HomeMy WebLinkAboutAudit Comm. 12/19/2024Town of Mansfield
6 Pak Row, Mansfield, Massachusetts o2o48
RECEIVED
ro YN CLERKS OFFICE
Audit Committe S OCl -2 A 11: 18
MANSFIELD
Present: Mr. Walter Wilk, Ms. Kelly Bussiere, Mr. Steve Schoonveld, and Mr. Saravanan Karuppusamy were
present in meeting room 2 A/B at Town Hall.
Also Present: Mr. Matt Violette, Assistant Town Manager/Finance Director and Mr. Nick Monticello, Town
Accountant were both present along with Mr. Frank Serreti and Ms. Laura Stone Marcum Accountants
Advisors.
Not Present: Mr. lack Cooney
1. Call to Order Meeting:
Kelly Bussiere called the Audit Committee Meeting to order at 5:08 PM.
2. Approval of Meeting Minutes from September 25, 2024
Motion: To approve the meeting minutes of September 25, 2024 as written. (Schoonveld/Wilk) Passes 4:0
3. Town of Mansfield Audit Review and Acceptance
Nick advised that this year's process went smoothly, and then introduced Mr. FrankSerreti and Ms. Laura Stone
of CBIZ CPA Accountants Advisors who were present from the firm previously owned by Marcum Accountants
Advisors. Mr. Serreti gave the Audit Committee a status update and advised that the reports were presented
to Nick and Matt. He stated that the audit process was typical and timely. Ms. Stone stated that they firm is
awaiting confirmation from Town Counsel to advise on the status of any current litigation. Once those letters
are received they will then wrap up the audit. The audit will be issued under Marcum due to merger agreement
with CBIA.
Summary of Comprehensive Report
Mr. Serreti stated that Mansfield received the best standard an organization can get. He received timely
responses to all questions providing him with reasonable assurance. He added, all accounting estimates were
based on knowledge and experience, and assumptions of future events, and the evaluation determines that
underlying assumptions are reasonable. There were no difficulties when dealing with management while
performing audit. No adjustments will be required. No disagreements with management occurred during the
course of the audit.
Mr. Serreti noted that when the firm was here before they found a deficiency with MMED inventory. He advised
that this had to be noted on the Town's audit because it is a department of the town. Mr. Wilk commented
that that deficiency has been remedied. Mr. Serreti stated that no other control deficiencies were found.
Ms. Stone stated that the ACFR will be submitted to GFOA prior to 12/31/24 for the certificate program. She
offered the following overview. The general fund budget was $2.3M over in total revenue and there were $2M
in turn backs. No major funds needing to be presented separately. The report includes summaries of five
enterprise funds, with MMED having completed its own audit. For the Town, OPEB is the biggest liability with
its open separate fund set aside for OPEB liability. There has been $1.2M contributed to that fund. Ms. Stone
Audit Committee Meeting
December 19, 2024 Page 1
continued, the total liability decreased a bit. Pension is a significant liability. $69.5M debt liability for the Town.
$46.2M governmental debt, $23M capital debt. There was a brief discussion on the status of OPEB for the
enterprise funds. Two of the enterprises have asset positions in terms of OPEB.
Mr. Karuppusamy asked about the audit process and how the audit firm approached IT assessments. Mr. Wilk
commented that the biggest financial risk with from cyber exposure. Mr. Violette comment on other initiatives
related to cyber security.
Motion: To accept the Town of Mansfield Audit as presented. (Schoonveld/Wilk)
Passes 4:0
4. Any items not anticipated by the Chair 48 hours prior to this meeting
S. Adjourn
Motion: To_a�ufmth-u meetingon December 19, 2024 at 5:39 PM. (Schoonveld/Wilk)
Date
Minutes prepared by Nancy Griffin
Audit Committee Meeting
December 19, 2024 Page 2