[read complete report - pdf]

Audit Objective

Determine whether the Board effectively planned for future needs.

Key Findings

• Town officials have no long-term plans for funding equipment and infrastructure needs.
• The Town’s major pieces of equipment are beyond their recommended useful lives.

Key Recommendations

• Develop long-term financial and capital plans to ensure financial resources are available to replace capital assets in a timely manner.
• Adopt a comprehensive fund balance policy that establishes the levels of fund balance and reserves to be maintained.

Town officials agreed with our recommendations and indicated they planned to take corrective action.