Finance Committee


Minutes of the Special Meeting on  September 25, 2023



The meeting was originally scheduled for 2:00pm and proceeded with a delayed start due to technical issues.  Specifically, the hardware needed to launch and record the meeting (the Owl, Keyboard and Mouse) remotely were not available, having been loaned to another municipality.

The meeting proceeded on an in person basis.

Patrick McAllister called the meeting to order at 2:28PM.  Selectboard Finance Committee members present were Karen Christofferson and Patrick McAllister.


A brief discussion regarding the benefit of amending the standard language pertaining to the COVID 19/Open Meeting Law on the Agenda for both the Finance Committee and Selectboard Meetings was discussed with the following change to be proposed to the Selectboard for adoption:

Vermont’s Open Meeting Law only guarantees the public’s right to participate if they attend in person and therefore, the [Selectboard or Finance Committee] may continue with a scheduled meeting even if technical difficulties develop.

COVID-19: Masks are strongly encouraged for everyone.  If it’s possible you’ve been exposed or are symptomatic, please stay home.  To help in that regard, the SB provides a remote means of public participation.


Review first draft accrual entries for the continuing review of FY23 Financial Statements:

  • Following the August 7, 2023 meeting, the Town Treasurer worked with the Town’s Quickbook consultant to make the relevant accrual entries to the FY2023 financial statements. The workpapers for the adjustments were provided to the Finance Committee via an email dated September 1, 2023 in pdf format as follows:
    1. Prepaid Expenses
    2. Accrued Expenses for 2023-06-30
    3. Delinquent tax penalties – Interest Receivable
    4. Adjusting Journal Entries for 2023-06-30
    5. Adjusting Journal Entries from CPA for reference for FYE 2022-06-30
    6. Balance Sheet and P&L after adjusting entries
  • As noted in the email, adjusting entries were not made for the following:
    1. Loans
    2. Equipment Assets
    3. Items related to Separate Funds such as Town Clerk and Celebration Committee
    4. Any Due to/Due From adjustments
    5. Pension Fund
  • The Town has authorized audits to be provided by a public accountant licensed in this state every third year starting with an audit of FY25. As a result, the FY23 financial statements will be un-audited. The Finance Committee reviewed the workpapers and a discussion ensued regarding the methodology to create a walk forward from FYE 2022 to FYE 2023.
  • The Finance Committee was advised that there is no Town Policy regarding the Method of Presentation (i.e. Cash Basis, Modified Accrual or Accrual Basis) for the financial statements in the years where they are not audited by a public accounting firm.
  • Going forward the Finance Committee will seek to:
    1. Consult with VLCT and draft a Finance and Accounting Policy for the Town to include:
      • Method of Presentation (Cash Basis, Modified Accrual or Accrual)
      • Other matters as may be necessary to address and strengthen internal controls
    2. Define and Update the list of the Town’s General and Fiduciary Funds. The Town does not have Proprietary Funds.
    3. Work with Town Treasurer and Quickbook Consultant to compile comparative results and accounting detail for FY22 & FY23
      • Develop a walk forward from FYE 2022 to FYE 2023
      • Define Quarterly and Annual reporting requirements for Financial Statements (Balance Sheet, Income Statement and Cash Flow Statement and related schedules as may be necessary)
    4. Review and analyze results for FYE 2023
    5. Prepare the presentation of results in anticipation of review by Selectboard for Town Meeting in February 2024.
  • Next steps for Finance Committee:
    1. Arrange for a meeting with the Town’s Quickbook Consultant to review adjustments made to date and better understand the remaining items. In particular, the Finance Committee seeks to be able to provide a holistic report showing the financial condition of the Town that will encompass all of the Town’s activities such as  Highway Department, Selectboard, Town Clerk etc showing all income and expense items and the total Assets and Liabilities.
    2. Have a kick-off meeting with the Town’s two Auditors.
    3. In consultation with VLCT, work with Town Treasurer to develop a Financial and Accounting policy for the Town
    4. Investigate the cost and opportunity for implementing a dedicated Municipal Accounting Software package to aid in preparing unaudited Financial Statements and providing more complete data to the public accountant for the audited financial statement periods.
    5. Work with Town Treasurer to further investigate VLCT and other training opportunities for town CFO/Treasurers



ADJOURNMENT = Patrick McAllister adjourned the meeting at 4:27pm.  Vote 2-0.