CT Municipal Electric Energy Cooperative CMEEC

MINUTES OF THE JOINT AUDIT COMMITTEE MEETING OF THE BOARDS OF DIRECTORS OF CONNECTICUT MUNICIPAL ELECTRIC ENERGY COOPERATIVE and CONNECTICUT TRANSMISSION MUNICIPAL ELECTRIC ENERGY COOPERATIVE November 28, 2017 The Joint Audit Committee of the Board of Directors of Connecticut Municipal Electric Energy Cooperative (“CMEEC”) and Connecticut Transmission Municipal Electric Energy Cooperative (“CTMEEC”) met at the CMEEC offices on Tuesday, November 28, 2017. David Collard, Committee Chairman, called the meeting to order at 10:00 a.m. The following Committee Members participated: Groton Utilities – David Collard Third Taxing District – Kevin Barber Norwich Public Utilities – Stewart Peil The following individuals from CMEEC management participated Edward Pryor, CMEEC, Chief Financial Officer Michael Lane, CMEEC, Controller Robin Kipnis, CMEEC, General Counsel Recorded by Ms. Kipnis Mr. Pryor stated the purpose of the meeting was to review and discuss the responses to a Request for Proposal (“RFP”) received by CMEEC which was issued to implement the forensic examination provisions of Public Act 17-73. He explained that the RFP quoted the language from the statute establishing the requirements of the forensic examination and requested a response that included, among other things, a proposed scope of services that addressed the requirements of the legislation. Executive Session Motion was made by Committee Member Barber, Seconded by Committee Member Peil to move the discussion into Executive Session. Vote passed unanimously. The basis for going into executive session was to review the responses to the RFP for forensic examination services, which are an appropriate subject for an Executive Session by the provisions of C.G. S. sec.1-200(6) and 1-210(b)(24). Committee Chairman Collard certified that the “public interest in disclosure of the response is outweighed by the public interest in confidentiality of the responses.” Present during the discussion were the Committee Members, Messrs. Pryor, Lane and Ms. Kipnis. The meeting went into Executive Session at 10:10 a.m. The meeting came out of Executive Session at 10:35 a.m. and reconvened in public session. The Committee agreed to make a recommendation on the selection of a certified independent accounting firm at the next CMEEC Board of Directors meeting and to propose a resolution amending the 2018 budget to authorize an expenditure for the forensic examination of up to one hundred thousand ($100,000) dollars. Motion was made by Committee Member Barber, Seconded by Committee Member Peil to adjourn the meeting. Vote passed unanimously. There being no further business to come before this Committee, the meeting was adjourned at 10:50 a.m.