Draft Town Board Meeting Agenda 03-08-10

DRAFT Town Of Rhinebeck Fiscal Workshop Meeting
Monday March 8, 2010
Agenda
6:45 PM
Attendance:
Town Board

Tom Murphy M&T Bank
Shelly Day Office Manager
Members Finance & Controls Committee

Opening Remarks Supervisor

Adoption of fiscal reforms over last 2 years
A: Procurement policy
B: Purchase order policy
C: Investment policy adoption
D: Ethics policy adoption
E: Engagement of CPA firm (Sedore & Co)
• Annual Update Document
• Audit
• Internal controls document

: Guest Presentations
Linda Hannigan: Sedore & Co.
A: 2008 & 2009 Audits
B: 2009 AUD (Annual Update Document)
C: Internal Controls Document

Tom Murphy: M&T Bank
A: Purchase card presentation
B: Fraud control update (ACH filter)

Finance & Controls Committee
Internal Control Document
A: Outdated software
B: Segregation of duties
C: Software controls
E: Credit Cards
Implementation Items Suggestions
A: Software upgrade
B: New test P.O. Procedure
C: P-Card Implementation
D: Propose New Town Purchasing Position

Any town, by resolution, may establish the office of director of purchasing. Centralizing the
purchasing function in the office of director of purchasing can promote sound purchasing
practices by concentrating knowledge of purchasing laws, practices and market conditions in
one official. In addition, creation of this position segregates the purchasing function from
other components of the purchasing process, such as the receiving and audit functions,
thereby improving internal control (Town Law, Sections 20 (3) (e), and 41-b).