Skip to Content

Login   Subscribe   Site Index   Contact Us   Google Translate™

NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Town of Owego – Financial Management (2015M-179)


Released: November 20, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to assess the town’s financial condition for the period January 1, 2012 through December 31, 2014.

Background

The Town of Owego is located in Tioga County and has a population of approximately 20,000. The Town is governed by an elected five-member Town Board. Budgeted appropriations for the major operating funds for 2015 total approximately $11.8 million.

Key Findings

  • The Board did not develop reasonable revenue estimates for the general funds’ budgets because they were not based on a historical trend of actual results.
  • The Town accumulated almost $2.7 million in the town-wide general fund and more than $1.5 million in the town-outside-village general fund.

Key Recommendations

  • Develop reasonable revenue estimates that are based on a historical trend of actual results.
  • Formally develop a plan to use the significant accumulated fund balances to finance capital or other one-time expenditures, including estimated funding and use of reserves.

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