Purpose of Audit

The purpose of our audit was to determine whether the Board provided adequate oversight of the Village’s financial operations for the period June 1, 2014 through October 10, 2017.

Background

The Village of Spencer is located in the Town of Spencer in Tioga County. The Village is governed by an elected five-member Board of Trustees. The Village has approximately 750 residents and 2017-18 budgeted appropriations totaled approximately $328,000.

Key Findings

• The Board does not adequately monitor financial operations.
• The Board does not audit the Clerk-Treasurer’s records.

Key Recommendations

• Request and review a monthly Treasurer’s packet including accurate budget-to-actual reports, bank statements and bank reconciliations.
• Audit, or cause an audit of, the Clerk-Treasurer’s records.