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Saturday, April 4, 2015

Missing Money Found

Missing Money Found
Accountant discovers $139K in misplaced reserve money
Eryn Dion
News Staff Writer


TEMPLETON  The reconstruction of the town’s financial records from fiscal 2013 and fiscal 2014 has been underway for about two weeks, and already some unexpected surprises have been uncovered.

Interim Town Administrator Bob Markel informed selectmen this week that, as Town Accountant Kelli Pontbriand worked through creating an accurate picture of the town’s stabilization fund, discovered several deposits that had been incorrectly recorded.

“She found that, in fiscal 2012, there’s $100,000 that was voted by the Town Meeting but was put in a different account and is not reflected in the stabilization account,” Mr. Markel said.

Mr. Markel said a similar error was made in fiscal 2013, leaving the town with substantially less in stabilization than was voted by the town.

“I think she’s more than paid for her extra hours by discovering about $139,000 in stabilization money that we were not aware of,” Mr. Markel said. In the budget handed out to selectmen earlier in the meeting, Mr. Markel listed the stabilization account as having a balance of about $70,000.

When asked, the administrator confirmed the funds were still being held in the incorrect accounts, and once the appropriated money is transferred back into the stabilization reserve the account will top out at more than $200,000.

Fiscal 2013 was the year when a $505,000 shortfall in the town’s budget was discovered, and many officials have worried that the reconstructing the financial books might unearth more troubling surprises.


While that remains a possibility, Mr. Markel said he remains cautiously optimistic as the financial team completes its work.

“So far, the surprises have been on the positive side for the town,” he said.

The town received word last month that the financial records from fiscal 2013 and 2014 were in such disarray that an audit of both years would be impossible until they were completely reconstructed.

The state Department of Revenue has also informed the town that its free cash allotment — estimated to be $750,000 — will be withheld until the audits are complete.

The work is expected to take 750 to 1,000 hours, with the financial team aiming to finish its work before the special Town Meeting in the fall.

 
 

6 comments:

  1. As with all comment posters we require the people to identify with a simple email to smart@nii.net
    Those who post comments need to have a identity for protection from the theft of it.
    As soon as i recieve it your posted comments will stay on the blog.
    smart@nii.net

    ReplyDelete
  2. One of the big reasons for the identity to be known by the blog admin is to keep the past identity theft from happening again.
    Many could think that Bob M could be two i know that it is not. It's not a former selectmen nor is it our town administrator.
    So one more time Bob M. whoever you are please email me at smart@nii.net

    ReplyDelete
  3. I think the "found" money will need to be be voted on at the ATM to place it into stabilization.

    If the numbers hold and we have over $200,000 in stabilization, it may be time to reconsider how to purchase some equipment for the highway department.

    ReplyDelete
  4. well it is time to give us back our money the tax payers

    ReplyDelete
  5. Mike,
    This is money that will go into stabilization, where it was originally intended to be placed. This money will help the town to become more financially stable.

    An Underride will return all kinds of money to the tax payers and shut down town government. Do you want to shut down town government?

    By increasing the amount is stabilization, the chances improve of obtaining a credit rating. The audits for FY 13 and FY 14 will need to be completed before we can begin the process of re-establishing a credit rating.

    ReplyDelete
  6. Bob M has left a new comment on your post "Missing Money Found":

    OK, great that she found the error, but who made it because that person cost me extra money based on incompetence! We've been doing overrides every year and now we are "finding" money. What do we have to do to get competent help?

    In my mind this is nothing more than theft. The people of Templeton paid additional funds even though the funds were there. Now that those funds have been "found" they are not going to be returned, but will be used to cover later acts of incompetence by the management staff of this town.
    Did the previous accountant or auditor work under a bond? I mean this is not an issue we should take lightly. Many in this town are elderly and on fixed budgets. These unrequired increases take essential items from peoples household.


    There needs to be an understanding that 2.5% is the maximum amount the town can or should expect for an increase year over year. Any more than that must be found in costs savings.
    We cannot afford a school "budget" which operates to spend its entire budget. When was the last time a school didn't spend all it was allotted?
    Schools are famous for spending all their money before the end of the fiscal year on anything they can imagine they need. The object is to spend it all otherwise the fear is they will get budget cuts. This mentality has to change.

    ReplyDelete