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2 <br /> Finance Committee <br /> Minutes <br /> May 21, 2018 <br /> Present: Mike Richardson, Jeffrey Pettengill, Sylvester Ryan, Chris Avis, <br /> Gregory McKelvey, Philip McCahill, Darlene Furbush <br /> Town Manager Rodney C. Collins <br /> Assistant Town Manager Wayne E. Taylor <br /> Finance Director Dawn Thayer <br /> Absent: Sylvester Ryan <br /> Meeting Called to Order by Chairman Richardson at 6:45 p.m. <br /> Mashpee Town Hall, Administrative Conference Room <br /> APPOINTMENTS & HEARINGS <br /> Joint Meeting,with the Board of Selectmen; Review of Fiscal Year 2017 Audit with Town <br /> Auditors: <br /> Members of the Finance Committee attended a joint meeting with the Board of Selectmen for the <br /> purpose of reviewing the exit interview with the auditing firm Clifton Larson Allen, LLP for the <br /> year ending June 30, 2017. <br /> As noted, information pertaining to the auditing firm was provided by the Town of Mashpee in a <br /> timely and very smooth process. The audit as presented is deemed sufficient and appropriate to <br /> provide a basis for audit opinions. <br /> Highlights of the financial activities for the fiscal year ending June 30, 2017 include the <br /> following; <br /> • The assets and deferred outflows of resources exceeded its liabilities and deferred inflows <br /> of resources at the close of the fiscal year by $66,284,716 (net). <br /> • The Town's total net position decreased $1,494,479. <br /> • At the end of the fiscal year, the unassigned fund balance for the general fund totaled <br /> $13,357,514 or 20.9% of the total general fund revenues and transfers in. <br /> • The long term debt decreased by $8,509,465. <br /> The governmental fund balance sheet is reflective of; <br /> • $18,075,566—Total fund Balances ($3,997,133 restricted - $13,357,514 unassigned) <br /> • $7,666,529—Community Preservation <br /> • $4,411,323 ---- Street Betterments <br />