5/21/2018 BOARD OF SELECTMEN Minutes

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6 Board of Selectmen Minutes May 21, 2018 APPOINTMENTS & HEARINGS Joint Meeting with Finance Committee—Exit Interview with the FY 2017 Auditors: (continued) Highlights of the financial activities for the fiscal year ending June 30, 2017 include the following; • The assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by$66,284,716 (net). • The Town's total net position decreased $1,494,479. • At the end of the fiscal year,the unassigned fund balance for the general fund totaled $13,357,514 or 20.9% of the total general fund revenues and transfers in. • The long term debt decreased by $8,509,465. The governmental fund balance sheet is reflective of; $18,075,566—Total Fund Balances ($3,997,133 restricted - $13,357,514 unassigned) • $7,666,529—Community Preservation • $4,411,323 --Street Betterments 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 • $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 year-long revision of school policies.