POMONA – The Village of
Pomona ended fiscal year 2014-15 with a fund balance deficit of $933,000
with no multiyear plan to address the cash shortfalls, an audit by the
state comptroller’s office found.
The state investigators also said the village board allowed budget line
items to be over-expended and budget transfers to be made after the end
of the fiscal year rather than throughout the year when needed.
They also said the board does not receive audited financial statements
in a timely manner.
Key recommendations by the comptroller’s office included developing
a plan to eliminate the fund balance deficit and alleviate the general
fund’s fiscal stress; developing a multiyear plan that includes
provisions to address the fiscal stress in the general fund; adopting
a budget transfer policy, conducting a careful and thorough review of
the monthly budget status reports and ensuring that funds are transferred
in a timely manner so that budget line items are not over-expended; and
ensuring that the independent audit provides audited financial statements
in a timely manner.
The Pomona general fund’s budgeted appropriations for the 2015-16
fiscal year total some $2.4 million.
