2004-2006-FINANCE REVIEW COMMITTEE

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XIASHPEEFINANCE REVIEW COMMITT � ,, MINUTES F' TUESDAY, NOVEMBER 16, 2004 " L4 0"' 21 Rei 10: 30 Present: Ken Patrick, Chairman Dean Arden, Chris Avis, Chuck Gasior, John Halachis, Don Myers, Gerald Umina CALL TO ORDER Chairman Patrick called a meeting of the Finance Review Committee to order at 7:00 pm at Mashpee Town Hall, Meeting Room 2. FINANCIAL REPORT Liability Chairman Patrick reviewed the goals of the report as discussed at previous meeting. ■ Mr. Patrick spoke with the town's auditors who confirmed that not all current fiscal year data will be audited in time for Town Meeting deadline. ■ Chairman Patrick then addressed his concern with the liability of the committee in using information that has not been audited. ■ Mr. Myers indicated that the Town Accountant does have current information, but Mr. Patrick stated that as this information is not yet audited it presents a liability to the Committee if used for the report. ■ Mr. Patrick discussed placing a disclaimer on the report indicating that data is not reliable due to lack of final audit. Mr. Myers pointed out that such a disclaimer would lessen the worth of the entire report. ■ Committee discussed how to present information that has not yet been audited or certified, and whether a disclaimer to that effect is necessary. ■ Mr. Myers suggested the Committee decide upon a cut off date for audited information so that any information provided after that date is listed as projected and estimated. He proposed using March 31, 2005 as such; committee agreed. ■ Mr. Patrick queried the risks of presenting information that is not audited. Mr. Myers felt that as long as the committee upholds its fiduciary duty in good faith and without gross negligence,there should not be any concern over liability. • -Mr. Umina noted there is a meeting of the Town Manager and Town Attorney in 2 days that would provide a forum to address liability. Mr. Halachis motioned to have Mr. Patrick and Mr. Umina attend this meeting. Motion not seconded, however, Mr. Patrick and Mr. Umina both agreed to attend the meeting. Content ■ Mr. Patrick outlined his suggested report content. He felt it was important to present a comprehensive financial picture of the town for voters. ■ Committee reviewed examples of financial reports compiled by Bourne and Barnstable. • Mr. Patrick stated it would be impossible to compile a comprehensive report using unaudited information or a template based on the sampled town financial reports. • Committee discussed the use of the word"comprehensive" to define report. Mr. Arden and Mr,Gasior stated the Charter Commission intended the report be concise and easily readable. They indicated that the Charter asks the Committee only to provide an estimate of finances. • After further discussion over level of detail to be presented, Committee agreed that a one- page summary-style report is the goal, and any backup information can be provided to voters in subsequent report pages.