City of Central Falls
Finance Committee Meeting
City Hall Council Chambers
Monday, February 28, 2005
6:00 pm
A meeting of the Finance Committee was held on the above date in the City Hall Council Chambers at 6:00 p.m.
1.) Roll Call
Councilman Silva
Councilman Leger
Councilman Patino
Councilman Benson
Councilman Weber
Chairman Leger presided.
The Chair introduced the Auditors from the firm of Prescott, Chatellier, Fontaine & Wilkinson.
2.) Letter of Observations and recommendations noted during our audit for the fiscal year ended June 30, 2004.
Mr. Chatellier explained the observations in detail noting several areas in the Letter. He noted that the report is for the most part favorable. He commented on the unfunded pension liabilities and the need for separation of duties.
3.) Communication of matters required by statement on auditing standards #61 and #89.
Mr. Chatellier explained the auditing standards and GASB 34 requirements.
4.) Basic financial statements and supplementary information for the year ended June 20, 2004 with independent auditors’ report.
Mr. Chatellier proceeded to point out areas in the actual audit and explained each in detail.
5.) Audit discussion with Prescott, Chatellier, Fontaine, and Wilkinson, LLP
Discussion and questions continued.
6.) Unfinished Business
none
7.) New Business
none
8.) Adjourn
Motion to adjourn was made by Councilman Benson and seconded by Councilman Weber. All agreed. So Voted. Time 6:50 p.m.
Elizabeth A. Crowley, CMC
City Clerk