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CCRPC committee recommends board accept FY20 audit, approves quarterly journal entries and first-quarter review
Summary
At its Nov. 4, 2020 remote meeting, the Chittenden County Regional Planning Commission Executive Committee recommended board acceptance of the FY20 draft audit, approved July–Sept. 2020 journal entries and reviewed FY21 first-quarter finances, which show a modest YTD surplus and healthy reserves.
Mike O’Brien, chair of the Chittenden County Regional Planning Commission Executive Committee, presided over a remote meeting on Nov. 4, 2020, at which the committee recommended that the full board accept the draft FY20 independent audit and approved the quarterly journal entries for July–September 2020.
Fred Duplessis, CPA of Sullivan Powers & Co., presented the draft audit and told members the engagement followed Government Auditing Standards. “The audit was very good overall and there were no findings of control weaknesses,” Duplessis said, and noted CCRPC “continues to qualify as a Low Risk Auditee,” a designation important to federal funders.
After Duplessis reviewed the multi-part report and explained how CCRPC’s participation in the Vermont Municipal Employees’ Retirement System (VMERS) can create a sizable, management‑limited liability on the balance sheet, the committee voted to recommend board acceptance of the draft audit report.
Forest Cohen, Senior Business Manager, led the committee through the quarterly journal entries (July–September 2020); Jeff Carr moved and Catherine McMains seconded approval. Members asked for minor formatting edits, which Cohen agreed to implement.
Cohen also presented the FY21 first-quarter financial review (covering July 1–Sept. 30, 2020). Key unaudited figures presented by staff included cash in checking (operating) of $310,647; cash in the money market (reserve) $172,971; current assets over liabilities $796,828; deferred income — communities match — $205,833; and a year‑to‑date surplus of $26,103. Cohen and Executive Director Charlie Baker characterized the fiscal position as healthy and said staff may consider adjusting the indirect rate if necessary to avoid an unintended surplus at year end.
Votes at a glance • Approval of Oct. 7, 2020 Executive Committee minutes — moved by John Zicconi, seconded by Catherine McMains; carried unanimously. • Recommendation that the board accept the draft FY20 audit report — moved by Chris Shaw, seconded by Andy Montroll; carried unanimously. • Approval of quarterly journal entries (July–Sept. 2020) — moved by Jeff Carr, seconded by Catherine McMains; carried unanimously. • Adjournment of the meeting at 7:05 p.m. — moved by John Zicconi, seconded by Catherine McMains; carried unanimously.
The committee’s recommendation to accept the audit will be forwarded to the full CCRPC board for action; the committee did not take final board-level action on the audit itself at this meeting.
