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Audit Objective

Determine whether the Town Supervisor (Supervisor) maintained adequate financial records and reports.

Key Findings

The Town’s financial records and reports were not adequate:

• The bookkeeper maintained two cash ledgers.
• Bank reconciliations were performed inadequately for certain accounts and not at all for others.

The Supervisor did not provide:

• Adequate oversight of the bookkeeper to ensure that records were accurate and up-to-date.
• The Board with adequate financial reports, leading to the deterioration of the general town-wide’s fund balance, which had a deficit of $86,345 as of December 31, 2016.

Key Recommendations

• Ensure that financial records are complete, accurate and up-to-date.
• Provide effective oversight of the bookkeeper.
• Provide the Board adequate, comprehensive and upto- date monthly financial reports.
• Address the financial problems affecting the general town-wide fund when adopting the 2019 budget.

Town officials agreed with our recommendations and have initiated or indicated they planned to initiate corrective action.