Purpose of Audit

The purpose of our audit was to review the Village’s financial condition for the period June 1, 2011 through May 31, 2014.

Background

The Village of Mill Neck is located in Nassau County and has a population of approximately 1,200. The Village is governed by an elected five-member Village Board and has a general fund budget of approximately $2.6 million for the 2014-15 fiscal year.

Key Findings

• The Board has not established adequate policies and procedures or provided guidance on maintaining a reasonable level of fund balance.
• The Board underestimated revenues and overestimated expenditures for the 2011-12 through 2013-14 fiscal years.
• Village officials have not developed a comprehensive, written multiyear financial or capital plan.

Key Recommendations

• Adopt a fund balance policy that establishes reasonable levels of fund balance to be maintained to meet the Village’s financial needs.>
• Adopt budgets that include realistic estimates for revenues and expenditures.
• Develop and adopt a comprehensive multiyear financial and capital plan to establish the goals and objectives for funding long-term operating and capital needs.