Audit Objective 

Determine whether the Village of Hoosick Falls (Village) Board of Trustees (Board): 

• Conducted an annual audit of the Village Chief Fiscal Officer’s (CFO) financial records and reports, 
• Filed the required Annual Financial Report (AFR) with the Office of the State Comptroller (OSC), and 
• Reported the results of the Village’s fiscal activities to the public in a transparent manner. 

Key Findings 

The Board’s ineffective oversight resulted in a lack of transparency with the public regarding the condition of the CFO’s records and the Village’s fiscal activities. As a result, taxpayers and interested parties could not assess the Village’s financial operations to make informed decisions.

The Board did not: 

• Conduct an annual audit, or cause to be audited, the CFO’s 2022-23 fiscal year financial records and reports, as required by New York State Village Law (Village Law) Section 4-408. 
• Ensure the AFR was prepared and filed with OSC, as required by New York State General Municipal Law (GML) Section 30. The last filed AFR was for the fiscal year ending May 31, 2022, filed on July 28, 2023; 363 days after the due date.
• Report the results of the Village’s fiscal activities to the public, as required by GML Section 30 and Village Law Section 4-408. 

In addition, timely accounting records and water, sewer and refuse collection services receivable accounts were not properly maintained and the Village’s cash records were not properly reconciled.

Recommendations 

The audit report includes eight recommendations to help the Board and Treasurer improve the transparency of their fiscal activities. Village officials generally agreed with our recommendations and indicated they have taken or will take corrective action.