[read complete report – pdf] 

Audit Objective 

Determine whether the Town of Exeter (Town) Town Supervisor (Supervisor) maintained complete, accurate and timely financial records and reports.

Key Findings 

The Supervisor did not maintain complete, accurate and timely financial records and reports, which hindered the Board from monitoring the Town’s financial condition.

• While revenues and expenditures were recorded accurately and in a timely manner, balance sheet accounts were not properly maintained due to carrying over unsupported balances for interfund activity, receivables and cash balances from prior years. As a result, the general fund balance was overstated by $81,929.
• Annual financial reports (AFRs) have not been filed since 2016, as required by New York State General Municipal Law (GML) Section 30.
• The Supervisor did not provide the Board with his records for audit, as required by New York State Town Law (Town Law) Section 123.

The issues identified may have been detected if the Supervisor presented his accounting records to the Board and the Board conducted the required annual audit of the Supervisor’s records.

Key Recommendations 

• Correct inaccuracies in the accounting records and develop plans to address uncollectable receivables.
• File delinquent AFRs and ensure subsequent AFRs are filed in a timely manner.
• Annually audit the Supervisor’s records.

Town officials agreed with our recommendations and indicated they plan to initiate corrective action.