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Office of the State Comptroller - Local Government & School Accountability
Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Town of Moreau – Financial Management (2012M-24)


Released: May 18, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Town's financial management for the period January 1, 2009, to December 31, 2011.

Background

The Town of Moreau is located in Saratoga County and has approximately 14,700 residents. The Town is governed by an elected five-member Town Board which comprises the Town Supervisor and four council members. The Town's budgeted appropriations for the 2011 fiscal year were approximately $6.4 million.

Key Findings

  • The Board did not adopt a policy or develop procedures to govern the level of fund balance maintained.
  • The Board had not developed accurate budget estimates or a formal, comprehensive multi-year financial and capital plan to adequately address the Town's long-term operational and capital needs.
  • The town-wide general fund, part-town general fund, and four of the Town's six water districts have retained and/or accumulated excessive amounts of unexpended surplus fund balance. The Town did not use $855,675 (42 percent of the $2,056,824 in fund balance appropriated) in the two years for these operating funds.

Key Recommendations

  • Adopt a policy and develop procedures governing the level of fund balance to be maintained and for retaining a reasonable amount of unexpended surplus funds in all Town operating funds.
  • Adopt budgets with realistic estimates for revenues, expenditures, and appropriated fund balance. Develop and adopt comprehensive multi-year financial and capital plans to establish the goals and objectives for funding long-term operating and capital needs.
  • Use the unexpended surplus funds identified in this report in a manner that benefits Town taxpayers.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236