Kayla Perry

The Finance Committee reviewed financial statements, noting trends in expenditures and specific line items such as health benefits, encumbrances, and tax-related revenues. The committee received an annual audit report which highlighted the results of a Single Audit, including material weaknesses in federal grant compliance. Additionally, the committee discussed the process for managing tax-acquired property, including revisions to the policy to comply with Supreme Court requirements and state statutes, and recommended approval of the updated policy to the Town Council.

The committee reviewed financial reports including general fund expenditures and revenues, and discussed proprietary fund accounting for the landfill, pay-per-bag program, processing facility, and wastewater system. An auditor presented the annual audit results, which identified material weaknesses related to federal grant compliance and procurement documentation despite a clean audit opinion. Additionally, the committee evaluated updates to the Tax Acquired Property policy to align with recent legal requirements and recommended its approval to the Town Council.

The Finance Committee reviewed February financial statements, noting trends in expenditures and specific line items such as health benefits, encumbrances, and revenue sharing. Auditors presented the results of the annual audit, highlighting a clean opinion and recommendations for journal entry review, while discussing findings related to federal grant compliance and material weaknesses. The committee also reviewed the Tax Acquired Property policy, discussed state-mandated process changes following a Supreme Court decision, and recommended approval of policy amendments to the Town Council.

The committee meeting materials include documentation regarding the upcoming agenda for May 2026 and minutes from the April 2026 meeting, along with an informational handout for Jordan Avenue.

The committee reviewed the General Fund revenue and expenditure reports for March 2026. Key topics included proprietary fund accounting and an assessment of financial projections for the Landfill, the Pay-Per-Bag program, the processing facility, the MerePoint Wastewater project, and the train station and visitors center.