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Audit flags depreciation, investment and related-party issues; town plans auditor briefing
Summary
Auditor’s report highlighted that Brookfield has not capitalized and depreciated its capital assets, flagged custodial risk in some investments and recommended competitive oversight for related-party contracts. Selectboard members asked the auditor to explain findings in a future meeting.
The town’s audit report drew sustained scrutiny at the meeting after members read a summary of the auditor’s findings and recommendations, including the absence of capital-asset capitalization and depreciation, investment custodial risk and potential issues around related‑party contracting.
Officials noted the audit’s central recommendation that capital assets (for example, the townhouse, town building and other infrastructure) should be inventoried and depreciated following generally accepted accounting principles and GASB guidance. The audit language cited the applicable GASB requirement and recommended that capital-asset records include description,…
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