REGULAR TOWN BOARD
MEETING Frank Basile explained
GASB
34, which requires a municipality to record the historical cost of
vehicles, land and land improvements, easements, buildings and other
infrastructure. Lack of compliance
causes adverse opinion on a municipality’s bond rating. The New York State Office of Comptroller
encourages compliance.
Copies of the proposal submitted by Industrial
Appraisal Services to provide an appraisal for the Town
for fixed asset accounting control and insurance valuation purposes had been
submitted to the Town Board, who had reviewed same: The appraisal would be completed
by December 31, 2008. The
GASB
34 law statement came out in 1999 and based on the Town’s gross revenue, the
Town was supposed to be compliant in 2002.
Mr. Basile recommended that the Town Board accept the referenced
proposal. GASB
45 Mr. Basile explained that
GASB
45 deals with the cost and obligation for future post employee health
care, etc. The State establishes the
guidelines and the State Comptroller’s Office encourages complete
compliance. Lack of compliance also
causes an adverse opinion on a municipality’s bond rating. Armory Associates, LLC, Division of
Fiscal Advisors, submitted a Sixty-five Hundred Dollar ($6500) proposal
for an Actuarial Valuation of Post-employment Benefits to be completed by
December 31, 2008. Mr. Basile recommended that the
Town Board accept this proposal, stating he wants the highest opinion on the
Town’s financial statement. Compliance
with GASB
34 and 45 are the only deficiencies in the Town’s audit. Updates can be done each year at an
additional cost. Thereafter, Councilman Payne
introduced the following Resolution for adoption; seconded by Councilwoman
Krupa: (RESOLUTION NO.
201 OF 2008) A roll call vote was duly held and resulted as follows: Councilwoman
Krupa - Aye Councilman
Woodland - Aye Councilman
Payne - Aye Councilman
Reynolds - Aye Supervisor
Reed - Aye. The Supervisor declared the Resolution unanimously carried
and duly ADOPTED. |