5/21/2018 FINANCE COMMITTEE Minutes

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3 Finance Committee Minutes May 21, 2018 Joint Meeting with the Board of Selectmen, Review of Fiscal Year 2017 Audit with Town Auditors: (continued) Long-term liabilities not due and payable in the current auditing period,not reported in governmental funds include; • $14,852,614—Bonds and Notes Payable • $86,478—Capital Lease Obligations $394,854—Landfill Post-Closure • $2,809,978 —Compensated Absences 0 $35,496,813 —Net OPEB Obligation;No legal mandate to fund • $33,725,058—Net Pension Liability Recommendations contained in the Management Letter include the following; Student Activity Funds The School Department should develop a formal plan to comply with the annual audit and/or agreed upon procedures under MGL, Chapter 71, Section 47, and to implement formal recommendations related to student activity funds. In response to the above comment Patricia DeBoer, School Superintendent indicated recommendations made by the Treasurer have been implemented, and at this time, the School Department is engaged in a yearlong revision of school policies. Grants to Housing;Authority Recommendation to evaluate the cost-benefit of adding contractual requirements in those instances when it grants funds to other organizations and/or requiring all grants on a reimbursement basis with requirements to be met for reimbursement. The Town may want to pursue the requirement of a formal contract with the Mashpee Housing Authority as well as any other organization that receives Town funds. It was recommended the MHA provide a response to the Board of Selectmen regarding the management finding. And, the Town would not make discretionary funding until the Mashpee Housing Authority has complied with the audit finding. In closing, Tow Manager Rodney C. Collins gave credit and expressed appreciation to his Financial Team for their hard work ethics, recognizing the Finance Director and Treasurer/Tax Collector for their stellar effectiveness and efficiencies.