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NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Town of Phelps – Financial Management (2015M-70)


Released: July 31, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Town’s financial management practices for the period January 1, 2011 through March 27, 2015.

Background

The Town of Phelps is located in Ontario County and has a population of approximately 7,000. The Town is governed by an elected five-member Town Board. Budgeted appropriations for 2015 total approximately $3.6 million.

Key Findings

  • The Board and Town officials have not developed adequate policies and procedures or financial plans to govern budgeting practices.
  • Although the District has four reserve funds, the purpose and funding levels of the reserves have not been established.
  • The Board and Town officials have not formally established a multiyear financial and capital plan.

Key Recommendations

  • Establish written policies and procedures to govern the budgeting process.
  • Develop formal plans for establishing, funding and using reserves.
  • Develop a multiyear financial plan to establish the goals and objectives for funding long-term operating and capital needs. This plan should address the use of unexpended surplus funds and the necessity and funding of reserves. The plan should be monitored and updated on an ongoing basis.

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