Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fy21 Audit topic
No spam. Unsubscribe anytime.
CCRPC committee recommends board accept FY21 draft audit after auditor reports no findings
Summary
The Joint Executive & Finance Committee recommended the CCRPC Board accept the FY21 draft independent audit after auditor Fred Duplessis reported no control weaknesses, explained VMERS pension accounting effects that shift more than $600,000 of equity for management analysis, and described a modest indirect-rate variance.
The Chittenden County Regional Planning Commission’s Joint Executive & Finance Committee on Nov. 3 recommended that the full CCRPC Board accept the FY21 draft independent audit report after hearing an overview from the auditors.
Fred Duplessis, CPA with Sullivan, Powers & Co., presented the draft audit and said the report was prepared under Government Auditing Standards. He told committee members the audit identified no material control weaknesses or findings and that the CCRPC continues to qualify as a Low-Risk Auditee, a designation that eases federal fund oversight.
Duplessis explained the Vermont Municipal Employees’ Retirement System (VMERS) pension accounting must be reported on the balance sheet and can create a large liability that management cannot directly control. He said the audit packet includes a “Statement of Net Position without VMERS Pension” that, for management analysis, restores more than $600,000 of equity to CCRPC’s net position.
The auditor also reviewed CCRPC’s indirect cost calculations. The approved indirect rate for FY21 was 83% while actual indirect costs were 76.91%. Duplessis said the roughly $49,000–$50,000 difference contributed to the year’s surplus; CCRPC reduced its applied rate midyear from 83% to 80%, which he described as a prudent action.
The audit presentation covered federal compliance reporting, noting the major program category under the Catalog of Federal Domestic Assistance is 20.205 (highway planning and construction). Duplessis said the single-audit compliance reports were favorable.
After discussion, Treasurer John Zicconi moved — and Mike O’Brien seconded — that the committee recommend the Board accept the FY21 draft audit report. The motion carried unanimously.
The committee’s recommendation will be forwarded to the full CCRPC Board for action at an upcoming meeting.
