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Controller highlights strong bond sales, addresses speed-camera funds and audit findings
Summary
Controller Miss Lynch reported competitive bond and note sales that should lower borrowing costs, said speed-camera citations have not yet generated town revenue due to processing and timing lags with vendor Blue Line Solutions, and summarized findings from a parking services audit accepted by the board.
Controller Miss Lynch told the board that the town's recent bond and note sales closed Feb. 5 and attracted competitive bids (winning bidders were named in the presentation), with net interest costs favorable to the town. She said the market's positive response reflects Greenwich's strong credit and should translate to lower borrowing costs for taxpayers.
On speed-camera revenue, Lynch said the town has not yet received funds because the program has processing fees and timing lags with the vendor Blue Line Solutions; some citations were processed but not sent initially, and the vendor charges a processing fee per citation. Lynch said the finance team and police are meeting the vendor in early March to resolve timing and fee accounting.
The controller also summarized internal-audit activity: the parking services audit (CliftonLarsonAllen) received a satisfactory conclusion with three findings (cash and coin collection variances, unsigned preparer summaries, and one unsigned annual parking permit) and the audit committee recommended accepting the report; the BET approved the audit report by voice vote. Lynch noted ongoing audits (DPW haulers and an audit of BOE HR processes) and that presentation practices for final audit reports will be updated going forward.
Board members praised the finance team's bond work and noted reported reductions in speeding at camera sites; queries about processing and reporting were directed to the controller who outlined next steps.
