Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit And Accounting topic
No spam. Unsubscribe anytime.
Board seeks accountant letter on audit status and reviews performance-agreement billing process
Summary
Members asked the accountant to confirm whether the EDA needs an audit or tax filing and discussed whether bills and reimbursements were routed correctly through town and state performance agreements.
Board members raised questions about accounting, audit obligations and the routing of reimbursements through town accounting. One member asked the accountant to provide a letter on official letterhead clarifying whether the EDA must perform an audit or file tax forms this year; the accountant was asked to confirm that an audit was not required given the authority's current cash balance and activity.
Members also reviewed how the state's performance agreement and town procedures interact: the state reviews developer-submitted invoices and the town then routes reimbursements; the board asked for copies of both performance agreements (town-state and EDA-town) to understand who is responsible for reviewing bills and to ensure the EDA exercises appropriate fiscal oversight going forward.
The board directed staff to request a written clarification from the accountant and to provide copies of the performance agreements at the next meeting for review.
