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Auditor flags tax-recap gap, pension risks and control gaps in Town of Templeton fiscal 2024 review
Summary
Tony Roselli, managing partner of Roselli Clark & Associates, presented highlights from the Town of Templeton's fiscal 2024 audit at the Select Board meeting on June 25, saying auditors found a $112,000 variance between the tax recap and budget workpapers and flagged pension and retiree-health funding risks.
Tony Roselli, managing partner of Roselli Clark & Associates, presented highlights from the Town of Templeton's fiscal 2024 audit at the Select Board meeting on June 25, saying the report includes several observations the town should address.
Roselli told the board auditors could not reconcile the town's tax recap with budget workpapers and reported a variance of $112,000. "We were unable to reconcile that. It was off a $112,000," he said. He described that discrepancy as an audit finding that whoever prepares budget-to-recap reconciliations should resolve.
The audit also pointed to pension and retiree-health liabilities that could strain future budgets. Roselli said the town's other-post-employment-benefit (OPEB) liability was about $9,000,000, and the plan-asset ratio for the town side of OPEB was roughly 13 percent, while the town's participation in the Worcester County contributory…
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