is the um audit committee meeting calling to order at 2 2 PM. Roll call attendance. >> Harrison May present. >> Tyler Gage present. >> Don Hayes present. Committee is here. Um
this meeting is being recorded. Um, it will be available for playback on the YouTube channel and it will also play back on the local cable channels. Um, at this point, is there anybody else recording this message or recording the
meeting? Sorry. Um, okay. None being heard. Um, we will continue. Um, okay. And the next item was review and approve the meeting minutes. Um, we have none, but maybe we
should take last last year's and and at least get them. We never really we recorded the meetings but I don't think we ever reviewed minutes and yeah so we posted we posted agendas but we never did the minutes >> mainly the mass the the last meeting and
to summarize it is we prepared in those meetings we prepared to go out to quote and because we had requested a three-year with a two-year extension we just re um redid the terms and the um
for for the contract and went with the auditors um Roselli and Clark um for another two years that they had quoted us because we've been we had been satisfied with with the work they had been doing. Um >> makes sense, >> right? And and again, you know, it is a
project that's more than $10,000. So because we had requested a quote of 3 years plus an additional two and they hadn't replied, we felt we were within not needing to um uh we rebid the whole
contract. Um so we continued. So I think this will be the first of a two-year extension. Um so at the end of FY27 U so we may consider um at that point
going out and getting getting the bid u by mid next year get get the >> so and again I'll formalize that we'll get minutes from last year and get them recorded.
Okay. Uh, next on the agenda, section two, we have nothing for appointments and hearings. Um, moving on to section three, the reorganization of the audit committee. Uh, voting on chair, vice
chair, and clerk position. >> I'll make a motion to nominate John Hayes as chair. >> So move. >> Oh, sorry. No. Seconded. >> Okay. So, we have a motion in the second board. I >> It doesn't help that I'm sitting here.
That's who usually says, "Do I hear a motion?" So, >> yep. All right. >> Okay. Um, any further discussion? >> Nope. >> None being heard. A, uh, vote in the affirmative. Um, we'll have
Don Hayes as chair. Um, we're all here, so we can just do voice if you're good. >> All in favor? I >> I. >> All opposed? not being read unanimous and as chair I
don't um when I read Robert's rules of orders and things it's kind of like chair usually only votes on on items that need to break a tie >> so it's kind so I have >> tried to follow that if we need to be
different it's kind of like we can we can follow it but we can change it but that that was just something I read and it's how I've tried to run meetings and and um do that. So, okay. Sorry. And moving on to vice chair. Do we have
>> rock paper scissors? I don't know. >> Doesn't make a difference to me. I mean, I'm I'm happy to, but if if you would like to >> do you want to do minutes and agendas or what? >> I'm I'm okay doing whatever. Um you
know, >> I take minutes for a living. Yeah, >> exactly. >> Do because you can just >> Yeah, sure. >> Is that okay? >> Yeah. Well, I can't just post when we got approve, but I mean you can >> Oh, yeah. Right afterwards. Yeah.
>> Yeah. And we don't have to transfer. It's kind of like we we approve minutes and then email the town clerk and say, "Okay, >> I would I would switch around. I'm doing the >> screen committee right now, too." So, >> do those minutes and everything. >> Okay. That's right. >> So, I'll make a motion to nominate
Valerie Goodrich as vice chair. And I will second. We have a motion and a second for vice chair. >> Yeah. >> And no further discussion. I I open it. And so I vote in the
affirmative will be to have Valerie as vice chair. >> All in favor? >> I. >> Okay. Unanimous. >> I make a motion to um nominate Harrison M as clerk.
>> Second. Okay. You want to >> Okay, that's that's fine. It's kind of like it's pretty Yeah, pretty straightforward. It's kind of um All in favor of Harrison May as cl >> I >> I >> unanimous. We have structure.
All right. Okay. >> Audit committee policy. >> Audit committee policy. anybody's reviewed it? >> Yeah, I've read >> about as straightforward as they come. Um it's pretty straightforward but um it does um
uh talk I mean the respon there don't seem to be many more responsibilities other than to do that but do we want to consider a change is kind of um because I was thinking with here um and with in
November we were presented by the finance team should the finance team be mentioned in here do we want to consider changes and and recommend changes back to the policy. >> I mean, if there's specific changes you want me to recommend to select board, I can.
>> Okay. I mean, I think it talks about the TA and the town accountant and by the time the audit committee is involved, it's really the accountant's records more than anything. Um, >> it really is. It mainly it seems to be the recommendation and and um getting
>> doing the screening for the auditor themselves. >> Yeah. So, it seems good to me. Um I I'm just wondering where are we with the um the annual uh audit for this year? Are we expecting that imminently or do we already have it?
>> I believe Supreme has said the next meeting on the 21st with the SL forward audit and finance. >> Okay. >> Is when >> So that'll be coming. >> I um because I don't think they've been in for the audit yet.
>> No, they were. >> Were they in already? thought they were working downstairs for >> so I I learned because I thought they had been um I learned the person that had been downstairs was um just a senior tax workoff person uh for the assessor.
So going through a lot of financial records but not for the purpose of the audit. Um so I haven't seen if the auditor um has been in >> if you want to take a quick recess and go check. No, I think the auditor was in um like said he was working.
>> I was thinking of someone else as well. So yeah, I think the auditor was >> in January. There was an audit, but that was for um the free cash. >> Oh yeah, for sure. >> Um so I um >> do you want to take a quick pause?
>> Yeah, let me go. Okay, we're going to for just a second and check on a check on the status. We won't conduct I won't mention anything the whole committee here again just trying to think of the timing last year.
>> Yeah. No, I think I I think it's if it's not done it's probably about to be. >> Mhm. Um, so this is going to be a quick meeting. >> It will be. Usually the audit committee meetings are generally quick
but it'll then we'll surprised at the number of cars in the parking lot when I came in. I thought Friday was a slow day at town hall. usually. >> Okay. >> Okay.
Quick recess then. Yeah. >> So, they have it in for FY25 >> and they're going to present it on April 21st. >> Okay. Okay. >> Sounds good. Is there an opportunity to read it in advance so I can just reach out to Sabrina? >> Yeah, I'm I'm sure we will be able to.
Yeah, usually they're they're distributed and uh can be can be sent April 24th you said. Okay, just make sure >> 20. Yeah, just make sure that's Tuesday. Yes, >> that's all I have.
>> Yeah, that I think that's >> okay. That will that that's pretty much it. I I will say they um and some of the things that I was somewhat concerned with on the audit committee is there's
no followup after it. For instance, they've reported on the same thing three years in a row. >> It's kind of like and there's been no action on those for the >> What are we doing about the finding? >> Exactly. you know, is is it something
the audit committee should deal with or is it for the town administrator and select board >> um and the finance team? It again I don't you know that was the thing the finance team seem to be new this year. >> Yeah. >> So I think that it's a process question
that's probably getting lost with all the >> churn >> and so I just this week went to um DLS training on financial policies actually. So, that's something I'm probably going to bring to board in the summer. Um, and
there's a whole section on before after policing following. And I think some of the recommendations are probably going to >> feed into that. It's a pretty >> right >> vast and broadreaching. Um, like whereas our
current budget document is, you know, like here's how we do the budget. >> This is more >> this is a budget. This is accounting. This is essentially this is how we handle enterprise. It's a whole >> picture um or policies for when we move things from free cash to stabilization
and private capital. >> Um >> so my question is is do we want to circle back afterwards? >> That could be could be the time to do it. It's kind of like but I I did I read this as you know go over the policy and
it was like okay do you know is there and again first time you so this is really you know you you >> your experience last year was just the first time seeing the audit. >> Um >> and so we'll get through say a year. >> Yeah. It's kind of like
>> so so maybe maybe we come back after it's presented. Mhm. >> I mean, end of May, early June or something, >> right? >> And maybe that'll be and it could be that that if we're looking towards that, I can bring that in and say, "Here,
here's what I'm kind of >> Yeah. >> Right. I think that sounds really good." >> Yeah. And it may be something to uh as we as we go for a um permanent or not not interim town administrator that that so the May time
frame may even be a little immature or premature >> and it might be >> wait and see when that what what that holds out to be. Okay. >> Does that make sense? >> Um I think it does. It's kind of like it's just but >> a little bit of a like
>> Right. Yeah, it is. It's kind of like but but it says, you know, that let's continue to to monitor it and see if there is we want. >> Do you want me to just quickly pull up the DS template and see what they have on audit? Let me see real quick. Well, I
got you guys here and we're moving along. >> It's not going to take me very long >> on the topic of the policy. So, we're good. Yeah, it it's kind of like I was having to read the the MMA um structure. Um
they they came up with a uh document to recommend strong policies for >> let me So this is their financing policies manual and they just basically have this huge template that lays it all out.
Um see what they have independent audited services. >> Independent audit services. Independent audit cost some proportional method. Each service department shall pay the portion of the cost. Oh, that's like how you pay for it, >> right? Okay.
Um So this has to do with the treasurer who I know is helping. >> Yeah. Yeah. Treasurer account. Another two big areas to support. >> A lot of this refers back to the, you know, chief administrative officer being
the TA ensuring that the town's independent audit firm reviews compliance with accounting and reporting provisions. So, it does kind of put it back on that office, which makes sense as kind of overarching organizational, >> right? >> Um,
chief financial officer of the town. >> Yeah, we have both. It's like we don't have a person, >> right? Well, right. Yeah. >> I mean, I was in training with some towns that do have that >> role stack of, you know, hats the town wearing all the same >> add that in. Yeah.
>> So I think yeah that's pretty that's it. >> Okay. >> That's the reference is there is that person is coordinating that >> compliance with them. >> Yep. Um okay I'm just deciding to start
working on an agenda. One of the things this is our first year with CPA. Mhm. >> It's kind of like we don't specifically have anything in the contract that says audit CPA accounts, but I don't know >> since it's part of our overall accounts that I mean
>> we got to be clear that >> or is it >> or is it considered >> separate by I don't think it's audited by the state >> or is it their accounting? >> It's a good question. >> Yeah. So, we'll find out. >> So, that's why I don't want to
>> I think am I the essential CPA? So, I don't want to I'm not trying to bring it up as a subject here. Just saying for an agenda item, >> an agenda item for um take take a look at it and see because we do have when we
build in the audit um and uh into the contract, we build in um pricing for what they call a single audit. So if is outside of the annual audit, if there's a single audit that we want done, there's a fixed price or hourly rate or
it was a fixed price and I think they've gone to hourly rates depending on the size and scope of what they would have. Um, you know, so that may require a statement of work of what they're going to do if we go outside. But again,
CPA is is is the one that came to came to mind if there's anything additional. So um okay uh I have nothing else with if um now the
next meeting would be a joint meeting. Um do we want to hold off on the CPA until after the joint meeting with um and and again we can ask the auditors at that point when we have that meeting? >> Yeah, they probably will lay it all out for us if we just how do you how do you
audit other towns with >> CP? Yeah. >> Yep. >> Kind of. So that's >> okay. >> So that it >> um and other than that, do we hold off scheduling anything other other than the 21st? >> Makes sense to me right now.
>> Yeah, sounds good. >> Okay. Um that'll be the real discussion. >> Yeah, that'll Yeah, that's that's exactly it. It's kind of like you you get the management letter and then the details of the audits and the recommendations. So we'll go from there.
>> Yep. and hopefully get in advance so we can look through it. >> Yeah. >> Don't come with questions. >> Yeah. Yeah. Exactly. Don't don't just show up at the meeting. >> Well, yeah. Last year though, we had >> it didn't come in that far in advance. I remember it. >> Yeah. No, we and some of us didn't even
get both documents just kind of like until you know we showed up at the meeting. So, that will be it. Okay. >> Okay. >> Then I have nothing else. Any further question? I mean you're you know you're
new to it first time in if you no questions we'll move to adjourn 2018 >> so moved >> second >> okay all in favor >> I >> I >> I stand adjourned