ALBANY – The Village of Walden has no fund balance policy and its general fund balance decreased by half from 2013 to 2017, according to an audit conducted by the state Comptroller’s Office.
The review for the period of June 1, 2016 through September 19, 2017 found the general fund balance fell from $859,588 to $379,387.
The audit also found the sewer fund has not repaid the general fund $400,000 in interfund transfers from 2014 through 2016 and that the village has no comprehensive multi-year financial plan.
Key recommendations from the state include adopting a fund balance policy, the sewer fund repaying the general fund, and developing and implementing a multi-year comprehensive financial plan.
In response to the findings, Village Manager John Revella wrote that sewer rates were increased in 2015 with $50,000 already repaid to the general fund with it anticipated the remainder will be paid back by the end of this year. He said the village is in the process of formulating a fund balance policy with an estimated completion day of May 1.
The village also plans on developing a comprehensive financial plan, with an estimated completion of May 31, as both of the village’s labor union contracts end on that date.
