ALBANY – An audit by the state comptroller’s office into the financial recordkeeping and reporting duties of the Town of Stanford comptroller found the former official did not adequately perform those duties required of the position.
(The full audit can be read here.)
The audit identified the following inadequacies:
- 88 checks totaling $361,088 were inappropriately recorded in the general fund and paid from the general fund bank account of which $214,871 were highway fund expenditures.
- $1,441,751 in transfers were recorded in the payroll fund cash account within the financial software during our audit period which was approximately $138,000 more than what was transferred in the payroll bank account.
- $48,000 in deposits and $40,560 in withdrawals in the health reimbursement account were never recorded in the software.
In addition, the Comptroller did not provide the Board with monthly financial reports.
Key Recommendations
- Ensure accounting records are maintained in a complete and accurate manner.
- Ensure the Board receives the detailed monthly reports necessary to monitor and manage financial operations.
Town officials agreed with our findings and have initiated corrective action.
