Wiscasset selectmen will return to having quarterly meetings with their auditor. The decision followed an hourlong meeting with Ron Smith and Chris Bachman from RHR Smith & Co. Monday evening.

The Buxton firm has done the town’s auditing work for more than 10 years. It also serves as auditor for the school department.

Among the first questions Smith fielded was why it took nearly six months to complete the audit. “The draft was actually done in the early part of December which was record time for Wiscasset,” he responded. Although the process was “fast-tracked,” Smith added it took a “Herculean effort” to get the audit done in six months. “Leaving (Regional School Unit 12) proved to be very challenging but there were other factors as well. The fact is, you’ve got a lot going on.”

Chairman Judy Colby recalled that not too many years ago, the board could count on getting its audit done by the end of September or October at the latest. “It was finished in time to set the mill rate,” she said.

Smith responded his firm could speed up the process if selectmen returned to having quarterly reviews, a practice the board discontinued two or three years ago.

The audit revealed the town’s fund balance at the close of June 30 was $1.81 million, although Smith explained $901,488 of that amount was “restricted,” to be used solely for educational purposes. Another $327,859 were “assigned” funds and $30,480 was listed as “non-spendable.” Smith said this left a balance of $551,744 in unassigned monies.

Selectman Jeff Slack commented the unrestricted funds earmarked for the school department had grown roughly $200,000. He wondered why the amount had been increased. He then asked how much of the $901,488 the school department had spent.

Bachman didn’t know why the amount was increased. He said some of the $901,488 had been spent but he didn’t know how much. The school department’s auditing work is carried out by a different team of RHR auditors.

Slack said if any monies were remaining they should have been used to offset the town tax commitment. In response, Smith offered to facilitate a meeting with the town and school department auditing teams that would include the town manager, treasurer and school superintendent. “Some of your questions need to be asked now as you go forward with the 2017-18 budget process,” he explained. “I have full faith and confidence in my auditing teams and their job is to help you make the best decisions going forward. I think the question shouldn’t be where you were on June 30; it’s where you are now, and where you hope to be June 30, 2017. The meeting will be held next month.

Colby asked Smith to provide the town office with the amount remaining in the fund balance by next month

On another subject, Colby asked what happens to money the town receives following the sale of tax-acquired properties. Smith said by statute it goes into “deferred revenues.” The audit listed $280,691 in this line at the close of June 30. “These monies are used to rectify what’s owed on the property for back taxes,” Smith explained.

Monies gained from selling the former primary school will go into the general fund, added Smith. “You might consider using the money you get from the sale of the building to help with your fund balance,” he added.

Selectmen recently sent out bids for auditing services. RHR Smith will remain the town’s auditor until June 30, the close of the fiscal year.