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Rutland regional planning commission approves FY24 audit after treasurer reports no findings
Summary
Treasurer Mary Kaye told the Rutland Regional Planning Commission the FY24 audit had 'no findings or recommendations'; the board voted to approve the audit while authorizing auditors to make agreed edits. The net loss of $90,534.43 was attributed largely to the Rutland Creek Path project and noncash accounting entries.
At its December meeting, the Rutland Regional Planning Commission approved the fiscal year 2024 audit after Treasurer Mary Kaye reported the audit "went well" and that the auditor had issued no findings or recommendations.
Kaye told commissioners the organization reported an overall net loss of $90,534.43 for FY24. She said the largest single component of that result was $81,264 related to the Rutland Creek Path project, for which the commission serves as fiscal agent. Kaye also explained that noncash accounting entries — including a retirement journal entry of $44,666 and depreciation expense of about $5,266.52 — contributed to the reported loss. She said the commission’s budget-to-actual comparison, excluding capitalized items moved to the balance sheet, showed a positive result.
Kaye flagged other draft items she planned to clarify with the auditor the following morning, including the treatment of interest income and whether certain interest and miscellaneous revenues should be reflected in schedule lines consistently with prior years. She noted a draft lease-related amount of $39,600 tied to the former location and asked the auditor to confirm that FY25 lease expense should not be included if a lease was not signed as of June 30, 2024. Kaye also proposed a wording change on page 15 to refer to the Rutland Creek Path as a "project" rather than an "organization."
Commissioners questioned and discussed schedule presentation, indirect-rate calculations required by VTrans, and small proposed reclassifications pending auditor confirmation. Kaye said one line in the draft shows funds held for others for the Creek Path project; the transcribed figure in the draft is unclear and will be confirmed with the auditor.
Following that discussion, an unidentified commissioner moved to approve the FY24 audit as presented with the understanding auditors would make the clarifying edits Kaye outlined; the motion was seconded and the board voted in favor. Chair declared, "The ayes have it." The commission then adjourned at about 6:27 p.m.
