Skip to Content

Login   Subscribe   Site Index   Contact Us   Google Translate™

NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Audits of Local Governments and School Districts

Village of Mill Neck – Financial Management (2014M-358)


Released: February 20, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the Village’s financial condition for the period June 1, 2011 through May 31, 2014.

Background

The Village of Mill Neck is located in Nassau County and has a population of approximately 1,200. The Village is governed by an elected five-member Village Board and has a general fund budget of approximately $2.6 million for the 2014-15 fiscal year.

Key Findings

  • The Board has not established adequate policies and procedures or provided guidance on maintaining a reasonable level of fund balance.
  • The Board underestimated revenues and overestimated expenditures for the 2011-12 through 2013-14 fiscal years.
  • Village officials have not developed a comprehensive, written multiyear financial or capital plan.

Key Recommendations

  • Adopt a fund balance policy that establishes reasonable levels of fund balance to be maintained to meet the Village’s financial needs.>
  • Adopt budgets that include realistic estimates for revenues and expenditures.
  • Develop and adopt a comprehensive multiyear financial and capital plan to establish the goals and objectives for funding long-term operating and capital needs.

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