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The Permanent Audit Committee was established pursuant to Article 16 of the Town’s By-Laws. The committee is charged with assisting the Selectmen in the selection of an independent auditor to perform an audit of the Town’s accounts, to monitor the work of the audit and to participate in a review and discussion of the audit’s findings. After 20 years of dedicated service to the Town, John A. Foppiano, who served as a member and then chairman for many years, has resigned. His expertise, energy and effort on behalf of Belmont will be missed. Robert A. Rifkin also completed his service as a member of the committee, and we thank him for his time and advice. The other appointees to the committee are Henry L. Hall Jr. Esq. and Robert A. Keefe. Frank A. Caruso and Ernest E. Fay were newly appointed to the committee.
Town By-Laws require that an audit be carried out not less than triennially. The Town, however, undertakes an annual audit to comply with federal regulations which call for an annual audit for recipients of certain federal funds. Additionally, it is essential that audits be completed in a timely fashion in order to ensure the maintenance of the Town’s AAA credit rating, which is the highest rating category of Moody’s Investors Service. The Town’s credit rating has resulted in favorable rates and lower borrowing costs. The Aaa rating was last affirmed on August 15, 2002.
The accounts of the Belmont Contributory Retirement System for the year ending December 31, 2002 were audited by KPMG LLP. The Municipal Light Department’s accounts for the year ending December 31, 2002 were audited by Goulet, Salvidio & Associates, PC.
The Town’s general accounts for the fiscal year ending June 30, 2003 are being audited by KPMG LLP. This will be the first year that the Town is required to be in full compliance with the reporting requirements of the new regulations of the Governmental Accounting Standards Board (GASB No. 34), including the first comprehensive reporting of all town-owned fixed assets. Adjusting the financial statements for these changes is a major undertaking but due to the extraordinary efforts of the Town Accountant and KPMG LLP, the committee expects to meet the statutory reporting requirement by the April 26, 2004 Town Meeting. The financial statements appearing after the Town Accountant report are the Town’s internal unaudited statements. The Town’s financial adviser has copies of these reports. The Town’s audited statements are due on April 7, 2004 and, when received, will be reviewed by the committee.
The FY03 audit is the fourth in a five-year contract with KPMG LLP, which has completed 13 years of service to the Town. The committee expresses its sincere appreciation to Town Accountant Barbara Hagg and Brock Romano and his associates at KPMG LLP for their efforts on behalf of the Town of Belmont. Town Treasurer Susan Kendall Freiner serves as Clerk of the Committee. The committee also thanks Board of Selectmen Chair William N. Brownsberger and Town Administrator Melvin A. Kleckner for their participation on this committee.
Respectfully submitted,
Ernest E. Fay, Chairman
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