Purpose of Audit

The purpose of our audit was to evaluate the Town’s financial operations for the period January 1, 2013 through September 4, 2014.

Background

The Town of Exeter is located in Otsego County and has a population of approximately 990. The Town is governed by an elected five-member Town Board. The Town’s 2014 budget appropriations were approximately $659,000.

Key Findings

• The Board did not ensure the Supervisor maintained up-to-date, complete and accurate records.
• The last time the Supervisor filed the annual financial report was for the 2010 fiscal year, even though our Office sent out several notices to remind the Supervisor of the filing deadlines and offers for assistance, and the tax levy limit calculation has never been filed since the inception of the tax cap law for the 2012 budget year.
• The Board has not audited the Supervisor’s records during our audit period because it relied solely on its trust of the Supervisor.

Key Recommendations

• Ensure that the Town’s accounting records and reports are up-to-date, complete and accurate.
• Submit annual financial reports and tax levy limit calculations to our Office in a timely manner.
• Conduct a comprehensive annual audit of the Supervisor’s financial records.