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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 LeRoy – Financial Condition (2012M-28)


Released: June 22, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to examine internal controls over selected financial activities for the period June 1, 2006, to January 13, 2012.

Background

The Village of LeRoy is located in Genesee County and has a population of approximately 4,400. The Village is governed by an elected Board of Trustees comprising four Trustees and a Mayor. The adopted budget for the 2011 fiscal year totaled over $3.5 million.

Key Finding

  • The Board has not adopted reasonably accurate budgets or properly monitored the budget. As a result, the Village has accumulated significant funds that could have been used to reduce the tax levy. The Board has not adopted a policy or developed procedures to address the amount of unexpended surplus funds to be maintained, to determine whether the amount maintained is reasonable, or to specify how the Board expects to use surplus funds. This significant accumulation of funds is due to ongoing operating surpluses, which resulted from the repeated over-estimation of expenditures. Therefore, the appropriated fund balance was largely unused.

Key Recommendation

  • Adopt a policy and develop procedures that address operating surpluses and the use of unexpended surplus funds.

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