Purpose of Audit

The purpose of our audit was to determine whether the Board effectively managed and monitored fund balance for the period January 1, 2014 through September 28, 2017.

Background

The Town of Sheldon is located in Wyoming County and has a population of approximately 2,410. General and highway fund budgeted appropriations for 2017 totaled approximately $1.5 million.

Key Findings

• The Board did not adopt an adequate fund balance policy.
• The Board and Town officials did not prepare a multiyear financial plan.

Key Recommendations

• Revise the fund balance policy to ensure a reasonable amount of unrestricted fund balance is maintained.
• Develop a multiyear financial plan.