01/07/2021 FINANCE COMMITTEE Minutes

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7 Finance Committee Minutes January 7, 2021 Update on status of Annual Audit: At the last meeting the Finance Committee began the discussion of developing a Request for Proposal (RFP) for auditing services with the Town Manager, Finance Director and Town Treasurer/Tax Collector. In considering the RFP proposed for future auditing services a draft outline of requirements was presented by the Town Manager's Financial Team. Qualifications and requirements for consideration include; Significant experience, at least 50 municipal audits completed Audits to be completed in at least 25 Massachusetts communities Knowledge of the MUNIS software system A large firm with a minimum of 25 employees For questions on matters outside of the normal audit cost, no additional billing charges to be incurred To include the Federal audit in cost assumptions To supply at least 5 references from other municipalities To present the audit findings to the Town at no additional cost To provide electronic and paper copies of the audit To perform a portion of the audit in-house for security of documents and to bring familiarity with departments Proposal to state the services that would be provided for the cost Auditing firm to be licensed with the State of Massachusetts Offices would not be required to be located in Massachusetts It was agreed the list of recommended requirements/qualifications would be forwarded to the Finance Committee in addition to (2) sample Request for Proposals. Review of Departmental Budget Requests: It was agreed the Finance Committee would defer comments and action associated to the FY22 Budget for the Town Manager's Budget Recommendation. The Finance Committee through the Chair will request to jointly review the Town Manager's FY22 Budget Recommendation with the Select Board at their January 25, 2021 meeting. A brief discussion ensued regarding Capital Improvement Program (CIP) expenses. The large capital item under consideration is the Department of Natural Resources (DNR) building an estimated expense of$4 million. It was noted the DNR currently operates out of multiple Town locations. A new facility would be conducive to the needs of the DNR especially for the continuation of the aquaculture program, a major component of the Wastewater Plan.