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FINCOM 20230125 Minutes
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Vote::rr Canton Finance Committee Minutes .. 801 Washington �h m' 02021 Street Meeting Minutes January 25,2023 Finance Committee Members Present: Dave Clough, Dan Cole, Karen Foley, Emilio Mauro, Tim McKenna, Maureen Menconi, Reuki Schutt and Cindy Thomas. Finance Committee Members Absent: All members present. Guests Present: Charlie Doody, Town Administrator Paul Gargano, Partner, Roselli, Clark & Associates Ellen Jones, Finance Committee Recording Secretary Lisa Lopez, Vice Chair, Select Board Tony Roselli, Partner, Roselli, Clark & Associates Randy Scollins, Finance Director Call Meeting to Order: Ms. Thomas called the virtual meeting to order at 7:01 p.m. She stated the purpose of the meeting was to hear the FY22 Auditors Report, to hear the Finance Directors review of the FY24 Municipal Operating Budget Requests and to discuss the preliminary report of the Sub -Committee regarding elected official's compensation. In Memorium Dr. Rob Barker, a member of the Finance Committee, recently passed away. Committee members took a few moments to reminisce about his many significant contributions to the School Committee, the Finance Committee and the community. Dr. Barker would ask questions at Finance Committee meetings that he full well knew the answers to, but the answers were for the benefit of the TV viewers and the residents tuning in to the meetings. It was because of Dr. Barker's devotion and commitment to transparency that he continued to inquire. He is deeply missed and may he rest in peace. Welcome New Member Maureen Menconi Ms. Thomas welcomed new member Maureen Menconi to the Finance Committee. Maureen stated she has been a resident of Canton for 25 years and raised her four children in Canton. She is a Finance Manager for South Boston Neighborhood Development Corporation, a non-profit company in South Boston that maintains 165 affordable housing units in South Boston. The Corporation is committed to providing affordable units for residents, the elderly and veterans who might not otherwise be able to afford to live in the city. The Finance Director and the members of the Committee introduced themselves to Maureen. Auditor's Report FY22 — Roselli. Clark & Associates Mr. Scollins introduced Tony Roselli and Paul Gargano, partners of Roselli, Clark & Associates. The following are some of the highlights of the PowerPoint presentation and the discussion: • The Town completed its Annual Comprehensive Finance Report by the December 31, 2022 deadline This report was submitted to the Government Finance Officers Association (GFOA) where it is graded. The Town once again received an award for their excellence in financial reporting from the GFOA. This is the 1611 year the Town has received this award. Mr. Roselli acknowledged that the excellence in financial reporting process was first started by the former Finance Director, Jim Murgia. • The Town has maintained its AAA bond rating for 12 consecutive years. • The auditors performed a sample audit of major transaction types — assessing risk, determining if risk is tolerable and testing transactions to determine if their initial assessment is accurate. The auditors review receipts, payrolls and disbursements. The audit is not a forensic audit. The audit is performed in accordance with Generally Accepted Government Accounting Standards (GAGAS). • Because the Town receives more than $750,000 in annual financial assistance (grants) the auditors perform a single audit. FINCOM 20230125 Minutes WRS CT.docx Page 1 of 6 1/28/23