Audits of Local Governments and School Districts
Village of Ilion - Budget Review (B3-12-10)
Released: April 9, 2012 -- [read complete report - pdf]
Purpose of Audit
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Village’s tentative budget for the 2012-13 fiscal year are reasonable.
Background
The Village of Ilion, located in Herkimer County, issued debt totaling $1.7 million to finance the settlement of litigation with the County of Herkimer regarding amounts owed to the County for workers’ compensation costs. Local Finance Law requires that all local governments that have been authorized to issue obligations to fund operating deficits submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding. The law set the period of probable usefulness for this financing at 15 years.
Key Findings
- Based on the results of our review we found that the significant revenue and expenditure projections in the proposed budget are reasonable.
- The Village has adopted a local law to override the property tax levy limit in 2012-13.
Key Recommendations
- There are no recommendations in this budget review letter.
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