Purpose of Audit

The purpose of our audit was to review the Town’s financial condition for the period January 1, 2012 through May 31, 2015.

Background

The Town of Coeymans is located in Albany County and has approximately 7,400 residents. The Town is governed by an elected five-member Town Board. Budgeted appropriations for the 2015 fiscal year were $6.9 million.

Key Findings

• The Board did not adopt realistic, structurally balanced budgets in the town-wide general and part-town highway funds, resulting in deficits in both.
• The Town’s budget format lacked necessary information to allow the Board to make informed decisions when estimating revenues and expenditures and determining how much fund balance it could appropriate to finance the ensuing year’s operations.

Key Recommendations

• Develop and adopt structurally balanced budgets and develop a plan to eliminate the deficit in the town-wide general and part-town highway funds.
• Use a budget format that includes actual revenues and expenditures for the previous completed fiscal year; the current year’s budget, showing revenue estimates and appropriations as amended to date; estimated fund balance, with a breakdown of the amounts appropriated, unappropriated and restricted; and a descriptive budget summary message.