Purpose of Audit

The purpose of our audit was to review the Village’s financial condition for the period June 1, 2011 through March 3, 2015.

Background

The Village of Tuckahoe is located in Westchester County and has a population of approximately 6,600. The Village is governed by an elected five-member Board of Trustees. Budgeted appropriations for the 2014-15 fiscal year totaled $11.6 million.

Key Findings

• The Board underestimated expenditures by $119,527 in 2011-12 and by more than $1 million in 2013-14, which led to operating deficits in each year.
• The Village’s contingency account was not sufficient for the 2011-12 through 2013-14 fiscal years.
• The Treasurer did not provide the Board with monthly cash balance reports or cash flow statements and, except for three budget modifications implemented during 2012-13, no other budget modifications were implemented for 2012-13 through 2014-15.
• The Board has not adopted a multiyear financial plan.

Key Recommendations

• Develop and adopt structurally balanced budgets.
• Evaluate the Village’s contingency account to ensure it is sufficient.
• Monitor the budget throughout the year and make any needed budget amendments.
• Develop and adopt a comprehensive multiyear financial plan.