Purpose of Audit

The purpose of our audit was to evaluate the financial condition of the Village’s water fund for the period June 1, 2012 through May 31, 2015.

Background

The Village of Green Island is located in Albany County and has a population of approximately 2,600. The Village is governed by an elected seven-member Village Board. For the 2014-15 fiscal year, general fund budgeted appropriations were approximately $3.1 million and water fund appropriations were $637,125.

Key Findings

• The water fund balance has continuously been in a deficit position.
• The Board has not developed a multiyear financial or capital plan to address the water fund balance’s deficit, aging infrastructure or repayment of interfund loans.

Key Recommendations

• Develop a financial plan to alleviate the fiscal stress of the water fund.
• Adopt a multiyear financial and capital plan for the water fund.