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Town auditor: pension liability improves; OPEB assets rise, but bookkeeping cleanups remain
Summary
The town auditor presented the FY2025 governance report: pension liability fell and OPEB funding grew, but auditors flagged several housekeeping issues — tax‑lien balances, a retirement withholding account, police detail reconciliations and water receivables — for the audit committee to monitor and resolve by next year.
Town auditor Tony Rosselli presented the FY2025 governance letter and highlighted improvements in pension and OPEB funding: the town’s share in the Bristol County Contributory Retirement System showed a lower liability and plan assets improved, while town OPEB assets increased to roughly 21% funded. Rosselli urged continued attention to network security and cash‑handling controls and identified several administrative reconciliation items that the audit committee will track (tax liens, a retirement withholding account, police‑detail reconciliation and water user receivable variances).
Audit committee members said the committee will follow up and work with the treasurer and town accountant to close minor variances and that there were no material weaknesses in the audit — an important milestone for municipal financial management.
What happens next: The audit committee will review progress on the listed housekeeping items and report to the Select Board; staff will implement checklist improvements to reduce closing adjustments.
