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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 Victor – Financial Management (2015M-166)


Released: November 6, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the Village’s financial management practices for the period June 1, 2013 through July 8, 2015.

Background

The Village of Victor is located in the Town of Victor, Ontario County, and has a population of approximately 2,700. The Village is governed by an elected five-member Board of Trustees. General fund budgeted appropriations for the 2014-15 fiscal year were approximately $2.4 million.

Key Findings

  • The Board has not adopted policies and procedures governing the budget process or a fund balance policy establishing the level of fund balance to maintain, resulting in excessive unrestricted general fund balance.
  • The Board has not developed a comprehensive multiyear financial plan.
  • The Board did not conduct or provide for an annual audit of the Treasurer’s records and reports.

Key Recommendations

  • Develop budgeting and fund balance policies to govern the budgeting process and the levels of unrestricted fund balance and reserve funds to maintain.
  • Develop, adopt, monitor and periodically update a comprehensive multiyear financial plan.
  • Annually audit, or engage the services of an independent public accountant to audit, the Treasurer’s records and reports.

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