2011 Audit Management Letter For Williamstown

8/2/2019 2011 Audit Management Letter For Williamstown

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TOWN OFWILLIAMSTOWN, MASSACHUSETTSMANAGEMENT LET TER

June 30 , 2011

Table of Contents

Cover LetterComments and RecommendationsStatus of Prior Year Recommendations

Page234


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CERT1FtED PUBLIC ACCOUNTANTSIi:sLablislierl 1!],'lA

AssociatesR ussell A . Faerber, C PAD av id ~ 1. I rw in , Jr . . C PAPete r R . R on an , CP AJennirer J. Stark, CP AS arah P. V oisin , CPA

To the Board of SelectmenThe Town of Williamstown, Massachusetts

Dear Members of the Board of Selectmen:In connection with OU T audit of the financial statements of the Town of Williamstown as of June 30, 2011,we have made a review of the Town's accounting procedures and internal control. While the primaryobjective of such a review is to afford us a basis of determining the scope of our audit procedures, itnevertheless presents us with an opportunity to submit, for the Town's consideration, suggestions forchanges in procedures, which in our opinion, would strengthen internal control or contribute to theimprovement of operating efficiency,The comments and recommendations in this letter are based upon observations made in the course of suchreview, The review was not designed for the purposes of expressing an opinion on internal accountingcontrol, and it would not necessarily disclose all weaknesses in the system, The matters discussed hereinwere considered during our audit of the above- mentioned financial statements, and they did not modify theopinion expressed in our report on those financial statements .

. After you have had an opportunity to consider our comments and recommendations, we shall be pleased todiscuss them further with you.We would like to express our thanks and appreciation to the Town and its personnel for the cooperationgiven us during the course of our examination.

Sincerely yours,

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Comments and Recommendations

1. The Town of Williamstown does a very good job preparing the GASB 34 financial reporting entries withthe exception of the following:

a. Accrued other post employment benefits liability.b. Accumulated uncompensated absences liability.c. Teachers summer payroll liability. While this entry is not a GASB 34 type entry, it is required by

generally accepted accounting principles (GAAP) to be reported as a liability and not as a reservefor expenditures in the financial statements.

Recommendations:a. The Town of Williamstown should make the above entries at the end of each fiscal year as part ofpreparing their internal GASB financial statements.b. Upon retirement of the Director of Finance, sufficient training in GASB financial reporting should

be obtained by the incoming Director of Finance.Action Taken:While the auditors have made these entries in past years, we agree it is more appropriate for the Town topost these annual adjustments and have adjusted our workpapers to begin doing so for fiscal years 2012 andfollowing,

2. The Town of Williamstown eliminated the reserves for abatements as part of preparing its internal GASB34 financial statements. I n the past, this reserve has been used as an estimate for the allowance for doubtfulaccounts, and therefore was restored in preparing the financial statements at year end in accordance withGAAP.Recommendation:The Town of Williamstown should consider leaving the reserve for abatements on their internally generatedGASB 34 statements as a reasonable estimate for the allowance for doubtful accounts. If eliminated, anappropriate estimate for the allowance must be determined and recorded.Action Taken:While we question the need for this entry, having discussed and cited Department of Revenue trainingdocuments which require our original treatment of reserves for abatements, we will comply for reportingpurposes, and have adjusted our workpapers for fiscal years 2012 and following.


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Status of Prior Year Recommendations

1. The Town of Williamston implemented the provisions of GASB 54 Fund Balance Reporting andGovernmental Fund Type Definitions, effective July 1,2010.


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Town of Williamstown, MassachusettsManagement's Discussion and Analysis

June 30, 2011

IntroductionTo facilitate an understanding of our financial statements, we the management of the Town of Williamstown,Massachusetts (the "Town") has crafted the following narrative overview and analysis ("Narrative") of thefinancial activities of the Town for the fiscal year ended June 30, 2011. We encourage readers to consider theinformation presented in conjunction with the Town's basic financial statements that follow this section.After beginning with the Financial Highlights of fiscal 20 II the Narrative is presented in the same order asthe components of the accompanying financial statements:Component NarrativeStarting on PagePage 5-2

Page 5-4Page 5-6

Financial StatementsGovernment-wide Financial StatementsFund Financial StatementsNotes to Financial Statements

Pages 6-7Pages 8-16Pages 17-32

At the conclusion of the Narrative the Town has provided a summary of Capital Asset and DebtAdministration as well as a discussion of Economic Factors and Next Year's Budgets and Rates. Othercontent in The Notes to Financial Statements section, while not separately addressed in the Narrative,provides additional information that is essential to a full understanding of the data provided in theGovernment-wide and Fund Financial Statements.Financial HighlightsThe Town's combined ending fund balance, or total net assets (assets minus liabilities), on June 30, 2011 was$32,449,543. Total net assets decreased during fiscal 20 II by $987,254 as a result of an increase in business-type assets (assets related to water, sewage collection and solid waste disposal) of $534,589 and a decrease ingovernmental assets of $1,521,843.The decrease in governmental assets was largely a consequence of the town's implementation of Statement45 of the Governmental Accounting Standards Board (Accounting and Financial Reporting by Employers forPostemployment Benefits Other Than Pensions) which required the Town to record a Net Other Post-Employment Benefit Obligation (NOPEBO) expense on June 30, 2011 of $729,482. Other governmentalassets decreased by $792,361 thereby resulting in the overall decrease of $1,521,843.$3,344,324 of the $32,449,543 is considered unrestricted net assets and may be used to meet thegovernment's ongoing obligations to citizens and creditors. Of the $3,344,324 unrestricted governmental netassets was a deficit of ($852,136), which is mainly cause by the recording of NOPEBO of $2,629,864.Unrestricted business-type net assets were $4,196,460.The Town's total debt on June 30, 2011 of $5,355,000 was 12% lower than the previous June 30 as a result ofscheduled retirements of $732,000.


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Government- Wide Financial StatementsDescriptionThe government-wide financial statements are prepared in accordance with Governmental AccountingStandards Board (GASB) requirements and are designed to provide readers with a broad overview of theTown's finances in a manner similar to that of private-sector business.The government-wide financial statements distinguish functions of the Town that are principally supported bytaxes and intergovernmental revenues (Governmental Activities including general government, public safety,highways and streets, human services, education, community development, and culture and recreation) fromother functions that are intended to recover all or a significant portion of their costs through user fees andcharges (Business-type Activities including water, sewage collection and solid waste disposal).

TOWN OF WILLIAMSTOWN, MASSACHUSETTSSTATEMENT OF NET ASSETS

Narrative - Net AssetsThe Statement of Net Assets (page 6) presents information on all Town assets and liabilities, with thedifference between the two reported as net assets. The reader should note that, unlike MassachusettsMunicipal Accounting, GASB requires inclusion of all infra-structure (such as roads, buildings and land) inthe Town's asset records. On June 30, 2011 the Town's assets exceeded its liabilities by $32,449,543 asdisplayed in the following Statement of Net Assets summary:

June 30, 2011Primary Government

Governmental Bus ines s~typeActivities Activities Totals

Current and other assets $ 6,852,263 $ 4,229,243 $ 11,081,506Capital assets, net 24,684,583 7,299,353 31,983,936Total assets 31,536,846 11,528,596 43,065,442Long-term liabilities 7,758,630 1,627,650 9,386,280Current liabilities 1,196,836 32,783 1,229,619Total liabilities 8,955,466 1,660,433 10,615,899Net AssetsInvested in capital assets, net of related debt 20,957,233 5,671,703 26,628,936Restricted 2,476,283 2,476,283Unrestricted {852,136) 4,196,460 3,344,324

TOTAL NET ASSETS $ 22,581,380 $ 9,868,163 $ 32,449,543

By far the largest portion of the Town's governmental Net Assets ($20,957,233 or 64.6%) and Business-typeNet Assets ($5,671,703 or 17.5%) reflect its investment in capital assets (e.g. land, buildings, machinery andequipment), less outstanding debt used to acquire those assets. The Town uses these capital assets to provideservices to citizens; consequently, these assets are not available for future spending. Although the Town'sinvestment in its capital assets is reported net of related debt, it should be noted that the resources needed torepay this debt must be provided from other sources, since the capital assets themselves cannot be used toliquidate these liabilities.


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Narrative - Statement of Activities (Change in Net Assets)While the previous schedule summarizes year end Net Assets, the following schedule summarizes theChanges in Net Assets during fiscal 2011 as detailed in the Statement of Activities found on page 7. Allchanges in net assets are reported as soon as the underlying event giving rise to the change occurs, regardlessof the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some itemsthat will result in cash flows in future fiscal periods (e.g. uncollected taxes).The reader will note that Governmental Activities decreased the Town's Net Assets by $1,521,843, a decreaseof 6.3%, while Business-type Activities increased the Town's net assets by $534,589, an increase of 5.7%.

TOWN OF WILLIAMSTOWN, MASSACHUSETTSCHANGES IN NET ASSETS

For the Year Ended June 30, 2011Primary Government

Governmental Business-typeActivities Activities

REVENUEProgram revenueCharges for servicesOperating grants and contributions

General revenueProperty taxesState aidInvestment earningsOtherTransfers

$ 1,014,142 $521,935

2,684,057 $

14,693,6761,895,454

71,82996,126

207,800TOTAL REVENUEEXPENSESGeneral governmentPublic safetyHealth and human servicesHousingHighways and streetsWater, sewer and landfillEducationLibraryCemeteries and otherInterest on long-term debtTransfersTOTAL EXPENSES

18,500,962 2,684,057

3,112,3731,663,004

410,963604,578

2,135,9031,950,168

10,961,764582,951405,158146,11]

199,30020,022,805(1,521,843)24,103,223

$ 22,581,380 $

2,149,468534,589ncrease (decrease) in net assets

Net assets, beginningNET ASSETS, ENDING

2011Totals

3,698,199 $521,935

14,693,6761,895,454

71,82996,126

207,80021,185,019

3,1]2,3731,663,004410,963604,578

2,135,9031,950,168

10,961,764582,951405,158146,111199,300

22,172,273(987,254)

2010Totals

3,187,966787,926

14,323,0141,957,975

113,526260,670225,097

20,856,174

2,646,3081,572,933398,308856,092

2,142,1661,865,421

10,779,756526,736250,110182,970199,300

21,420,100(563,926)

9,333,574 33,436,797 34,000,7239,868,163 $ 32,449,543 $ 33,436,797


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Massachusetts communities are prevented by Massachusetts General Laws Chapter 59 Section 2IC,otherwise known as Proposition 2Y2 , from increasing gross real and personal property tax revenue by morethan 2Y:z% per year with the exception that property tax on newly constructed property is not subject to thelimitation in its first year an the tax rolls. Property tax revenue during fiscal 2011 amounted to $14,693,676 or79.4% of governmental revenue, followed by state aid at 5.3%, charges for services at 5.5%, operating grantsand contributions at 7.7%, other at 1.0%, and transfers at 1.1%.Major governmental revenue factors were as follows:

State Aid declined 3.2% or $62,521 from $1,957,975 to $1,895,454 Town voters at the May 2010 Annual Town Meeting voted to increase the town's room occupancy

excise from 4% to 6% which generated an additional $107,878 in 2011 Town voters at the May 2010 Annual Town Meeting voted to impose a meals excise of .75% which

generated an additional $108,659 in 2011 State match of Community Preservation excise dropped $13,375 to $53,187 Highway Aid received in 2010 of $136,827 was not received in 2011 School Department grants declined by $140,843 or 23.7% Earnings on invested funds declined $41,697 or 36.7%

For Governmental Activities 59.6% of the Town's expenses relates to education, 10.6% to generalgovernment, 10.6% to highway and streets, 8.3% to public safety, 3% to housing, 2.9% to public libraries, 2%to health and human services, 2% to parks, cemeteries and other, and 1% to interest on long-term debt.Major Business-type revenue and expense activity continued to be essentially self-supporting with no majorchanges in either revenue or expense.Fund Financial StatementsDescriptionUnder Massachusetts Municipal Accounting a fund is a grouping of related accounts used to maintain controlover resources that have been segregated for specific activities or objectives. The Town, like other state andlocal governments, uses fund accounting to ensure and demonstrate compliance with finance-related legalrequirements. All of the funds of the Town can be divided into three categories: Governmental Funds,Proprietary Funds and Fiduciary Funds.Narrative - Governmental FundsGovernmental Funds-SummaryGovernmental funds account for essentially the same functions reported as Government Activities in theGovernment-wide Financial Statements but focus on near-term spendable resources. Both the GovernmentalFund balance sheet and the Governmental Fund statement of revenues, expenditures and changes in fundbalances provide a reconciliation to facilitate the comparison of Governmental Funds and GovernmentActivities.The Town maintains seven (7) individual Governmental Funds including the General Fund and six (6)Special Revenue Funds. General Fund information is presented separately in the Governmental Fund balancesheet and in the Governmental Fund statement of revenues, expenditures and changes in fund balancesbecause it is considered to be a major fund. The remaining six (6) special revenue funds are considered non-major governmental funds and are aggregated in this presentation as shown in combining statements on pages33-35.


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As of the end of the 2011 fiscal year, the Town's Governmental Funds (see page 8) reported combined endingfund balances of $5,079,938. Approximately 29.4% of this total amount (or $1,495,623) constitutesunreserved and unrestricted fund balances which are available for spending at the government's discretion.The remaining fund balances of $3,584,315 are reserved to indicate they are not available for new spendingbecause they have already been committed to liquidate obligations of the prior period (i.e. EncumberedFunds) or are restricted to specific purposes (ex. Free Cash voted to reduce the Tax Rate in the followingyear).Governmental Funds-General FundAt the end of the current fiscal year unreserved general fund balance was $1,495,623 while total fund balancewas $2,603,655 (see page 8). As a measure of the general fund's liquidity, it may be useful to compare bothunreserved fund balance and total fund balance to total fund expenditures (see page 9). Unreserved fundbalance, which includes the stabilization fund of $696,734, represents 8.6% of total general fund expenditureswhile total fund balance represents 14.9% of that same amount. In a comparison of Governmental FundBalance Sheets for June 30, 2010 and 2011 the Town's total general fund balance increased by $60,034during fiscal 2011.The Town adopts an annual appropriated budget at its annual meeting for its general fund, water fund, sewerfund, and transfer station fund. A budgetary comparison statement has been provided for the general fund onpage 11. No changes were made to the original budget during the year. Included in the Town's annualappropriations is a $50,000 allotment to its Finance Committee for unexpected or emergency issues. Thisallotment was returned untouched at year end. Budgetary highlights for the General Fund in fiscal 2011 wereas follows:

State Aid declined 3.2% or $62,521 from $1,957,975 to $1,895,454 Earnings on invested funds declined $41,697 or 36.7% Additional taxes from new construction increased from $123,368 in 2010 to $153,974 in 2011 2.2% increase in expenditure budgets (the town, local elementary school and regional high school) as

part of a coordinated effort to maintain structurally balanced budgets whose recurring revenues wouldsupport recurring expenditures.

The Town replaced its 1998 Sidewalk plow at a total cost of $92,008. The Town replaced its 1999 International Dump truck at a cost of $138,705 Town voters at the May 2010 Annual Town Meeting voted to increase the town's room occupancy

excise from 4% to 6% which generated an additional $107,878 in 2011 Town voters at the May 2010 Annual Town Meeting voted to impose a meals excise of .75% whichgenerated an additional $108,659 in 2011 The commonwealth allows over expenditure of appropriated funds in the event of harsh winter

conditions, requiring that those over expenditures be provided for in the budget of the upcomingfiscal year. During fiscal 2011 the Town expended $217,377 in excess of its appropriation and hascarried that deficit as a reserve to be raised in fiscal 2012.

Governmental Funds-Highway Improvement FundThis fund records ali highway grant activity. At year end the fund balance had declined from ($49,942) onJune 30, 2010 to ($59,294) on June 30, 2011. The town is awaiting $76,152 of Chapter 90 Highway Aidreimbursements for design work on Water Street.Governmental Funds-School Improvement FundThe School Improvement Fund records all grant activity related to the Town's elementary school. During theyear its fund balance decreased by $64,196.


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Governmental Funds-Community Preservation FundAt its May 2002 annual town meeting the Town voted to collect a Community Preservation Assessment fromall property owners. The assessment collects 2% of a property owner's real property tax after exempting thefirst $100,000 of value for residential homeowners. Collections in 2011 amounted to $201,821 fromtaxpayers and $53,187 from the commonwealth. Under the provisions of the enabling legislation, thecommonwealth matched 27% of the amount collected in fiscal 2010 with a payment in October 2010.Community preservation funds may be expended, upon vote of the town's residents, for the acquisition,creation and preservation of open space, historic resources or community housing, with a minimum 10% ofeach year's receipts required to be spent or set aside for each purpose. After expenditure of $604,578 the funddeclined by $344,255 in fiscal 2011.Governmental Funds-Other Special Revenue FundsMiscellaneous gifts and grants are recorded in this fund whose balance increased in fiscal 2011 by $96,538(see page 34). Included in the total receipts of $347,366 during fiscal 2011 is $96,433 of tuition fees assessedon non-resident students, $74,484 of gifts and fees received by the local elementary school, $50,657 of giftsand grants for support of public safety, and $32,569 of commonwealth Circuit Breaker funds to defraySpecial Education expenses.

Governmental FundsTrust FundsThis fund accounts for all activity related to a variety of relatively small trusts established for the maintenanceof specific assets throughout the community, such as the public library, conservation land and cemeteries. Itsbalance decreased during the year by $788 to $783,594 ($409,137 expendable trust funds and $374,457permanent trust funds) in reflection of ongoing contributions and expenditures to the various trusts.Narrative - Proprietary FundsProprietary FundsThe Town maintains three (3) proprietary funds, one each for water, sewer, and transfer station operations.Since each of these areas of activity is supported entirely by usage fees .a11three proprietary funds areaccounted for as business-type activities.Proprietary funds provide the same type of information as the government-wide financial statements, only inmore detail. The proprietary fund financial statements provide separate information for the water, sewer andtransfer station funds and are found on pages 1214.Narrative - Fiduciary FundsFiduciary FundsBullock Forest, Burbank Chapel, and Municipal Scholarship fiduciary funds are used to account for resourcesheld for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's ownprograms. The accounting for fiduciary funds is much like that used for proprietary funds.


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Capital Asset and Debt AdministrationIn 1987 the Town directed the Town Manager to "establish and appoint a committee to be known as theCapital Improvement Planning Committee" to "study proposed capital projects and improvements involvingmajor nonrecurring tangible assets and projects which are purchased or undertaken at intervals of not lessthan five years, have a useful life of at least five years and cost over $10,000." The committee's charge alsorequired their annual recommendation at town meeting of projects to be funded from current resources. Forfiscal 2011 that amount was $540,113 of which $475,113 was for projects supported by resources related togovernmental activities and $65,000 was for projects supported by resources related to business-typeactivities.Capital AssetsThe Town's investment in capital assets for its government acnvtties as of June 30, 201Iamounts to$24,684,583 (net of accumulated depreciation). This investment in capital assets includes land, buildings,machinery and equipment, roads, highways and bridges (see page 25). During fiscal 2011 additions togovernmental assets of$503,180 were recorded as compared to depreciation of$I,097,399.The Town's investment in capital assets for its business-type activities as of June 30, 2011 amounts to$7,299,353 (net of accumulated depreciation). This investment includes machinery and equipment, vehiclesand water and sewer infrastructure. During fiscal 2011 additions to business-type assets of $271,391 wererecorded as compared to depreciation of$241,894.Major capital asset events during the current fiscal year included the following:

The Town replaced its 1998 Sidewalk plow at a total cost of$92;008. The Town replaced its 1999 International Dump truck at a cost of$138,705

TOWN OF WILLIAMSTOWN~ MASSACHUSETTSJune 30, 2011

Primary GovernmentGovernmental Business-type 2011 2010Activities Activities Totals Total

Land $ 2,208,689 $ $ 2,208,689 $ 2,208,689Buildings 11,539,849 11,539,849 11,947,754Machinery and equipment 205,052 86,468 291,520 359,318Vehicles 375,115 49,827 424,942 257,112Infrastructure 10,355,878 7,163,058 17,518,936 17,775,785Total assets $ 24,684,583 $ 7,299,353 $ 31,983,936 $ 32,548,658


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Long-Term Debt At the end of the current fiscal year the Town had total bonded debt outstanding of$5,355,000 (see page 27), all of which is backed by the full faith and credit of the government. Of thisamount, $1,627,650 represents business-type activity debt being paid by user fees, $3,727,350 representsgovernmental activity debt which has been exempted from the restrictions of Proposition 2 1 2 and $332,820 isgovernmental activity debt being repaid from general taxation and subject to the restrictions of Proposition 2l i z .

Subject to Proposition 2 1/2Exempt from Proposition 2 112Business-type activity debtTotal

Governmental Business-typeActivities Activities

2011 2010 2011 2010$ 222,350 $ 252,570 $ $3,505,000 3,807,600

1,627,650 2,026,830$3,727,350 $4,060,170 $1,627,650 $2,026,830

Town of Williamstown, MassachusettsSchedule of Long-term Debt

June 30, 2011

The Town's total debt decreased 12% during fiscal 20] 1 as a result of scheduled retirements of $732,000.The Town maintains an "AA2" rating from Moody's Investors Service which, along with two othercommunities in Berkshire County, is the highest rating assigned by Moody's.Chapter 44 Section 1 0 of the Massachusetts General Laws limits the amount of general obligation debt a townmay issue to 5% of the town's equalized property valuation (a calculation made by the commonwealth), or10% if approved by the commonwealth's emergency finance board. O n June 30, 2011, the dat~ of thecommonwealth's latest EQV determination, the Town's equalized valuation was $1,110,091,100 resulting ina 5% normal debt limit available borrowing balance of$51,288,565 at June 30, 201 1 .The Town utilizes a budget model to project the tax consequences associated with funding the annual budgetfor a five year period and projecting potential capital expenditures over a twenty year period. The modelenables Town administration and the general public to view various scenarios for projecting the impact ofoperating expenditures and capital projects by utilizing various budgetary assumptions which include debtservice, projected annual growth in operating revenues and expenditures, use of undesignated fund balance,and property valuation growth.Economic Factors and Next Year's Budgets and RatesState Aid increased 2.3% between fiscal 2007 and fiscal 2008, increased only .8% in fiscal 2009, anddeclined 8.3% in fiscal 2010,3.2% in fiscal 2011, and 9.5% in 2012.The aggregate annual increase to existing property tax revenues is limited to the 2 Y : z % increase allowed byProposition 2Y2 . New growth, which has been an important part of the budget for the past decade, declinedprecipitously from over $200,000 per year to $123,368 in FYI0 before rebounding to $153,974 in FYII and$288,083 in FY12.


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Police, Public Works, and non-union employees of the Town agreed to a one-year wage freeze for fiscal2010, a 3% increase for fiscal 2011, and a 1.5% increase for 2012 thereby permitting a balanced budgetwithout a Proposition 2 Y 2 override and despite the aforementioned loss of state aid.Following the opening of the new Paresky student center in 2006, Williams College has completed theconstruction of both the North and South Academic BUildings. Williams College has begun an $80 millionrenovation and addition to the Sawyer Library. Eight new units of affordable rental housing opened at theformer St. Raphael's church and rectory with the assistance of $1,200,000 in Community Preservation Actfunding.Requests for InformationThis financial report is designed to provide a general overview of the Town's finances for all those with aninterest in the government's finances. Questions concerning any of the information provided in this report orrequests for additional financial information should be addressed to the Finance Department, 31 North Street,Williamstown, MA 01267.

2011 Audit Management Letter For Williamstown

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