The Committee discussed FY2025 audit readiness and financial risks (see the report and watch the meeting video):
- Audit plan and standards. CliftonLarsonAllen (CLA) outlined preliminary testing, internal controls work, and the city’s first implementation of Governmental Accounting Standards Board Statement 101 (compensated absences) for the June 30, 2025, statements.
- Pension and liabilities snapshot. Members reviewed liability and funding trends and requested peer comparisons for sick-leave obligations. “The City’s total pension liability is $863M and its total fiduciary net position is $587M, which leaves a net pension liability of $276M. This is a decrease from the prior year’s liability of $308M.”
- Controls and next steps. The group walked through Single Audit timing and discussed strengthening controls (e.g., dual signatures) where appropriate.
Present: Councilor Malakie (Chair), Councilor Lipof, Councilor Oliver, Citizen Representative Carl Valente, Citizen Representative Alex Jablon, Citizen Representative Patrick Song
Absent: Councilor Micley, School Committee member Rajeev Parlikar, and Citizen Representative JP Nahmias
City Staff: Comptroller Stephen Curley, Deputy Comptroller Stela Zaloshnja
