Purpose of Audit

The purpose of our audit was to examine the Village’s budgeting practices and financial condition for the period June 1, 2012 through January 22, 2014.

Background

The Village of Waverly is located in the Town of Barton, in Tioga County. The Village, which is governed by an elected seven-member Board of Trustees, has a population of approximately 4,400. The Village’s annual budget for the 2014-15 fiscal year totals approximately $4 million.

Key Finding

• The Board did not develop and adopt realistic, structurally balanced general fund budgets, since fund balance was used as a recurring revenue source.

Key Recommendation

• Continue to closely monitor the level of fund balance and ensure that budgets are structurally balanced without depleting fund balance