The Town of Warren's 2008 financial audit showed that the general fund balance increased by $1.6 million, exceeding the budgeted decrease. Undesignated fund balance, which represents about 15% of the operating budget, increased and meets industry benchmarks. Revenues exceeded the budget by $210,000 while expenditures were $332,000 below budget. The auditor's management letter provided some minor recommendations but noted no material weaknesses or irregularities.

1. Town of Warren, 2008 Financial Statements Braver, PC Two Charles Street Providence, RI 02904

2. Introduction Presentation will review the Town’s 2008 Audit Results Discussion of observations and recommendations Feel free to ask questions at any time

3. Topics of Discussion Financial Statements Required Communication to Audit Committee

4. The General Fund Total Fund Balance increased by $1,617,814 Budgeted change was a decrease of $1,233,558 Undesignated Fund Balance increased by $8,830 Undesignated Fund Balance represents roughly 15 % of Operating Budget Current level is healthy and meets analyst benchmarks (15% - 20%, one year debt svc, etc)

5. Fund Balance - last 10 years

6. Results of Operations Revenues exceeded budget by $210,256 Property taxes $79,036 above what was anticipated Tax collection percentages consistent with outstanding results from past few years

7. Tax Collections - % of net levy

8. Results of Operations (cont.) Expenditures (non-capital) were $332,420 below appropriated amounts One functional area exceeded budget Over-expenditures resulted from specific circumstances and not systemic weaknesses in financial controls or monitoring

9. Net Bonded Debt per capita

10. Management Letter No material weaknesses or reportable conditions noted Comments and recommendations: Enhanced use of purchase orders Policy & procedures manual W-4 forms not agreeing to payroll withholdings Old outstanding checks - escheat

11. Audit Committee Correspondence Required communication of audit matters directly to parties responsible for audit oversight and follow-up No unusual items or irregularities to be reported

12. Questions?

13. The End Thank You!