1/23/1995 BOARD OF SELECTMEN Minutes

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Page 2 Board of Selectmen Minutes January 23, 1995 APPOWTMENTa AND HEARING • t Exit Interview Town's Auditor; ._-a. r t Frank Byron of Melan son,Greenwood and Company was present to discuss the financial statements and exit interview audit with 4 the Board of Selectmen for the year ending; Tune 30, 1994. Three common areas in which the Town does not comply with Generally Accepted Accounting Principals include; *The lack of Fixed Asset Records; to be recorded at historical cost Important to use for control purposes and insurance matters. *The lack of Liability reported for Employee Accumulated Sick Time. A valuable calculation figure to be reported as a liability in financial statements. liabilitye correct Anal sis current) beingconducted to detern figure; funds will be set aside to meet the Town's obligation) *Pension Plan-Town's share of Liability not determined. r Recommendation to request actual valuation from the County as to r calculated funding schedule for the Town. fy Ell " With regards to the Pension Plan, Mr. Byron has agreed to review the report related to the Pension Plan Reserve; County Retirement System. *Mr.Whritenour indicated that he intends to complete the above three exceptions to fully comply with Generally Accepted Accounting Principals. .y *A copy of the Auditor's Report will be issued to the School Department Yr for comment as it relates to the above determinations. Other recommended areas of improvement include; *Tracking the Ambulance Receivables in the Town's General Ledger *Funding of Capital Projects (Review Capital Improvement Article regarding method of appropriation) *Tracking Trust Funds in the Town's General Ledger k Over the past three years,the financial condition of Mashpee has improved substantial) k y indicated indi cated Mr.Byron. The Accountant and her staff were commended for their sound j udgment and maintenance of accounting principals and practices for the Town of Mashpee.