Wayland Select Board receives audit letter citing repeated cash-reconciliation weakness

WAYLAND — April 10, 2023 — Wayland audit flags repeat cash-reconciliation weakness and $660,000 in untraceable deposits. Auditor Alina Korsak of Marcum LLP told the Select Board on Monday that the town's fiscal 2022 management letter again cites cash reconciliations as a "material weakness," a finding first raised in 2018, and newly flags roughly $660,000 in performance deposits across five departments for which the town cannot identify who paid in. Finance Director Brian Keveny said new treasurer Lily Marasco has closed the reconciliation backlog to one month and predicted the weakness "will completely go away" in next year's letter. Audit Committee Chair Klaus Shigley urged an expanded-scope review of the town's investment policies, citing the SVB collapse and treasurer turnover. The board separately voted 5-0 to authorize negotiations with Mill Creek Residential and Cascade LLC on housing proposals, and unanimously approved signing an MSBA Statement of Interest for Claypit Hill School.