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MASIEWEE FINANCECOMMITTEE <br /> MINUTES <br /> MONDAY,JULY 1 ,3 2005 <br /> Present: Geraldnim" , Chaurnnan <br /> r Bob Hutchinson, Ken Patrick <br /> Guests; Christian Rogers, Sullivan, Rogers & Company, LLC <br /> Daniel Sullivan, Sullivan, Rogers & Company, LLC <br /> CALL To ORDER <br /> Chairman Umina caned meeting of the Finance Committee to order at 7:05 p.rm at the Mash <br /> pee <br /> Torn Hall, Meeting Room 3. He noted quorum is not reached and no votes would be taken. <br /> 4 <br /> OLD BUSINESS <br /> Audit Firm Review <br /> R Mr. Patrick noted he had not yet met with C nmittee member Leonard Long to review <br /> current contract. <br /> Chairman Um na suggested town retain current auditors as they have familiarity Frith <br /> operating system. Audit team noted kms are customarily retained after initial selection <br /> process unless major issue's arise. <br /> x Mr. Hutchinson asked if town is required to retain firm. Committee members and auditors <br /> confirmed this is not mandatory. He questioned the cost of the current contract which was <br /> confed at $32,,000. <br /> ff Mr. Hutchinson asked why the fiscal year close was delayed for mine months. Mr. Patrick <br /> observed the checking account had not been reconciled. <br /> ■ Mr. Hutchinson discussed the need to classify health benefits as an unfunded liability. <br /> Audit team noted GASB has addressed the issue and agreed cost is enormous. fir. <br /> Hutchinson noted there is an argument to begin a funding schedule. Auditors confirmed <br /> there is a mandate to do so. Committee members discussed options to save for this <br /> eventuality. Auditors suggested waiting until an actuarial is performed to assess actual <br /> costs and hien develop a plan to cover then. <br /> ■ Mr. Patrick asked if fins recommends any accounts be cleared and closed. Auditors did not <br /> find any such situations, and noted more accounts do not necessarily man more <br /> accounting. <br /> ■ Mr. Patrick questioned if audit costs could be reduced if Finance Director were to prepare <br /> financial statements. Team noted this would not sage hours as the source of their <br /> information would need to be audited anyway. <br /> a Auditors farther reviewed qualifications, noting they currently audit 25 towns of varying <br /> size and that municipal auditing is sole foes. They also noted a new Hyannis office will <br /> f soonen. Team distributed ted a.nalysiof hours spent on Mahpee account. <br /> ■ Commi <br />