Incorporated Village of Asharoken
Board of Trustees Special Meeting
Held on Tuesday
September 25th, 2012 3:00 P.M
At Village Hall
Approximate Attendance (7)
Officers Present:
Greg Letica, Mayor
Pam Pierce, Deputy Mayor
Melvin Ettinger, Trustee
Trustee Burke arrived at 3:10pm
Officials & Appointees Present:
Nancy Rittenhouse, Village Clerk
Emily Hayes, Village Treasurer
The Pledge of Allegiance was said.
Proper notification of the special meeting was made per resolution (2012-56).
John Skinnon from Skinnon and Faber CPA, P.C. gave an overview of what is involved in governmental accounting financial statements as well as discussing the village’s internal controls.
He reviewed the management letter with the board. He also discussed GASB 54, the reclassification of reserve accounts.
The board discussed the process of reviewing the abstracts and made a suggestion to have all board members review the monthly abstract prior to the meeting. Treasurer, Emily Hayes will email the board members when the preliminary abstract is complete and the remaining expenditures that are entered the day of the board meeting will be reviewed by the board members the day of the meeting.
John Skinnon recommended approving the budget transfers on a monthly basis, prior to the approval of the abstract. Treasurer, Emily Hayes will provide a list of the budget transfers for the Board to review and a separate resolution will be put on the agenda to approve the budget transfers.
Trustee Ettinger inquired about the depreciation of assets. John Skinnon pointed out that on the governmental wide financial statements; assets and their related depreciation are disclosed. Treasurer, Emily Hayes pointed out that the village passed a resolution capitalizing all assets of $1000.00 or more and having a one year life or greater.
Trustee Pierce and Trustee Ettinger asked several questions on receivables and liabilities relating to the change in balances from fiscal year 5/31/2011 to 5/31/2012.
John Skinnon noted that contractual expenditures should be booked to a .400 account and capital assets are booked to a .200 in order to identify those specific expenditures.
No further questions were asked of John Skinnon and he left the special meeting.
Mayor Letica made a motion to go into executive session to discuss the police contract, seconded by Trustee Burke.
Trustee Ettinger AYE
Trustee Burke AYE
Deputy Mayor Pierce AYE
Mayor Letica AYE
Motioned Carried.
No action was taken in executive session
Mayor Letica made a motion to close executive session, seconded by Trustee Ettinger.
Trustee Ettinger AYE
Trustee Burke AYE
Deputy Mayor Pierce AYE
Mayor Letica AYE
Motioned Carried.
Mayor Letica made a motion to adjourn the meeting at 4:37pm, seconded by Deputy Mayor Pierce.
Trustee Ettinger AYE
Trustee Burke AYE
Deputy Mayor Pierce AYE
Mayor Letica AYE
Motioned Carried.
The September 25th, 2012 special meeting of the Board of Trustees was adjourned at approximately 4:37 pm.
Signed: _____________________________________________
Nancy Rittenhouse, Village Clerk