Templeton FY 2019 audit management letter: Capital
So, Templeton has a capital plannning committee and a capital by-law, that said, what did the audit state about Town Capital assets?
Management letter (email sent to get it on town website) page 7 of 8 pages.
#9.) Capital Assets (update from previous year)
". . . . during FY2019, town converted it's inefficient excel based tracking system for fixed assets to fixed asset software customized for financial statement reporting. The new reporting system allows the Town to track and monitor fixed assets much more efficiently. Per our review of the reports that were generated, we observed that the listing has many assets, particularly vehicles, that are most likely no longer in service.
In the future, when fixed assets are sold, traded in, or junked, this information should be reported to the town accountant immediately.
#9.) Capital Assets (update from previous year)
". . . . during FY2019, town converted it's inefficient excel based tracking system for fixed assets to fixed asset software customized for financial statement reporting. The new reporting system allows the Town to track and monitor fixed assets much more efficiently. Per our review of the reports that were generated, we observed that the listing has many assets, particularly vehicles, that are most likely no longer in service.
In the future, when fixed assets are sold, traded in, or junked, this information should be reported to the town accountant immediately.
How or why was the town told by former selectmen / administrator of how great everything was/is and how we are headed in the right direction when we could not even identify what we owned? As part of the first audits, why was a complete inventory not done? How could it be stated the town has a good capital plan when no one can really state what we own and do not own?
Me thinks another case of hoodwinking by former members of board of selectmen just to get bond rating to go into debt for a school, (my opinion based on looking at many things)
Me thinks another case of hoodwinking by former members of board of selectmen just to get bond rating to go into debt for a school, (my opinion based on looking at many things)
