Purpose of Audit

The purpose of our audit was to evaluate the Town’s multiyear planning for the period January 1, 2015 through January 12, 2017.

Background

The Town of Italy is located in Yates County and has a population of approximately 1,100. The Town is governed by an elected five-member Town Board. Budgeted appropriations for 2016 totaled approximately $1.2 million.

Key Findings

• Town officials have not established a multiyear financial or capital plan.
• Town officials have not established a fund balance or reserve policy.

Key Recommendations

• Develop multiyear financial and capital plans to ensure that financial resources are available to replace capital assets in a timely manner.
• Develop a fund balance and reserve policy to govern the levels of unrestricted fund balance and reserves to maintain.