Purpose of Audit

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

Background

The Town of Wright is located in Schoharie County and has a population of approximately 1,540. The Town is governed by an elected five-member Town. Budgeted appropriations for the general fund in 2014 totaled approximately $300,000.

Key Findings

• The Board adopted unrealistic budgets, resulting in an increase in general fund balance while raising taxes.
• The Board did not ensure that purchases were at the best price and that all disbursements were for proper Town purposes.
• The Board did not perform an annual audit of the Supervisor’s books and records.

Key Recommendations

• Adopt realistic budgets based on prior years’ actual results and current and future known needs.
• Adopt a formal procurement policy and monitor compliance.
• Perform an annual audit of the Supervisor’s books and records.