City of Central Falls
Finance Committee Meeting
City Hall Council Chambers
MONDAY
April 14, 2003
5:30 P.M.
A meeting of the Central Falls City Council Finance Committee was held on the above date in the City Hall Council Chambers at 5:30 p.m.
Finance Chair Jason Leger presided and noted for the record that Councilman Patino and Councilman Noury were present.
1. Audit
Cayer Prescott Clune & Chatellier
Audit report ending June 30, 2002
Peter Chatellier was present and explained the Audit report. He commented on the City’s fixed assets report and the pension funding liability that is presently undergoing an actuarial study. He commented on GASB 34 and explained the balances on a budgetary basis.
Councilman Noury stated that the Council is looking to implement controls which is why they adopted the worksheet as the budget.
Mr. Chatellier explained the reportable conditions with regard to the audit. He spoke on the separation of duties in the Finance Office and stated that because of the size of the staff there is not good separation and clerks are involved in too many aspects of a transaction. He related that this leads to potential problems and he suggested there needs to be more people or more hours in the Finance Department.
Councilman Noury stated that this has been a problem for a few years and that without a Finance Director things have not been complete.
Councilman Patino stated that perhaps things could be completed sooner so that the audit could be completed earlier.
Councilman Noury stated that the loss of help in the Finance Office contributed to the situation.
Discussion continued.
Chairman Leger thanked Mr. Chatellier for his time.
2. Unfinished Business
3. New Business
4. Adjourn
Motion to adjourn was made by Councilman Noury and seconded by Councilman Patino. All Agreed. So Voted. Time 6:30 p.m.
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Elizabeth A. Crowley, CMC
City Clerk