Audit Objective 

Determine whether the Village of Riverside (Village) Clerk-Treasurers prepared and maintained complete, accurate and timely accounting records and reports.

Key Findings 

The former and current Clerk-Treasurers did not prepare or maintain complete, accurate or timely accounting records and reports. As a result, the Board of Trustees’ (Board’s) ability to make informed financial decisions was inhibited because the Village’s true financial position was unknown.

• The Clerk-Treasurers did not record investment transactions and interest and all interfund transfers, improperly recorded receipts, disbursements and budget transfers, and did not record water and sewer account adjustments and the re-levy of unpaid water and sewer charges to the control accounts.
• The current Clerk-Treasurer did not file the required Annual Financial Report (AFR) for the last four fiscal years and the current AFR was overdue as of August 9, 2024.
• The Clerk-Treasurers did not file periodic payroll reports or remit withholdings timely to the Internal Revenue Service (IRS) or the New York State Department of Taxation and Finance (NYSDTF), which could result in the Village paying fines and penalties.

Recommendations 

The audit report includes 11 recommendations that, if implemented, will improve the Clerk-Treasurer’s ability to prepare complete and accurate accounting records and reports in a timely manner.

Village officials generally agreed with our findings and indicated they will initiate corrective action. Appendix B includes our comment on an issue raised in the response.