Canton, Massachusetts · Saved source text
BOS minutes 04-30-19
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,.f~. ~ p'o'i ` , ~i Board of Selec$rnen Minutes April 30, 2019 Memorial Hall, SO1 Washington Street, Canton, MA Salah Meeting Room 5:30 p.m. Present: Chairman Mark J. Porter I Vice Chairman Christopher J. Connolly ~ Clerk Thomas W. Theodore John J. Connolly I Michael C. Loughran Also Present: Charles J. Aspinwall, Town Administrator and Laurie Bogue, Administrative Secretary Meeting was called to order at 5:34 PM. Selectmen John Connolly asked for a moment of silence for Sally Russell, wife of the late former patrolman Robert Russell, mother of Paula Galvin, Susan Langan of DPW Department, Karen Studholme and Robert Russell Jr. and mother in law of Rep. Bill Galvin, Brian Langan and David Studholme. Audit FY 2018 &Management Letter The Auditors Paul Gargano and Tony Roselli from Roselli, Ctark &Associates came before the board to discuss the FY 2018 Audit. An audit is required, when you exceed a certain amount of federal funding and if you have 10 Million in bonds. The auditors reviewed all the major transactions and risk assessment. There are two standards a clean opinion verses qualified opinion. A clean opinion is when the town has followed standards. A qualified opinion is when the Town has failed to do something in accordance with standards. The Town has received a clean opinion. The final SAS 115 establishes standards and provides guidance, there are items they look for significant deficiency and material weakness. There were none found. Canton's financial trends are excellent. Metric exceeds high end credit rating of 15%expenditures. Metric well above state averages Town has been awarded with highest bond rating AAA for over 10 years with respect to investment appeal. This places Canton in top 10% of communities in the Commonwealth. Mr. Roselli made some recommendations to the board. Continue to conserve free cash, make efforts to continue to replenish free cash, continue to prepare for long term financial projections, enforce financial reserves policies, and continue funding or increase funding of OPEB. Develop programs to track revenue and reconcile with Munis_ Create a process to track the source of each insurance claim and when project is complete close and transfer to the general fund. There was a brief discussion on new SEC disclosures.