Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit And Insurance topic
No spam. Unsubscribe anytime.
Maywood Board hears audit urging stronger checks, approves $718,695 liability insurance renewal
Summary
Auditors told trustees to read the management letter to improve checks and balances; trustees then approved a renewal of liability insurance after being told the program had a modest 1.7% increase, with the renewal amount set at $718,695.
The Village of Maywood received its annual audit briefing and approved a liability insurance renewal during the April 9 board meeting.
Jason Coyle, CPA of Baker Tilly, summarized governmental activities, assets and liabilities, pension fund positions and water fund cash flows. Coyle urged trustees to examine the management letter, saying it is important "to improve checks and balances." Trustees asked questions about audit findings and the management letter; Coyle and Village Manager Willie Norfleet Jr. responded to trustee concerns.
On insurance, Thomas Collins of Alliant/Mesirow presented renewal results, reporting "a minimal increase of 1.7% for the total insurance program" and noting a $3,693 increase for the property insurance program. Mark Walters described risk-management steps, including faster treatment for workers' compensation claims and ergonomic assessments. Trustees unanimously approved the Alliant/Mesirow liability insurance renewal and later approved the stated renewal amount of $718,695.00.
Why it matters: The audit briefing flagged internal-control issues that trustees said they want addressed; the insurance renewal commits a significant operating expense and was approved after staff explained the modest premium increase and risk-mitigation steps.
Next steps: Trustees were encouraged to read the audit management letter and staff were tasked with following up on audit recommendations to strengthen internal controls.
