Finance and Audit Committee Meeting - April 20, 2022

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Minutes of the Finance & Audit Committee

Wednesday, April 20, 2022 @ 9:00 AM

Advisory Board Finance & Audit Committee: Joe Nolan of Wayland (Acting Chair), Linda Marshall of Holliston, and Colette Aufranc of Wellesley

MWRTA: Ed Carr (Administrator), Eva Willens (Deputy Administrator), Patrick Moynihan (Legal Counsel) John Glynn (CFO), Paula Doucette (Financial Assistant), and Joy Glynn (Grants Manager)

Public Participation: Mark Dassoni

1.       Called to order @ 9:04 AM by Ms.Aufranc - Acknowledge meeting is being recorded.

2.       Review Meeting Minutes of 3/9/2022 – Past meeting minutes were received moments before the virtual meeting. The committee will review and vote on their approval at the next meeting.

3.       Public Comment: Mr. Dassoni, asked if bus stops have anything to do with infrastructure? Mr. Nolan replied that the question is not applicable to this meeting. No other comments were made.

4.       Review FY23 Budget with CFO: Mr. Glynn confirmed that Finance & Audit Committee received the FY23 Budget. No changes were made since submission to the committee. Additional costs will be adjusted to include the increased fuel cost, administration search consultant, retirement, and increase interest in RAN from 1% to 3%. CARES will offset these costs. MWRTA has $12,135,000 to use by the end of 2026. We currently have $7,970,000 using $4,770,000 will most likely bump it up another $700,000. Fares are budgeted at 75%. 5307 funds for operating when CARES funds expire. Local Assessments will increase. More state contract funding necessary. Additional discussion of 5307 funds will be addressed with the Advisory Board. Mr. Glynn will send the FY23 Budget to the Advisory Board.

5.       Review and discuss responses to Audit Services RFP 2022:

Mr. Moynihan presented the process; Three -year contract with two one-year options. Committee to review and evaluate the four criteria and responsibility determination for best possible offeror. Use of worksheets when reviewing the material, during the interview, and when making recommendation to the Administrator. Documents will be used as ‘public record.

CFO: Five candidates to review: Three large firms (CLA-Clifton Larson Allen LLP, Marcum LLP, and Powers & Sullivan, LLC) and 2 smaller firms (Bruce Norling, CPA PC and Ron L Beaulieu & Company CPA).

First and second choices were stated.

Three firms were selected for interviews tomorrow, Thursday, April 21, 2021. CLA-Clifton Larson Allen; Powers & Sullivan; and Bruce Norling.

6.       Discussion of Subcommittee Chair:

Ms. Aufranc accepted.

7.     Adjournment @ 10:13 AM.

A motion was made by Mr. Nolan: To adjourn the meeting. Second Ms. Marshall.

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