2004-11-03
"
I
\..i
Sedqre & Company, CPA's, P.C.
62 East Main Street, Wappingers Falls, NY 12590
845-297-1111
"wi
Memorandum
To: Town Comptroller, Jerry Terwilliger
Cc: Town Supervisor, Joseph Ruggerio
From: Susan Tucker
Date: 11/03/04
Re: 2003 Audit
This memo is a follow-up to the memo dated 9/30/04. We would like to keep you abreast of the
status of current issues regarding the Audit. The following is a list of items that I have spoken about
with Jerry and he is working on pulling it together.
1. In the Analytical Review you indicated that the $80,000 accrued in Judgments and Claims
was for Article 78 proceedings. Is this amount 2004 expected tax certiorari settlements or
are they attorney fees?
2. Greystone contract with Dutchess County for Land Conservancy, as support for the 10%
receivable of the Town.
3. Copy of M&T investment account 185558764, for 95A issue as of 12/31/03.
4. A complete Fixed Asset schedule with depreciation calculations, not including
infrastructure. We will need to test this schedule and calculations before including them in
our report.
5. Supporting documentation for the removal of items from the fixed asset list:
· The water shed improvement removal and;
· All the M&E removals.
6. We have not received responses for the following confirmations:
. I confirmation with DTC for Debt;
. Emanuel Saris Attorney's letter.
7. The Management Representation Letter needs to be copied onto the Town's letterhead and
signed by the Supervisor and the Comptroller.
1
,
."""
'wtI
November 3, 2004
8. The Minutes Representation Letter needs to be copied onto The Town's letterhead and
signed by the Town Clerk.
9. We need a copy ofthe signed engagement letter (dated May 28, 2004).
GASB #34 requires a change in the presentation of the financial statements. Part of this change is a
comprehensive recording of fixed assets, including infrastructure. However, the Town is not required
to fully implement this change this year. At this point, the list is not complete and we will not be able
to include it in our report or issue an opinion on it.
The MD&A (Management's Discussion and Analysis) will be required as part of the financial
statements this year. Basically, the MD&A is managements description of what happened during the
year including; condensed fmancial statements, analysis of overall financial position and results of
operations, significant transactions and changes in individual funds, the budget, capital asset and long
term debt activity, infrastructure assets and any currently known facts, decisions or conditions that
may have significant effects in the coming years (not what might happen). Jerry has information
regarding the MD&A and with this memo, we have included 2 samples and a partial MD&A sample
on disk, which can be used as a format for the MD&A.
2