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Audit Committee approves ACFR and will recommend Town Council adoption after minor edits
Summary
The Audit Committee approved the town's draft Annual Comprehensive Financial Report (ACFR), removed a related-party disclosure deemed immaterial, added a subsequent-events note about a lessee rent abatement, and voted to recommend the ACFR to the Town Council at its meeting next Wednesday at 7 PM.
The Audit Committee met to finalize the town's annual comprehensive financial report and voted to recommend that the Town Council adopt the ACFR at its meeting next Wednesday at 7 PM.
The committee approved the draft ACFR, including the management's discussion and analysis, the auditors' report from PKF, and the supplementary information after staff and the auditors described two specific updates since the December 3 draft: removal of a related-party disclosure and the insertion of a subsequent-events note concerning a lessee rent situation. "It is completely immaterial," said Speaker 4 when agreeing the related-party disclosure (about "a little over 100,000" this year) could be removed. On the subsequent-event, Speaker 3 said the lessee had been on rent abatement through September and "there was no default at that…
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