Purpose of Audit

The purpose of our audit was to review the Town’s financial condition for the period January 1, 2011 through December 31, 2013.

Background

The Town of Cornwall is located in Orange County and has a population of approximately 12,600. The Town is governed by an elected five-member Town Board. Budgeted appropriations for 2013 totaled approximately $11 million.

Key Findings

• The Board routinely adopted budgets that did not provide sufficient revenues to fund expenditures and relied on fund balance to finance operations.
• The Board has not created multiyear financial and capital plans.

Key Recommendations

• Address declining fund balances and adopt structurally balanced budgets with less dependence on using unrestricted funds to finance operations.
• Develop a comprehensive multiyear financial and capital plan for each operating fund.