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Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Town of Waterford – Financial Condition (2012M-78)


Released: August 31, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Town's financial operations for the period January 1, 2010, to December 19, 2011.

Background

The Town of Waterford is located in Saratoga County and has a population of approximately 8,400 residents. The Town is governed by a Town Board, which comprises a Town Supervisor and four Councilmen. The Town's budgeted appropriations for the 2012 fiscal year were approximately $7.8 million.

Key Findings

  • We found that for 2011 the Board's budget estimates were reasonable, and we project an operating surplus in the corresponding funds with each having reasonable levels of fund balance for the year ending December 31, 2011, with the exception of the water fund. The 2012 budget estimates also appear reasonable and sufficient to maintain the Town's financial stability. The town-wide general and water funds experienced a significant decline in fund balance during 2010; however, through Board action this improved during 2011.
  • We project that as of December 31, 2011, the water fund will have a deficit of $759.
  • The Board has not adopted or developed a written multi-year financial plan.

Key Recommendations

  • Continue to closely monitor the Town's financial operations and take appropriate actions to maintain the Town's financial stability.
  • Ensure that the water fund budget has sufficient revenues to fund appropriations and eliminate its accumulated deficit.
  • Develop comprehensive multi-year financial and capital plans to establish the goals and objectives for funding long-term operating and capital needs.

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