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Finance staff report progress closing FY24 books and implementing Munis; audit committee flags reconciling work to finish
Summary
The Financial Audit Advisory Committee summarized FY23 audit findings (healthy fund balance but reconciliation issues); finance staff reported Munis general‑ledger is implemented, Munis payroll is underway and utility billing migration is planned to resolve outstanding reconciliations; auditors will start FY24 fieldwork in November.
The Financial Audit Advisory Committee presented its FY23 review at the Select Board meeting on Oct. 21, reporting a healthy unassigned fund balance at the end of FY23 (about $12.9 million) but identifying multiple internal‑control and reconciliation items that require work, notably water and sewer reconciliations and payroll withholding accounts.
Finance director Anthony (speaker 9) told the board that the Munis general‑ledger implementation is complete, Munis payroll implementation is in progress with a target for early calendar 2025, and town staff are evaluating bringing water, sewer and trash billing into Munis to eliminate reconciliation seams created by former disparate systems. He said the FY24 audit fieldwork is scheduled to begin in November and the department aims to close books in time for audit processes and spring free‑cash certification.
Why it matters: Implementing an integrated enterprise financial system reduces manual journal entries and reconciliation errors that have complicated past audits. Finance staff emphasized persistent work remains but noted progress on several long‑standing items and projected savings from administrative changes (an example cited was a change in retirement contribution rules with estimated annual savings).
Next steps: Finance staff will continue Munis rollout (payroll and utility billing modules), return with capital warrant items to support utility‑billing integration if needed, and keep the Select Board apprised as audit fieldwork proceeds.
