North Stonington Board of Finance
Draft Meeting Minutes
of
Wednesday November 7, 2012
New Town Hall
North Stonington, CT
1. Call to Order: Chairman Dan Spring called the meeting to order at 7:30 P.M. Brent Woodward, Mustapha Ratib, Peter Nimirowski, Emile Pavolvics and Mike Urgo were present.
2. Public Comments and Questions: No comments or questions.
.
3. Audit 2011-2012 – Meyers and Company Briefing:
First Selectman Nick Mullane was also in attendance for this briefing.
Ms Sandy Welwood, CPA for Meyers and Company, LLC (Meyers and Company) the Town’s new auditing firm, presented to the Board the initial audit findings for FY 2011/2012. Ms Welwood stated that although the Town’s fiscal condition is materially correct relative to Generally Accepted Accounting Principles
(GAAP) it has many bumps (problems) that need to be resolved. When asked if North Stonington’s situation was typical of other towns being audited for the first time by Meyers and Company, the reply was emphatically that it was not. A significant number of borderline deficiencies were unveiled that if not resolved could result in dire consequences to the Town. Ms Welwood recommended that consideration be given to contracting Meyers and Company to assist the Town in implementing changes for the purpose of achieving financial soundness. A draft copy was left with Board members for review. The
next revision, which will reflect incorporation of comments made during the meeting and any subsequent comments, will be presented at the November 14, 2012 meeting. Final approval by the Board is anticipated in early December 2012.
4. BOS: QDS/Strom Sandy: Status and After Action: Deferred.
5. Previous Minutes: Deferred.
6. Future Strategies: Deferred.
7. Adjournment:
A motion to adjourn was made by Dan Spring and seconded by Mustapha Ratib and passed 6-0-0. The meeting was ended at 11:12 PM.
Respectfully Submitted
Brent Woodward
Secretary, Board of Finance
| 
