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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 Speculator – Financial Condition (2013M-381)


Released: April 4, 2014 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the Village’s financial condition for the period of June 1, 2009 through August 31, 2013.

Background

The Village of Speculator is located in the Town of Lake Pleasant in Hamilton County and has approximately 320 residents. The Village Board comprises four elected Trustees and an elected Mayor. Its adopted appropriations for the 2013-14 fiscal year are approximately $1.7 million.

Key Findings

  • The Board did not develop sound revenue budget estimates.
  • Unplanned operating deficits have caused deficit fund balances in the water and sewer funds.
  • Significant outstanding interfund loans to the water and sewer funds have negatively affected the general fund’s cash balance.

Key Recommendations

  • Develop and adopt budgets that include realistic estimates for revenues and expenditures.
  • Develop a plan to eliminate the fund balance deficits in the water and sewer funds.
  • Review outstanding interfund loans in the water and sewer funds and take action to repay them as soon as possible.

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