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.
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 June 21, 2004
The accounts of the Belmont Contributory Retirement System for the year ending December 31, 2003 were audited by KPMG LLP. The Municipal Light Department’s accounts for the year ending December 31, 2003 were audited by Goulet, Salvidio & Associates, PC.
The Town’s general accounts for the fiscal year ending June 30, 2004 are audited by KPMG LLP. This will be the second 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 comprehensive reporting of all town-owned fixed assets.
The results of the Town’s fiscal 2004 audit and the auditor’s recommendation have been reviewed by the Committee with representative of KPMG LLP. The format for the report complies with the requirements of the Federal Single Audit Act of 1984. The report indicates that the Town remains in excellent financial condition and that its financial control systems are generally sound. The Town’s audited financial statements for the year 2004 follow this report.
The FY04 audit is the last year in a five-year contract with KPMG LLP, which has completed 14 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. Acting Town Treasurer Daniela Boccia serves as Clerk of the Committee. The Committee also thanks Board of Selectmen Vice Chairman William N. Brownsberger and former Town Administrator Melvin A. Kleckner for their participation on this committee.
Other members of the Committee include Frank A. Caruso, Henry L. Hall Jr. Esq. and Robert A. Keefe.
Respectfully submitted,
Ernest E. Fay, Chairman
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