Chevy Chase Village Financial Review Committee met Sept. 27.
Here is the minutes provided by the committee:
The Financial Review Committee met at 6:00 PM on Thursday, September 27, 2018 at 6:00 PM at the Village Hall. Attendees included Committee Members Brian Christaldi, Gail Feldman, and Sam Lawrence; Committee Chairman Lou Morsberger; Village Financial Director Demetri Protos, Village Manager Shana Davis-Cook, and outside auditor Bob Diss, of Lindsey & Associates.
Mr. Morsberger called the meeting to order and the group reviewed the draft of the annual audit that had been distributed previously. Topics that were discussed in greater detail included:
Desire for clarification of the current Village Investment Policy, its potential applicability in reference to Village deposit accounts and the process and timing by which compliance is confirmed. Village staff will research and share relevant documents, likely the first week of October, in time for Committee Members to determine if there are matters which merit further attention by the Board
Desire for clarification regarding the Village’s fiduciary responsibility for the Deferred Compensation Trust Fund, and corresponding exposure, if any. Village staff will research, and presumably confirm, that the Village’s obligations are limited to ensuring the Fund is managed by a capable manager, currently ICMA-RC. [Subsequent to the meeting, a prior email from Village Counsel Suellen Ferguson dated September 21, 2017 was circulated which confirmed the above limits on Village exposure; the Committee has agreed by email that no further follow-up is required].
Review of the accounting treatment of the SafeSpeed program, including the timing of when restrictions on funds have been satisfied and should be reflected in financial statements. No change to the audit need be made arising from this discussion, though Committee Members agreed that funds should be shown as no longer restricted as quickly as practical based on how quickly eligible expenses are accrued.
Numerous other changes were discussed and other edits to the draft were proposed by the Committee, which Mssrs. Protos and Diss are to incorporate in a revised draft. That draft will be circulated by end of day Monday October 1 for further Committee review (by email) on Tuesday October 2 and submission by the staff for Board briefing books to be circulated Thursday October 4.
The Committee also met with the auditor, without Village staff present, to inquire if there were any difficulties in working with management or other issues he wished to share. There were none.
The meeting was adjourned at approximately 9:15 PM.
https://www.chevychasevillagemd.gov/AgendaCenter/ViewFile/Minutes/_09272018-262
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