Purpose of Audit

The purpose of our audit was to determine whether the Board adopted budgets based on reasonable estimates for the period June 1, 2014 through September 30, 2017.

Background

The Village of Nassau is located in the Town of Nassau in Rensselaer County and has a population of approximately 1,100. General fund budgeted appropriations for the 2017-18 fiscal year total $697,543.

Key Findings

• General fund appropriations exceeded expenditures by an annual average of $118,599 (20.9 percent) for 2014-15 through 2016-17.
• The general fund’s unrestricted fund balance increased by $97,547 (25.7 percent) to $477,621 over the past three years as of May 31, 2017, which represents 68.5 percent of the 2017-18 appropriations.
• Village officials have not developed a comprehensive, written multiyear financial plan.

Key Recommendations

• Adopt budgets with realistic estimates for expenditures.
• Formulate a plan for the use of excess unrestricted fund balance in the general fund in a manner that benefits Village residents.
• Develop and adopt a comprehensive multiyear financial plan.