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Officials say corrective action plan for prior audit is pending; town administrator will finalize language
Summary
Board members were told the corrective action plan (CAPA) stemming from an unresolved 2023–24 audit remains open; town and school officials will collaborate to finalize the CAPA so future treasurers can reconcile BOE and town accounts.
Jeff updated the board on an outstanding corrective action plan tied to the 2023–24 audit, explaining the issue centers on reconciling school finance transactions across multiple BOE accounts with the town's financial statements.
"The treasurer is attempting to reconcile the monthly information that she receives from the board of education into the financial statements for the town," Jeff said, describing differences in accounting treatment across the BOE operating, grant, student activity and cafeteria accounts. He said the auditor accepted a CAPA drafted by the departing finance officer Eric but that the BOE finance officer Valerie disputed parts of it. Jeff told the board he has taken responsibility to draft a workable CAPA and hopes "to have it done by the end of the month and have Valerie approve it."
Members clarified the audit year in question is 2023–24 and asked for a joint meeting among the town, BOE finance staff and the auditor to resolve remaining corrective language. Jeff said the matter is primarily a reconciliation and reporting process to ensure monthly numbers make sense for future treasurers and the Board of Finance.
Next steps: Jeff will draft the CAPA language, coordinate with BOE finance staff, and aim to present a finalized plan for the board's review by the end of the month.
