Purpose of Audit

The purpose of our audit was to determine whether the Board effectively managed the Town’s financial condition for the period January 1, 2016 through May 15, 2017.

Background

The Town of Nanticoke is located in Broome County and has a population of approximately 1,600. The Town is governed by an elected five-member Town Board. General fund budgeted appropriations for 2017 totaled $399,288.

Key Findings

• Budgeted general fund appropriations exceeded expenditures by an annual average of 15 percent for the last three years.
• The general fund’s year-end fund balance increased by 75 percent over the past three years.
• Town officials have not developed a written multiyear financial or capital plan or a fund balance policy.

Key Recommendations

• Adopt budgets that include realistic estimates for expenditures.
• Develop and adopt a fund balance policy that establishes the level of fund balance to be maintained.
• Develop and adopt a comprehensive multiyear financial and capital plan.