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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 Holley – Financial Condition of the Water and Sewer Funds (2014M-334)


Released: April 3, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the financial condition of the Village’s water and sewer funds for the period June 1, 2009 through September 12, 2014.

Background

The Village of Holley is located in the Town of Murray, Orleans County, and has a population of approximately 1,810. The Village is governed by a five-member Board of Trustees. Budgeted appropriations for the 2014-15 fiscal year total approximately $1.78 million.

Key Findings

  • The water and sewer funds relied on interfund advances from the general fund to help finance operations.
  • The Board did not adopt realistic budgets or establish sufficient rates for water and sewer fund operations.
  • The Board did not audit, or provide for an audit of, the Clerk-Treasurer’s books and records.
  • The Board has not created a multiyear financial plan.

Key Recommendations

  • Develop a plan to repay outstanding interfund loans or authorize transfers to close out all or part of these loans.
  • Develop realistic budgets and evaluate water and sewer fund operation results and establish proper rates to ensure that these funds are self-sustainable.
  • Audit, or provide for an audit of, the Clerk-Treasurer’s books and records.
  • Develop a multiyear financial plan.

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