Monday
November 13, 2017


 

 

 

State audit recommends improvements to Wurtsboro’s financial operations

ALBANY – The Village of Wurtsboro’s financial operations during the 2016-17 fiscal year have come under fire from the state comptroller’s office.

An audit found that the village board relied on fund balance as a financing source rather than using recurring revenue to finance recurring expenditures; the general fund borrowed an average of $95,300 from the water fund to maintain operations in the last three years; and that the mayor and village board did not segregate the clerk-treasurer’s duties over billing, cash receipts and disbursements, or implement compensating controls.

The audit made three key recommendations:

  • Adopt budgets that finance recurring revenues with recurring expenditures
  • Develop a plan for the general fund to repay the interfund loans from the water fund
  • Segregate the clerk-treasurer’s cash receipt and disbursement duties or provide adequate oversight of the clerk-treasurer’s work by establishing compensating controls to mitigate the risks associated with the clerk-treasurer’s incompatible financial duties.

 


Copyright © 2017 Mid-Hudson News Network, a division of Statewide News Network, Inc.
This story may not be reproduced in any form, by any media, without express written consent.
This includes rewriting, broadcasting and/or printing of material from MidHudsonNews.com,
by websites, radio and television stations, newspapers or other media

 

 


HEAR today's news on MidHudsonRadio.com, the Hudson Valley's only Internet radio news report.