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CRRPC finance committee reviews Q1 FY22 finances, recommends acceptance of FY21 draft audit
Summary
The Chittenden County Regional Planning Commissionjoint Executive & Finance Committee reviewed Julythrough September FY22 finances, approved quarterly journal entries, and voted to recommend acceptance of the FY21 draft audit (one abstention). Staff noted stable cash after a delayed VTrans payment and possible midyear indirect-rate adjustments.
The Chittenden County Regional Planning Commission Joint Executive & Finance Committee reviewed the first-quarter FY22 financial results and recommended the board accept the FY21 draft audit during its meeting on Dec. 1, 2021.
Forest Cohen, senior business manager, presented the quarterly review covering July through September 2021, reporting operating cash of $163,702, money market reserves of $305,009, current assets over liabilities of $950,794, and deferred income for communities-match of $202,565. Forest said operations support revenues were slightly ahead of budget at 25.3 percent and that a modest first-quarter deficit was manageable. He told members the fiscal year began with relatively low cash due to a delayed payment from VTrans but that subsequent payments and collections restored balances.
"We may lower our indirect rate slightly at midyear," Forest said, adding that last year's slight over-collection may produce a manageable penalty. Treasurer John Zicconi chaired the financial items and fielded members' questions about projections and allocations.
Jeff Carr, the committee's finance representative, moved to approve the quarterly journal entries for July through September 2021; Bard Hill seconded and the motion carried unanimously. Later, John Zicconi moved and Jacki Murphy seconded to recommend board acceptance of the FY21 draft audit report; the motion carried with one abstention from Mike O'Brien.
Members discussed the usefulness of more detailed cash-flow projections and multi-year comparisons to improve forecasts. Jacki Murphy asked whether salary amounts shown in journal entries reflect each person and their time on projects; Forest confirmed allocations are applied across projects. Executive Director Charlie Baker noted October had three payroll runs, which temporarily increased salary expense in early FY22, and said staff would monitor alignment as the year progresses.
The committee concluded the financial portion of the meeting at 6:12 PM. The committee will send its recommendation regarding the FY21 draft audit to the full board for action and will provide midyear budget and UPWP adjustments when staff closes November finances.
