Minutes
Audit Committee Meeting
Greater Hartford Transit District
Hartford, CT
June 17, 2010

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 6:22 p.m. in the Transit District’s Offices, One Union Place, Hartford, Connecticut. Committee members present included Brendan T. Flynn, A. David Giordano and Mary Oliver (arrived 6:43 p.m.). Reed Risteen 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, and Bradshaw Smith, a resident of the Town of Windsor also attended.

Mr. Risteen provided an overview of the upcoming audit process including scope of work and anticipated timeline. As in the past, Blum Shapiro will audit the agency’s financial statements, prepare the State and Federal Single Audit Reports, and review the application of National Transit Database procedures. Interim field work will commence the week of July 19, 2010 and final field work should be complete by August 20, 2010. Mr. Risteen reviewed GASB 54, a new auditing standard related to changes in fund balance titles and relayed his intention to issue the financial statements earlier this year. Accordingly, the committee discussed adding a November Board of Directors meeting to coincide with the expedited issuance timeline.

Next the committee members met briefly with Mr. Risteen in the absence of management presence. At approximately 6:58 p.m., numerous Board members entered the meeting.

There being no further business brought before the Committee, Mr. Giordano moved adjournment and Mr. Flynn adjourned the meeting at 7:04 p.m.

 

Respectfully submitted,

Kimberly A. Dunham
Acting Committee Secretary