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NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Village of Alexandria Bay – Board Oversight and Internal Controls Over the Clerk Treasurer's Records and Reports (2011M-211)


Released: January 13, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Village's financial management and internal controls over the Clerk-Treasurer's records and reports for the period June 1, 2010 to May 31, 2011.

Background

The Village of Alexandria Bay is located in Jefferson County. The Village Board of Trustees is the legislative body responsible for managing Village operations. The Board includes the Village Mayor, who serves as the chief executive officer, and four Trustees. The Village's 2011-12 budgeted general fund expenditures are approximately $1.78 million, water fund expenditures are approximately $453,000, and sewer fund expenditures are approximately $291,000.

Key Findings

  • The Board failed to properly segregate the duties of the Clerk-Treasurer or establish compensating controls.
  • The Board did not monitor the Village budget or provide for the statutorily required audit of the Clerk-Treasurer's financial records.
  • The Clerk-Treasurer does not maintain an appropriate and complete set of accounting records or account for each operating fund separately.
  • The Clerk-Treasurer did not prepare monthly financial reports, and failed to prepare and file annual financial reports as required by law.

Key Recommendations

  • Segregate the duties of the Clerk-Treasurer or establish compensating controls to routinely monitor and review the work of the Clerk-Treasurer and Deputy Clerk-Treasurer.
  • Provide the Board with actual revenue and expenditure reports for the past fiscal year and updated budgetary estimates, based on year-to-date actual results, for the current fiscal year. Audit, or cause to be audited, the financial records and reports of the Clerk-Treasurer on an annual basis.
  • Maintain general ledgers (including cash control accounts), cash receipt and disbursement records, and revenue and expenditure ledgers for each fund and capital project.
  • Provide the necessary monthly financial reports to the Board and file annual financial reports with the State Comptroller within 60 days following the close of each fiscal year.

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