DiNapoli's Office Completes Municipal Audits
New York State Comptroller Thomas P. DiNapoli today announced his office completed the audits of Village of Hempstead – Budget Review (Nassau County) and Town of Deposit – Health Insurance Buyout Incentive (Delaware County).
“My office’s audits of local governments improve their financial management practices,” DiNapoli said. “These audits are tools for local officials to make sure proper policies and procedures are in place to protect taxpayer dollars and provide the best possible service these taxpayer dollars can deliver.”
Village of Hempstead – Budget Review
Auditors found the significant revenue and expenditure estimates in the village’s proposed budget to be reasonable. However, the village should continue to monitor the revenues and expenditures in the water fund. The village ended the 2007-08 fiscal year with a water deficit fund balance of $973,709. Village officials project that the water fund deficit will be reduced by approximately two-thirds ($600,000) by May 31, 2009. Auditors recommend that the board closely monitor the water fund revenues and expenditures throughout the year to ensure that the fund deficit is completely eliminated.
Town of Deposit – Health Insurance Buyout Incentive
The town could save money by offering a health insurance buyout incentive to eligible employees. This incentive would reduce health insurance costs and give town officials the opportunity to save taxpayer dollars. For example, the town paid approximately $12,500 in health insurance premiums in 2007 for one eligible employee, and auditors project that it will spend approximately $15,000 in 2008 to provide health insurance coverage to this same employee. Auditors calculated that, by using a buyout incentive of $2,000, the town could have saved $10,500 in 2007 and $13,000 in 2008 for a total savings of $23,500 over the two years.
Click here to view the audits above. If you have any questions or would like a comment from the Comptroller’s office regarding these audits, please call 518-474-4015l.