Minutes - Audit Committee Meeting
Greater Hartford Transit District
Hartford, Connecticut

November 20, 2007

Brendan T. Flynn, Committee Chair
Presiding……………………………….

Mr. Flynn called the Meeting of the Audit Committee of the Greater Hartford Transit District (the “District”) to order at 5:08 p.m. in the Transit District’s Offices, One Union Place, Hartford, CT. Committee members present included Brendan T. Flynn and A. David Giordano. Reed Risteen, Senior Partner, Blum, Shapiro and Company was also in attendance. Vicki L. Shotland, Executive Director, and Kimberly A. Dunham, Director of Fiscal and Administrative Services, represented District Staff.

Mr. Risteen presented the Comprehensive Annual Financial Report in addition to the State and Federal Single Audit Reports for the Fiscal Year ended June 30, 2007. Blum Shapiro has issued an unqualified (clean) opinion on the agency’s financial statements for this period. Discussion ensued regarding the GASB requirement to accrue Post Retirement Health Benefits (PRHB) and the recommendation that the District procure the services of an actuary to do so. It was also noted that the District again received the Government Finance Officers Association Certificate of Achievement in Financial Reporting award for the Fiscal Year ending June 30, 2006 and will apply for the current year as well.

Next the committee members met briefly with Mr. Risteen in the absence of management representation. Upon motion by Mr. Giordano and seconding by Mr. Flynn, the Committee unanimously voted to accept the Audit Report as submitted by Blum, Shapiro and Company. There being no further business brought before the Committee, Mr. Giordano moved that the meeting be adjourned. Upon second by Mr. Flynn, the meeting was adjourned at 5:50 p.m.

Respectfully submitted,

Kimberly A. Dunham
Acting Committee Secretary