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.
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