Purpose of Audit

The purpose of our audit was to review the Village’s budgeting practices and financial condition for the period June 1, 2013 through June 17, 2015.

Background

The Village of Scottsville is located in Monroe County. The Village, which has a population of approximately 2,000, is governed by a Village Board. Budgeted appropriations for the general and sewer funds for the 2015-16 fiscal year are approximately $1.76 million.

Key Findings

• The Board and Village officials did not develop policies and procedures to govern budgeting practices or a comprehensive multiyear financial plan.
• Village officials lacked guidance on maintaining reasonable levels of fund balance and reserves.
• The Board underestimated revenues and expenditures in the 2012-13 and 2013-14 budgets.

Key Recommendations

• Adopt policies and procedures governing budgeting practices and a multiyear financial plan to use in conjunction with the adopted fund balance policy.
• Develop a plan to accumulate and maintain a reasonable amount of unrestricted fund balance in the general fund.
• Adopt budgets that include realistic estimates for revenues and expenditures.