Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Select Board hears finance update: $1M monthly rollover and audit site visit set for September
Summary
Tom McGurty reported a $1 million monthly investment rollover yielding about $220,000 last year in government-securities income. Auditors from R.H. Smith scheduled a site visit for September and provided an audit checklist.
At the July 31 meeting, Select Board member Tom McGurty reported that the town's municipal finance practice is rolling over $1 million each month into investments and that last year's government‑securities income totaled about $220,000 compared with roughly $15,000 in prior years.
McGurty said auditors from R.H. Smith met with town staff and provided a checklist, and a site visit for the audit is scheduled for September. He praised Treasurer Lauren's work on treasury functions and advised a closing-date conversation to align staff and auditors on timelines. The minutes record no vote or further action on investment policy at this meeting.
