MINUTES
AUDIT COMMITTEE
GREATER HARTFORD TRANSIT DISTRICT
Hartford, Connecticut

December 9, 2008 

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 4:10 p.m. in the Transit District’s Offices, One Union Place, Hartford, CT. Committee members present included Brendan T. Flynn, Mary A. Oliver and A. David Giordano. Vanessa Rossitto of 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.

Ms. Rossitto presented the Draft Comprehensive Annual Financial Report in addition to the State and Federal Single Audit Reports for the Fiscal Year ended June 30, 2008. The CAFR is in draft version pending acceptance of a FY2008 budget revision to be finalized at the December 10, 2008 board meeting. Blum Shapiro has issued an unqualified (clean) opinion on the agency’s financial statements for this period. Discussion was had regarding implementation of the GASB 45 proclamation requiring recognition of post retirement benefits liability. District staff will pursue various software options in order to comply with the requirement.

Next the committee members met briefly with Ms. Rossitto privately.  Upon motion by Mr. Giordano and seconding by Ms. Oliver, the Committee unanimously voted to accept the Draft 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 Ms. Oliver, the meeting was adjourned at 4:35 p.m.

 Respectfully submitted,
Kimberly A. Dunham
 Acting Committee Secretary