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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 Altamont – Board Oversight (2011M-261)


Released: February 10, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Village’s Board oversight for the period June 1, 2010 to August 31, 2011.

Background

The Village of Altamont is located in the Town of Guilderland, Albany County. The Village is governed by a Board of Trustees which comprises a Mayor and four Trustees, all of whom are elected for four-year terms. The Village’s general, water, and sewer funds’ total budgeted appropriations for the 2011-12 fiscal year were approximately $1.9 million.

Key Findings

The Board could improve its monitoring of fiscal operations. Specifically, the Board did not:

  • Adopt policies establishing responsibilities and duties for officials and employees involved with maintaining accounting records,
  • Segregate the Treasurer’s duties,
  • Conduct annual audits, or
  • Adequately monitor actual results of operations against budget estimates.

Key Recommendations

  • Adopt written policies establishing responsibilities and duties for officials and employees involved with finance-related activities.
  • Review the duties of the Treasurer and implement procedures to compensate for the lack of segregation of duties.
  • Audit, or cause to be audited, the records and reports of the Treasurer on an annual basis, as required.
  • Monitor actual results of operations against budget estimates throughout the 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