Purpose of Audit

The purpose of our audit was to determine whether the Board properly managed the Village’s financial condition for the period August 1, 2011, to April 2, 2013.

Background

The Village of Woodridge is located in the Town of Fallsburg in Sullivan County. The Board of Trustees comprises five elected members including the Mayor and four Trustees. The Village’s annual budget for all funds for the 2012-13 fiscal year was $2,624,362.

Key Findings

• The Village is in better financial condition than it was during our previous audit; this is partially attributed to the budgets adopted by the Board. These budgets featured increased tax levies, and resulted in operating surpluses and increases in the overall level of unexpended surplus funds.
• The Board has also recently implemented cost saving ideas including improving the insulation of the highway department garage in January 2013 and changing the date of elections.
• The Board could make improvements in budget preparation, and in monitoring and controlling the budget throughout the year to prevent deterioration in the Village’s financial condition.

Key Recommendations

• Continue to explore cost savings opportunities.
• Adopt realistic budgets based on prior years’ actual results, and current and future needs.
• Repay interfund borrowings as soon as possible.
• Provide complete and accurate budget-to-actual reports to the Board on a regular basis.
• Use the budget-to-actual reports to monitor and control the budget throughout the year and perform budget transfers in a timely manner.