2023-04-26 Selectboard Finance Committee Special Meeting Minutes

OFFICE OF THE SELECTBOARD

Finance Committee

TOWN OF HALIFAX, VERMONT

MINUTES OF THE SPECIAL MEETING AGENDA

APRIL 26, 2023

 CALL TO ORDER

  • McAllister called the meeting to order at 12:00 pm
  • Patrick McAllister and Karen Christofferson present

CHANGES AND ADDITIONS TO THE AGENDA

APPROVAL PREVIOUS MEETING MINUTES

  • Approved

OLD BUSINESS

  • Review Q3 Financial Statements – Reviewed and discussed with Treasurer, no outstanding issues.
  • Review proposed amendment to Finance Committee Description (attached) for Selectboard’s consideration – Tabled until after discussion with elected auditors.

NEW BUSINESS

  • Discuss roles and responsibilities of the elected/appointed Auditors – Initially we propose auditors attend Regular Finance Committee meetings. McAllister will work with Selectboard chair to determine status of elected auditors and then invite them to a meeting with the Finance Committee if Chair is agreeable.
  • Review Audit Management Letter Comments – Christofferson agreed to create a tracker incorporating internal controls, accounting, and dependent items. To be reviewed with the Treasurer, auditors and Selectboard for input and improvement.

OTHER BUSINESS

HEARING OF VISITORS

ADJOURNMENT

McAllister adjourned the meeting at 1:00 pm

Town of Halifax

Finance Committee Description

Motion passed by the Selectboard 4 April 2023

Amendment as of April 21, 2023 for Selectboard consideration 

 

Background:

At the Selectboard meeting on March 21st a short discussion was held on the appropriate financial policies the town should follow and the lack of consolidated financial policies. The idea of creating a committee to help the Selectboard address issues related to the town’s finances including interactions with the Treasurer and auditors. Based on the following guidance from VLCT a motion has been prepared below.

VLCT recommendation:

We recommend the selectboard pass a resolution to create a committee at a duly warned meeting (which would be moved, seconded, discussed, and voted upon). It should contain the details of a title, total membership (# of appointed members), any details the board wants in terms of positions and non-officials if any, the committee charge or purpose, duration if it will be limited, etc. The more details that can be set out and captured in the minutes, the better. The selectboard can refer back to it and consider changing the details at any time at a future meeting by majority vote. The committee will be subject to the open meeting law, the public records act, etc. I hope this helps.

Motion: Creation of a Halifax Selectboard Finance Committee

Title – the title of the committee shall be the Selectboard Finance Committee

Membership – The committee shall consist of at least two members nominated by the Selectboard, with at least one of the committee members being a sitting member of the Selectboard.

Duration – The committee shall be active for a period from the date of its first meeting to the first Selectboard meeting after Town Meeting. It may be extended every year for an additional one-year term by the Selectboard.

Charge – The Finance Committee shall be responsible for the following:

  • Assess the Town’s financial policies and recommend changes or additions to the Selectboard
  • Review the Town’s quarterly financial statements, received from the treasurer, and make a report to the board on the committee’s assessment of the quarterly financial statements
  • Engage with the Treasurer on all matters relating to the town’s financial policies including, but not limited to:
    • Accounting policies and procedures
    • Financial reporting matters
    • Audit findings and recommendations
    • Preparation and dissemination of audit reports

Engage and liase with the Treasurer and the Highway Department [Manager] regarding preparations for the 1st draft of the Town Budget for Selectboard consideration.