The audit report presented by Tanya Campbell from the auditing firm Markham emphasized the town’s financial responsibilities and the importance of maintaining effective internal controls over its financial statements. Particular attention was given to the town’s unassigned fund balance in the general fund, which was noted to be lower than recommended, and the market-dependent fluctuations of unfunded liabilities, such as pension and OPAB.

The board members expressed concerns about the town’s OPAB trust fund, which was reported to be only 4.2% funded. The audit findings also underscored the lack of formal policies and procedures over federal grant processes, spotlighting issues with the ARPA grant. Discrepancies between the general ledger and the tax recap were also a cause for alarm, particularly in the water fund. In light of these findings, the board underscored the necessity for more frequent financial monitoring and improved interdepartmental accountability.

The board engaged in a discussion on the financial status of the transfer station, highlighting the deficits it has incurred and their impact on the town’s budget. Delays in completing town audits were also a topic, with emphasis on their consequences, including the town’s ability to obtain loans and retain an active credit rating. The potential implications of various federal grants on the town’s financial statements were considered, stressing the need for timely responses from the town in the audit process.

Further complicating matters, the board grappled with the reconciliation of water expenses, acknowledging that despite some progress, there were considerable lags. In setting a goal to respond to the upcoming audit by the end of the month, the board discussed the preparation and approval of responses necessary for the federal audit.

The financial deliberations extended to the discussion of end-of-year transfers between departments. The board scrutinized several proposed transfers, including funds for ambulance maintenance, photocopy or lease supplies, library utilities, and Council on Aging expenses. The debate extended to the logic behind the transfers, the need for supporting documentation, and the lack of detailed explanations for the overdrawn accounts. The board stressed the importance of clearer justifications and transparency in the transfer process.

The treasurer collector raised the issue of the need for additional postage funds, which had been underestimated, leading to increased expenses throughout the fiscal year. The board examined various budget items, including technology services, health director salary, and veterans agent expenses, with an emphasis on detailed documentation and tracking for future reference.

The meeting also touched upon the need for additional funds for the Fisar 25 postage machine and other miscellaneous expenses such as art supplies and legal size paper for printing bills. Members expressed concerns about the justification for expenses, requesting backup documentation before approving them.

To conclude the financial discussions, there was an announcement of another meeting scheduled for the following evening to address any further issues.