Wayland Audit Committee approves FY23 report, accepts town's cash strategy

WAYLAND — February 26, 2024 — Wayland Audit Committee unanimously approves FY23 report after deep dive on $107 million in town cash. Finance Director Brian Keveney walked members through the June 30, 2023 allocation, showing $69 million in operating, capital and revolving accounts restricted by Chapter 44 to short-term secured vehicles, and $38 million in trust, stabilization, OPEB and housing funds eligible for equities — including $26 million with PRIT, $5.8 million at Rockland Trust, $4.7 million with Bartholomew and $1.3 million at Sandana. "The risk is to me having that 69 million dollars in the wrong account in equities," Keveney said. Member Klaus Shigley, who pushed the inquiry, said Keveney had "finally scratched an itch." The committee retained recommendations urging a single-hauler trash study — fewer than 1,500 of 4,800 households still buy transfer station stickers — and flagging a 6.32 percent versus 7 percent mismatch in the MTRS actuarial report.