NEWBURY — In recognition for its commitment to managing risk and controlling costs, the Town of Newbury was awarded a $10,000 grant for an internal audit of financial controls. Newbury received the grant from the Massachusetts Interlocal Insurance Association (MIIA), the town’s property and casualty insurance provider.
The town recently consolidated financial functions into a new department and plans to hire an outside consulting firm to conduct a full review of internal controls over cash, receivables and debt. The town will then use information and recommendations from the consulting firm to address any remaining deficiencies, take corrective action and properly establish financial control policies.
“We have spent a great deal of time evaluating and updating our existing internal control procedures and are pleased that we will be able to enlist the help of a consulting firm to review our findings and assist in establishing formal policies,” said Newbury Town Administrator Tracy Blais. “Without the award of this grant, it is unlikely that we would have been able to complete the final step in this process.”
MIIA awards loss control and risk management grants to its member municipalities to fund equipment purchases, implement training programs and perform upgrades to infrastructure that address safety and prevent losses. These proactive efforts help protect the towns, their employees and citizens by avoiding accidents and potentially costly claims.
The Massachusetts Interlocal Insurance Association is the non-profit insurance arm of the Massachusetts Municipal Association. As a member-based organization, MIIA’s only focus is to provide excellent service and quality risk management solutions to Massachusetts municipalities and related public entities. MIIA insures nearly 400 cities, towns, and other public entities in Massachusetts. For more information please visit www.emiia.org and www.mma.org.