Wayland audit panel clears cash reconciliation finding, presses on $600,000 in deposits

WAYLAND -- January 22, 2024, Wayland's Audit Committee clears cash reconciliation flag but flags $600,000 in stranded deposits. The panel met Monday to review the draft FY23 Annual Comprehensive Financial Report, which Finance Director Brian Keveney said will be submitted by Jan. 31 to preserve the town's GFOA award eligibility. Auditor Alina Corsak confirmed the prior year's material-weakness finding on cash has been cleared, with an unreconciled student-activity variance cut from roughly $155,000 to under $1,000. Keveney said about $600,000 in performance-bond deposits held by the Board of Health, Conservation Commission, Planning Board and Building Department, including roughly $300,000 in conservation, remain unreconciled because records were not properly kept. New member Yutian Zhang pushed for firm deadlines, saying "there's no way it's just stay there forever." Outgoing chair Klaus Shigley flagged more than a dozen ACFR edits, including raising the capitalization threshold from $15,000 to $25,000. New chair Samantha Shulo set the next meeting for Feb. 12.