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Council ratifies short-term finance consultant and hears first-quarter budget update as auditor-general reviews continue
Summary
The council ratified a contract for finance consultant Robert Schramm and received a finance director overview showing revenues at about 28.7% of budget through 9/30/2024; council discussed ongoing auditor-general reviews of FY23 and FY24 and said monthly reporting will continue.
The Coventry Town Council ratified a short-term contract to retain Robert Schramm to assist the finance department and received a quarter-end budget update from Finance Director Civetti.
Manager requested ratification of a contract with Robert Schramm, described as a long-time municipal finance director, for 8 hours per week at $50 per hour to be funded from the finance professional-services line. The motion to ratify was made and approved by roll call (3–0).
Finance Director Civetti reviewed the balance sheet and budget-vs.-actuals through Sept. 30, 2024, noting that "actual revenues collected through September 30 represent about 28.7% of the budgeted amounts," and explained several items: school-department miscellaneous revenue not yet posted, higher reported police-detail revenue (now treated gross for state reporting), certain insurance and workers’-compensation overages, and the plan to transfer excess investment earnings to the revolving capital fund per Resolution 2024-11. Civetti reported that overall revenue is trending slightly higher and expenditures are in line early in the fiscal year.
Council president and members discussed the auditor-general meeting (referenced as occurring on 10/09/2024) and emphasized that the FY23 audit must be completed and numbers confirmed before the council pursues any corrective-action plan. Finance staff confirmed ongoing monthly meetings and additional monthly reporting requested by the auditor general.
The council approved Resolution 2024-84 to create a compensated-absence retirement escrow (special revenue) fund to begin setting aside reserves for accrued vacation and sick-time liabilities; officials described an illustrative liability of approximately $3,000,000 if all accrued balances were paid and noted an initial transfer could be considered with annual contributions of up to $150,000 when revenues allow. The motion to create the fund passed by recorded vote (3–0).
