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Auditor explains process, reserve fund options to North Canaan board
Summary
King and King auditors told the Board of Finance how the audit team divides tasks, when they would escalate real issues, and listed options for using large reserve funds, including capital projects, road maintenance, or non-recurring purchases that would require town meeting approval.
Chris King of King and King and colleague Marshall Dean presented the town's audit approach and explained how the audit team divides responsibilities and reaches conclusions.
Mr. King told the board that "if there was a real issue they would be in touch with the board of finance in real time and not wait until the audit was finished," and he described how the firm reaches findings. The auditors and board discussed reserve funds: uses could include financing next year's audit, funding a capital project, allocating to a road-maintenance reserve, or placing money in a non-recurring account for items such as new fire trucks or bridge repairs. Any decision to dispense reserve funds would require action at a town meeting.
The board also touched on reimbursement matters: a large portion of the State reimbursement for Union Station funds was returned and the remainder must come out of the general fund; the Tobey Hill bridge project still has some non-reimbursable expenses outstanding.
