CCRPC reports $89,000 unaudited FY23 surplus; new auditor to present draft in November

Forest Cohen, CCRPC senior business manager, told the Joint Finance and Executive Committee that the unaudited FY23 result is “a surplus of revenues over expenses of $89,000.” The committee approved related journal entries and the FY24 first-quarter journal entries for July through September.

Cohen said remaining municipal dues at year-end were about $85,000 and cautioned that new lease accounting will likely increase rent expenses and reduce the surplus. “Allocating $100,000 of ACCD funds to match the transportation program freed up those dues,” he said, adding that the approved indirect rate and actual rate for FY23 differed by less than a percentage point.

Jeff Carr noted the committee is approaching its target of holding three months of operating costs in reserve. “We need to continue to be diligent and keep the balances,” Carr said. Cohen presented a Sept. 30 balance-sheet snapshot showing operating cash of $544,899 and money-market reserves of $411,028 and reported a FY24 Q1 surplus of $9,444 as of Sept. 30 (unaudited).

On auditing, Cohen reported that CCRPC engaged Marcum LLP (the Providence office) as the new auditor after a recommendation from the former auditor. He said staff has begun submissions to Marcum and expects the auditors to present a draft audit report at the Nov. 15 board meeting, with the Executive/Finance Committees to accept the audit on the board’s behalf at their December meeting.

The committee voted unanimously to approve the quarterly journal entries and other procedural finance motions recorded during the meeting. The draft audit will be the next formal milestone; the board will see the auditors’ report on Nov. 15 and the committees anticipate formal acceptance in December.