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)
Templeton has a "Capital Needs" committee, not a capital planning committee. Jeff is exactly right. How can we have a "Capital Plan" when we cannot even get an accurate response to "what we own now".
ReplyDeleteHow about we first come up with an agreement as to "WHAT" we are putting on our Capital Plan.
i.e Rolling stock, equipment, buildings?, sewer lines?, Water lines?, roads?, what about the Electric service why are they exempt?
First thing our BOS needs to do is get TLW off their high horse and get a fixed % pilot from them without "approval demands".... Who does John Driscoll think he is to demand the right to approve what and if they contribute to town. If they are not a part of the town, charge them for the equipment they have on town property. Rent the buildings to them. I'm sick of it!
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DeleteThe number of years since the Department of Revenue has told the Town to get a PILOT, (payment in lieu of taxes) from the Light Department Commissioners,continues to grow with no results. Why does our Town Administrator return from their meeting with his head between his knees ? It is not the Light Commissioners job to tell the Selectmen what to do with the money from that, or any other department. Every year we do not receive funding, the Town continues to dig the hole it is in deeper. It seems quite amazing the Town does not have an accurate account of what it owns, but why am I surprised any more. We need a T.A. that will do the job, you think ?
ReplyDelete