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4. Finance and Audit Committee Meeting - June 24, 2022

Minutes of the Finance & Audit (F&A) Committee

Friday, June 24, 2022

Advisory Board F&A Committee: Colette Aufranc (Chair) of Wellesley and Linda Marshall of Holliston.

MWRTA: John Glynn (CFO), Paula Doucette (Financial Assistant), Joy Glynn (Grants Manager), and Linda Murtagh (Execute Assistant/HR Manager)

Not present: Joe Nolan of Wayland

1.  Call to order @ 10:07 AM by Ms. Aufranc - Acknowledge the meeting is being recorded and request zoom recording be posted until the minutes are available.

2.  Review and approval of prior meeting minutes: Ms. Aufranc suggested two edits.

Ms. Marshall made a motion to approve the May 3, 2022 minutes as amended. Second by Ms. Aufranc

3.  Public comment:  No public comments or participation.

4.  Discussion of next meeting date and topics:  Next meeting after August 31, 2022, upon completion of the audit and before September’s Advisory Board Meeting. Topics: Hear from the auditors to discuss the results of the audit and any findings. Other potential topics include Capital Budget and Cybersecurity.

5.  Discussion of revised FY22 operating budget: Conservative projection as of March, receipts from Mass Bay and Intermodal parking lot not listed as of yet. Net cost of service down because of COVID. Projected fuel costs are based on the March invoice, should be fine through the end of June. Less than the initial budget.

6.  Discussion of revised proposed FY23 operating budget: Local Assessment 2.5% increase, quite conservative. Fare Collection was projected to start in August. Fare collection is budgeted based on 25% of 2020 (pre-pandemic) fares.                                Fuel tax rebates may be higher. The budget reflects a pilot in Hudson of microtransit services. CARES Act funds continue to be used to balance the budget. Potential use of “Section 5307” funds in future years to meet operating costs.

7.  Urgent items not anticipated prior to 48 hours of posting:  No items were presented.

8.  Comments: Future considerations to manage operating expenses include: fuel contracts, manage cleaning protocols, work with other RTAs regarding insurance brokerage costs.

Ms. Aufranc will summarize the discussions of the Finance and Audit Committee in a report to the Advisory Board next week.

The Committee discussed matters of interest to be included in the scope of the Audit including compliance with grant reporting, proposed policies for fare collection and other areas the Auditors see as current topics of interest given multiple RTA audits underway, e.g.

Cybersecurity risks and approaches including training.

The Committee delegated authority to Ms. Aufranc to discuss the above noted scope matters with the auditors who were unable to attend today’s meeting.

Agreed to keep finance & audit subcommittee meetings remote.

9.  Adjourn @ 10:23 AM

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