DERRY — A new fiscal committee has been established in Derry to aid in the town’s review of financial policies, merging a pair of audit groups into a more efficient board.
The new Fiscal Committee will act in an advisory capacity to the Town Council and work to promote enhanced fiscal responsibility, accountability and transparency to the council. The committee will also recommend fiscal and investment policies to the council, reviewing quarterly and yearly financial statements that may impact the town’s financial condition.
“We’re attempting to bring more efficiencies to our operations,” said Derry Town Administrator David Caron. “It’s a little more encompassing then what the financial committee and audit committee will deal with, fiscal policies as well.”
The Town Council finalized the approval during a meeting earlier this month. Derry had previously maintained separate finance and audit committees with a focus on similar subject matters, with officials lamenting both boards as having a lack of defined responsibilities.
Instead, the new committee combines those duties and ensure all financial oversight operates more efficiently with clearly defined expectations to all stakeholders. This committee retains the ability of a council designee to request a meeting between the council and an independent audit if needed.
With support from the council, the new committee will immediately take effect and the two prior committees are dissolved.
Regarding fiscal impact, the change is not anticipated to have any additional expenses or produce any revenue.
In addition to recommendations to the council, the new committee will review the results of the annual financial audit conducted by the independent firm and assist with the retention of independent audit services.
Membership of the new committee will mirror the older financial group – the town treasurer, chairman of the Trust Fund, the town CFO and accounting manager; a town councilor liaison will be appointed and serve at the pleasure of the council. Currently, District 1 Councilor Richard P. Tripp serves in this role.