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Monroe treasurer reports stronger-than-planned interest income; board reviews internal controls and procurement workflow
Summary
At the June 18 meeting the treasurer reported May interest income of about $133,000 and year-to-date interest just over $2.4 million, and staff reviewed internal controls for credit-card custody, purchase orders and the purchase-order workflow; audit questionnaires were distributed to board members.
The Town of Monroe Board of Finance spent part of its June 18 meeting reviewing the town’s year-to-date financial position and the finance department’s internal controls and procurement processes.
Treasurer Frank Duchess told the board that May interest income was approximately $133,000 and that year-to-date interest totaled just over $2.4 million against a plan of about $2.35 million. "May our interest income was 133,000 and change. um made year to date were just a little bit over 2.4 million against a plan of 2.35," he said, and added he expected full-year interest income to land near $2.6 million given current short-term rates. He noted the town had T-bills maturing and recent purchases yielding roughly 3.67% in the 12-month instrument, and that STIP rates had been in a narrow range around 3.70–3.75%.
On budget details, staff reviewed payroll encumbrances and said teacher payroll encumbrances (listed on the budget report) had been paid with the early June payroll. A town staff member noted a press-box project overrun caused by unforeseen subsurface conditions; the board of education budget would cover that overrun, staff said.
Board members and finance staff also discussed the annual audit questionnaire and controls. Staff described custody and reconciliation procedures for municipal credit cards (kept centrally in finance, sign-out and receipt procedures, reconciliation on statement arrival), a division of duties in accounts and a purchase-order workflow that generally requires departmental approval and subsequent review by finance and the first selectman before the treasurer signs warrants or wires. Heidi (finance staff) explained that emergency direct purchase orders can occur when contracts have already been approved by town council and are budgeted.
The chair asked members to complete and return audit forms (email address in the audit letter); staff suggested forms be returned to Catherine by the end of the month.
What’s next: staff will prepare any follow-up materials and the board will proceed to formal motions on appropriations later in the meeting.
