Bruce Nadeau

Also present were Town Manager, Richard Chick, Assistant Town Manager Rosemary Roy, Richard Fraser, Nancy Fraser, Joan Houston, George Sanborn, Rebecca Moran, Glenn Peterson, Sue Goss, Debbie Tabor, Willie Rice, Bruce Nadeau and Paul Harrison.
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Auditor, Bruce Nadeau, reported to the Board that work is in progress however there are some issues to be resolved as to obtain information to complete the audit.The Finance Director and Town Manager are currently working on these issues.Mr. Nadeau explained to the Board that the goal the town should have is little to no audit adjustments.He highly suggested that a Finance Committee be developed to review current practices and possibly make suggestions for improvements in the current system.He also suggested that the Town consolidate the locations of its many accounts so that everything flows directly through the main financial office first.

Asks Greg to contact our auditor Bruce Nadeau to get the audit done as soon as possible.

Chairman Knowles moved that the Board of Selectmen enter into executive session with the town's attorney, Bryan Dench, auditor Bruce Nadeau, the Assistant Town Manager and Town Manager pursuant to Title 1 MRSA Chapter 13 Public Records and Proceedings, subsection 405 Executive Sessions, subsection 6(c) Economic Development.
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Also present were Town Manager, Richard Chick, Assistant Town Manager Rosemary Roy, Art Dunlap, Norm Chamberlain, Steve Robinson, Bruce Nadeau, Bryan Dench, George Twine, Scott Segal, Mr. & Mrs. Bob Doyle, John Cleveland, Trudy Jacqmin, Nancy Fraser, Lester Stevens, Glenn Peterson, George Sanborn, Willie Rice, Debbie Taber, Chuck Finger, Joel Dulberg, Anthony Christakis, Joan Houston, Joe Cimino, Cindy Robbins, John & Linda Laskey, Paul Harrison, David Corcoran, and Larry Moreau.
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Auditor Bruce Nadeau introduced himself to the audience and proceeded to go through the audit report giving an overview of the different sections of the report.In explaining his opinion letter his reasoning behind filing a disclaimer is that the town's internal controls need to be seriously reviewed.Current practices are very messy and need to be addressed immediately.He focused on better recordkeeping, better detail with fewer accounts, performing a regular trial balance, and regular account reconciliation.He highly suggested to the Board that a finance committee be put into place to assist in achieving this much need restructuring of the town's financial operations.He also offered to assist the finance committee and staff with this process.

FYE 2006 Auditor - Chairman Knowles asked the Board to consider staying with the town's current auditor, Bruce Nadeau, for the FYE 2006 audit.Selectman Sanborn was opposed and felt that in lieu of the present situation the Board should solicit for a new auditor.Chairman Knowles explained that Mr. Nadeau had never performed an audit of the town financial records and it was he who discovered the shortfall.She feels that given the current situation it would be important to let him complete the next audit.The other Selectmen expressed their reservations but concluded it would be in the best interest of the town.Selectman Jordan made the motion contract with Bruce Nadeau for the audit of the FYE 2006.

Auditor Bruce Nadeau began the discussion by explaining some of the supporting factors to the town's current financial status derived from the Poland Spring TIF Districts I and II.
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Mr. Nadeau with the assistance of Noreen Norton explained that in the beginning it was not clearly visible as to what was taking place.
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Mr. Nadeau reaffirmed that the amount of the shortfall was 2.2 million.NOTE: Total TIF revenues from the start of the Districts to 6/30/05 equal 5.8 million before any existing expenses are applied.

The Board and Mr. Nadeau then proceeded to go through the FYE audit page by page and the following items were noted:
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Mr. Nadeau concluded that the town's financial picture without the error in the TIF management would have put the town in a very commendable financial position.

Also present were Town Manager, Richard Chick, George Twine, Buffy Morrissette, Larry Hancock, Arthur Dunlap, Debbi Taber, Rielley Bryant, Willie Rice, Rick Bellisle, James Belleau, Town Attorney, Robert Bartlett and Bruce Nadeau.
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Auditors Robert Bartlett and Bruce Nadeau attended this meeting to discuss the annual audit process and answer questions the Board may have.
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Selectman Peterson asked Mr. Nadeau to define what deferred property taxes were.Mr. Nadeau explained that at the end of a fiscal year those taxes that are not yet paid for that year are considered to be deferred taxes.He furthered stated that for 60 days the town can apply any payments of these taxes to that years revenues.All other payments are applied to the next year.The amount that is given in the audit report is an estimated amount based on the history of the town.

Selectman Peterson asked of Mr. Nadeau how many Boards actually receive the management letter, as he has never seen one prior to last week.Mr. Nadeau declared he had no knowledge of what Boards have or have not received the management letter.
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Mr. Nadeau stated that once all of the work is completed and provided that the Management Development Letter (which comes from the Town) is returned in a timely fashion the review of the draft audit should be available in December.

Bruce Nadeau, Auditor - Audit ending 06/30/2005 undesignated surplus amount

2. Audit ending 06/30/2005, Auditor Bruce Nadeau will be in before the end of week to research one item.Bruce

Asks Greg to contact our auditor Bruce Nadeau to get the audit done as soon as possible.