Present:
Permanent Audit Committee and
Belmont Municipal Light Department
November 23, 2009 Meeting
(BMLD) Tim Richardson, Kristina Frizzell, John Dunleavy and Bob
Forrester
(PAC) Ernest Fay, Floyd Carman, Ralph Jones and Frank Martin
(representing Barbara Haag). Absent: Frank Caruso, Henry Hall,
Robert Keefe.
(Auditors) Jim Goulet and Lori Ensom of Goulet, Salvidio & Associates,
P.C.
The meting was called to order at 9: 10 A.M. by Tim Richardson. Jim and
Lori presented their Pre-Audit Comments as follows for the year ending
December 31, 2009.
1. Forecast: Net income is forecasted to be around $1,000,000; and
Kilowatt hour sales are anticipated to be down by 2%.
(At 9/30109, income was at $2,300,000 which BMLD has
since instituted a Purchased Power and Transmission credit
to all customers which will reduce revenues for 2009.)
2. FUlther internal control review included in this year's audit: any sale
of scrap metal; petty cash; power costs, fi'aud, Receivables
($1,200,000 to $1,900,000) and Charge-Off Reserve $150,000.
John Dunleavy repOlted on the progress of the new financial system
(Cogsdale) which is slated to Stalt implementation next week with a goal of
being up and running as follows:
o Financial- July 1, 2010
o Customer Service - October 1, 2010
o Work Orders - January 1,2011
Cogsdale growth is without bumps so far. Braintree, Hingham, Reading and,
others are on board or in the mix. ; '}
, ,
Munis will continue for General Govemment being the main stay for records
for Moody's, etc. All billing (Light, Water & Sewer) will be converted to
Cogsdale.
The base rate includes $650,000 PILOT. The Audit is to start in mid
Febmary 2010 with a completion date of March 31,2010.
The Annual BMLD Audit Presentation date, as of December 31, 2009 is
May 17,2010 at 5:00 P.M. at the Belmont Municipal Light Department.
Meeting adjoumed at 9:50 A.M.
After the meeting, I spoke with Bob Forester regarding the additional duties
for the Permanent Audit Committee Chair. He and Tim Richardson are in
accord, and Tim Richardson will speak with Jim Goulet.
Respectfully submitted,
Ernest E. Fay, Chair
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