Audit & Finance Subcommittee

The Martha’s Vineyard Transit Authority Advisory Board Audit and Finance Subcommittee met Friday, September 22, 2017 at 9:30 AM in the offices of the Transit Authority, 11 A Street, Edgartown.  Present were Lenny Jason (Chilmark) Lou Paciello (Edgartown). Also present were Angela Grant (VTA) and Lois Craine (VTA).

The meeting was called to order at 9:30AM.

Meeting Minutes February 10, 2017

Mr. Jason moved to accept the minutes of June 16, 2017 and Mr. Paciello seconded. M/s/c.

Financials through June 30, 2017

Ms. Grant reported that FY17 is expected to finish under budget.  Funding was adequate, GASB 75 new requirements were met and OPEB payments current.  The draft FY 17 audit was received just before the meeting and will be presented to the full board at the next meeting.  There were no audit findings.  MassDOT completed an audit with only minor adjustments to video surveillance and storage being found

Mr. Jason moved to accept the audit and Mr. Paciello seconded. M/s/c

The meeting adjourned at 9:39AM