Audit Objective 

Determine whether Town of Shelter Island (Town) officials properly administered the Peconic Bay Community Preservation Fund (CPF) to ensure that all collections were properly supported, recorded and deposited and that disbursements were proper and supported.

Key Findings 

Town officials ensured the CPF collections we examined were properly supported, recorded and deposited in full and that disbursements were proper and supported. Specifically: 

• Of the 37 deposits totaling $8.5 million made to the CPF bank account during the audit period, we reviewed 10 deposits totaling $3.5 million. All 10 deposits we reviewed were properly receipted, deposited timely and intact, and accounted for.
• Of the 103 disbursements totaling $6 million paid during the audit period, we reviewed 10 disbursements totaling $4.9 million. All 10 disbursements were adequately supported and approved prior to payment.

Key Recommendations 

There were no recommendations as a result of this audit.