ALBANY – The Wappingers Falls Board of Trustees did not provide adequate oversight over financial operations and capital projects, according to an audit conducted by the State Comptroller’s Office.
As a result, the report said board did not have sufficient information to oversee financial operations and capital projects. It also said the board was unaware of the village’s financial position and that financial records were disorderly and incomplete.
Among the criticizes were that the board did not ensure it received adequate monthly financial reports or review bank reconciliations; did not ensure bond anticipation note proceeds were properly used; ensure the Village’s Annual Financial Report (AFR) was properly filed, as required; did not ensure annually audit the treasurer’s records, as required; did not adopt a multiyear capital plan; did not maintain capital project records, including written contractual agreements; and did not develop mitigating controls for the lack of segregation of financial duties.
Auditors recommended that the village board adopt policies and procedures to establish mitigating controls for the lack of segregation of financial duties, including reviewing bank statements, bank reconciliations and online transfers; ensure that the AFR is submitted timely and accurately to the Office of the State Comptroller; and ensure the treasurer’s records, including capital project records, are complete and accurate and audited annually.
Village officials generally agreed with the state recommendations and indicated they plan to initiate corrective action.
The audit was conducted June 1, 2020 – September 7, 2021, but was extended back to June 1, 2015 to review capital projects and May 31, 2017 for annual financial report filing.
