call the meeting of the audit committee um to order at 6:01 pm and roll call um Veronica Cal present remotely Don Hayes present
remotely um with that we have a quorum we are good to go um the meeting is being recorded um it will be uploaded to You YouTube as well as uh replayed on on Channel
9 um I see nobody else in the meeting um other than tcam and us so would appear nobody else is recording the meeting this where remote um I have no additions or
deletions at this point Veronica did you have anything no I have none no okay and we'll move right into the meeting business um to review the engagement letter from from roselli Clark and
Associates um do you want to discuss first or do you want a motion um I usually I usually do discussion but um that's okay with me
yeah okay um I I read through it I was looking forward um to make sure that there would be a management letter and financial statements so if you don't mind do you have a copy of this in front
of you or on your screen I I do yeah um so it's on the second page page two it's that bottom paragraph on that page it says kind of in the middle of paragraph We Will issue written reports upon
completion of our single audit provide assurance that on mod ified opinions will be expressed um blah blah blah I assume that that is where they are saying they are providing the written financial statement
um yeah I had I had looked that just okay so I'm on page two [Music] um we will issue written reports upon compl reports will be addressed to the
executive governing board of the Town ofs um that was the one thing I was looking for that I wasn't sure I found the other two things I were looking for I did find I think further on so this is
page one two three page four under audit services and that was the capital assets and depreciation so that's in the first paragraph like halfway down the page where it says other services that first paragraph
underneath okay yeah and that's capital assets and then so that was the first paragraph second third the fourth one um we will assist in preparing the schedule of expenditures of federal awards that was the second thing I was looking for
was Federal Awards yeah um or the third thing so I think we are good um the rest of this management responsibilities seem to me to be all you know as far as what we will provide to them what they will
provide you know to us and how the audit will be performed um and then how we will pay them right yeah I I looked at that it's kind of like I I had made the note it was probably in the others that said that you know if we don't stay current
with them or within 60 days they'll they'll terminate an audit that may be in process but um right I know in general don't pay them yeah yep it's kind of like and so that makes sense but you know we we put the money in the budget it's it's it's
there um and this when I did look at um the pricing it it it was a little more simplified um and and again I with the statement I I was looking for that too and um
in here they they referen the um Financial financial statement audit in the last quote they had given us um for this the financial statement said in including the um management letter is
where that was so um but it it doesn't list it the financial statement preparation was listed as a separate $3,000 fee last time so when we look at the increases um it it's
increased um over the FY 24 um but um then let's see 24 to 29 so um it looks like it's $4,000 higher for the FY 25 but then they're only going up a
thousand a year so and and I I think we need to add in about $6,000 over top of that 29 for FY 25 because they have um we expect that this fee for a single
audit will range between four and 5,000 for the First Federal award and 1,500 to two so I am thinking we need to add 6,000 onto each of these just in case there's a single audit which there may
be for FY 25 right but I don't expect necessarily for 26 and 27 right yeah yeah um as because that's federal grants and I'm not expecting a
lot coming forward from federal grants so I I was gonna say there yeah there's a lot of expectation that there's not a lot of federal grants that will be um need the Audits and kind of
um yeah so if we do that then I think we had ,000 in this year's budget we did so far so I I I think we should up it to 35,000 y that that gets us safe and
um as in in a year like this we it's we need we need to have a budget budgeted so it's okay so so that we have it sorry yeah it it's kind of like I mean
if we only budget for the audit and then we have the singles come coming up with that money is just a lot harder right um so put it in and see if we can we can balance a budget
for um town meeting all right okay yeah I didn't I like like I said I I had um gone through it I didn't see anything it it looked very familiar to I I think we've seen
that before in in what they presented um when we when we initially hired them it's just it it had been in the books before now it's just in the file right um all right so
um I would like to have Town Council review this uh yeah definitely definitely okay so do you want me to make a motion um um do we go directly to Town Council
or do we forward it to Nelson and request Town Council review it um I was gonna my motion was to put it forward to the select board okay um to put forward to the select board the acceptance of
the engagement letter after review by Town Council okay does that sound right yep that sounds right I just wanted to yeah okay so let me make the motion I'm going to U move to put forward to the
select board the acceptance of the engagement letter of roselli with roselli Clark and Associates after review by Town Council okay and I second okay okay any further
discussion I I have none I think um yeah I I would put this on the select board um agenda for the 8th I think we're meeting on the eth so you're doing the eth also okay so
that that's where I would put it y okay then move it forward to that um okay they we had the motion in the second um roll call vote um Veronica Cal I don Hayes yes
motion's unanimous all right um next meeting when do we re need to meet next um are we do according to this in the engagement letter they should be done
with the FY 24 audit at the end of March which was right today right so um I I know they're to provide us with the um information after that and set a time to go over the FY 24
audit but don't we usually do that after town meeting in May or June um I think we have in the past just because the timing gets tight um for for doing this but they can they can get us
then we can um get it to finance committee and and uh select board for review um and then do the joint where they come in and go over the recommendations and that'll give us the
opportunity to get passed and and we should it it'll it'll get the third select board member elected in place we'll have Town meetings so sometime in in the May time frame I think is the right the right time I don't think we have anything else
pressing uh I would agree with that that the next thing is the the FY 24 audit review yeah okay and I'm just going to call calendar up just let me do that too
and um do we want to uh let's see though Tuesday the 6 this town meeting um correct does the select board meet the following week after that or is the next meeting on the
20th our next meeting is on the 20th do we want to make it part of the do we want to review it just within the town um first before we have a meeting with
um Roselia and Clark gu so that we if we have any questions we can discuss it and um come together with a with a common comment set of questions or a list of questions that we can forward to them so are you thinking a joint meeting on the
20th with SEL board and I was thinking a select board audit and finance committee at least um all three well yeah kind of well I guess I guess it doesn't matter by Yeah by default yeah
and um so on the 20th during that I think so let's let's try that so so that we're not slipping because the next week is Memorial weekend right and so people may start going away but that
that gives us the opportunity um and if we have the reports soon enough maybe we can distribute yeah distribute it and see if there's any questions out there that uh yeah that gives us plenty of
time yeah all right so um next meeting is then um May 20th yeah joint with um
fincom and select board yeah yeah right I'm good with that and that would be at 6: PM or 6:15 yeah yeah yep like that he get the meeting opened and then go into and join
yeah all right um all right that's all I have okay that's all we have and um I'll entertain the motion to adjourn at 6:15 p.m. uh so moved okay
second roll call vote Veronica Cal yes Don Hayes yes and the like shortest meetings you've ever had We Stand adjourned at 6:15 p.m.