Purpose of Audit

The purpose of our audit was to evaluate internal controls over the Town’s purchasing practices for the period January 1, 2012 to March 6, 2013.

Background

The Town of Putnam Valley is located in Putnam County and has a population of approximately 11,000 residents. The Town Board includes four members and the Town Supervisor. Budgeted appropriations for the 2013 fiscal year were approximately $5.09 million for the general fund and $4.35 million for the highway fund.

Key Findings

• Internal controls over the Town’s purchasing process were properly designed and operating effectively. We found that Town officials obtained appropriate competition when soliciting purchases from 26 vendors who were paid more than $20,000 each and approximately $1.4 million in total.
• We also reviewed supporting documents to verify that procurements and subsequent payments were properly authorized, accurate and for legitimate purposes and, where applicable, if reimbursed expenses were appropriate and properly supported by paid bills or receipts. All transactions that we examined were for proper Town business purposes, and were supported by contracts, Board resolutions and appropriately itemized invoices.

Key Recommendation

• There are no recommendations for this report.