Purpose of Audit

The purpose of our audit was to review the Library’s financial management for the period July 1, 2012 through July 25, 2014.

Background

The Fairport Public Library is a school district public library located in the Village of Fairport within the Town of Perinton, Monroe County. The Library, which serves the residents of the Fairport Central School District, is governed by an elected five-member Board of Trustees. Budgeted appropriations for the 2014-15 fiscal year total approximately $2.6 million.

Key Findings

• Library officials do not review or approve financial transactions before they occur.
• The Board did not establish formal financial plans or budgeting policies.
• Unrestricted fund balance has increased to 64 percent of the ensuing year’s budget as of the end of the fiscal year in 2014.

Key Recommendations

• Implement claims audit procedures to ensure that the Board audits and approves all claims for payment before disbursements are made and ensure that a Library official certifies the payroll before it is processed.
• Develop a long-term plan that sets forth the Library’s financial objectives and goals and adopt budgets with realistic estimates of revenues, expenditures and the amount of fund balance that will be available and used as a funding source.
• Develop a plan to use the unexpended surplus funds in a manner that benefits the Library’s taxpayers.