Old Lyme Board of Selectmen Unapproved
Special Meeting Wednesday, September 10, 2008
The Board of Selectmen held a special meeting at 8:08 P.M. on Wednesday, September 10, 2008 in the Conference Room of the Old Lyme Town Hall. First Selectman Tim Griswold, Selectman Skip Sibley and Selectwoman Bonnie Reemsnyder were present, along with John Bysko, Treasurer, Andrew Russell, Chairman of the board of Finance and Doris Johnson, Financial Administrator.
1. Financial Management and Procedures
There was a general discussion about the Kostin, Ruffkess & Co. LLC letter dated 19 December 2007 to the Old Lyme Board of Finance. The letter highlighted several items needing attention:
1. Need for an accounting policies and procedures manual
2. Full utilization of the general ledger software
3. Segregation of duties
4. Capital asset record keeping
5. Accounts payable – manual versus computerized checks
6. Bidding procedure
7. Disaster recovery planning
8. Cash receipt system for Parks & Rec. Sound View parking lot
9. Tax Collector – certificates of correctness
It was agreed that the Board of Selectmen, the Board of Finance, the Treasurer, the new Finance Director (when hired) and the Financial Administrator will work on each of these items with the intention that written responses will be prepared over the next six months. Some items can be corrected more quickly than others, so they will be made a priority. It was noted that the Town has made good progress on some items, such as reconciling bank statements on a timely basis
2. Adjournment
Selectwoman Reemsnyder moved to adjourn at 10:40 PM and Selectman Sibley seconded the motion. SO VOTED.
Respectfully submitted,
Timothy C. Griswold
First Selectman
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