Finance And Audit Committee Meeting - March 9, 2022

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Minutes Finance & Audit (F&A) Committee

Wednesday, March 9, 2022 @ 2:00pm

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

MWRTA: Ed Carr (Administrator), Eva Willens (Deputy Administrator), John Glynn (CFO), Daniel Fitch (IT Consultant), Joy Glynn (Grants Manager), Emily VanDewoestine (FCRS), and Paula Doucette (Financial Assistant)

Public Participant: Jon O’Connell (KTI)

1.       Called to order @ 2:05 PM

2.       Public Comments:   Hearing none, meeting was conducted.

3.       Charge to the Finance & Audit Committee

Current Auditor, Roland Lambalot will not be available for FY2022. Ms. Aufranc shared a proposed “charge to the Audit Committee”. Legal Counsel to determine if an amendment is required. Discussed budgets with CFO.

4.       Appointment of the independent auditors: process and timeline

Mr. Glynn discussed the present Auditor history and mentioned MWRTA FY2022 will close on 6/30/2022. RFP will be posted in the Central Register on Monday, March 14, 2022. A discussion on who appoints the new Auditor. Will follow proper rules of procurement and By-Laws. The timeline will be updated and distributed to the F&A Committee.

5.       Meeting calendar and objectives

Discussion regarding the F&A Committee function; will seek Legal Counsel advice. Recommended term of the Auditor to be 3 years with 2 one-year options. Drafted proposed meeting schedule:

o   May/June – Set scope with Audit and review the operating budget

o   October/November – Receive final Audit and discuss Capital budget

o   January – Interim Financial Report

o   Recurring annual meeting in March

6.       Operating budget review:

F&A Committee would like to review before further discussion.

7.        Next meeting: Tentative: April 5^th.

8.        Adjournment @ 2:59 PM

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