Purpose of Audit

The purpose of our audit was to review the Town’s financial condition for the period January 1, 2013 through June 30, 2014.

Background

The Town of Lewisboro is located in Westchester County and has a population of approximately 12,400. The Town, which is governed by a Town Board, operates one water district and two sewer districts. Budgeted appropriations for 2014 totaled approximately $10.4 million.

Key Findings

• The Town’s general, sewer and water funds each had a deficit at some point during the period from 2009 through 2013.
• Town officials have not adopted a multiyear financial plan.

Key Recommendations

• Develop a realistic plan to accumulate and maintain a reasonable amount of fund balance in all Town funds.
• Develop a comprehensive multiyear financial plan to establish long-term objectives for funding long-term needs.