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July 7, 2009

 

DiNapoli's Office Completes Local Government Audit

State Comptroller Thomas P. DiNapoli today announced his office completed the Village of Coxsackie - Financial Condition and Internal Controls.

“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 Coxsackie - Financial Condition and Internal Controls
The village has experienced a series of unplanned operating deficits in its general, water and sewer funds over the last several years. These deficits were caused by inaccurate budget estimates and insufficient monitoring of financial operations throughout the year. The total combined unreserved fund balances in the general, water and sewer funds declined from $678,000 at May 31, 2004, to $118,600 at May 31, 2008, a decline of $559,400 or 83 percent over the four-year period. The village’s financial condition problems have occurred because complete and comprehensive financial information has not been routinely submitted to the board. Village officials also need to improve internal controls over cash receipts and disbursements, purchasing and claims processing and information technology.

Click here for a copy of the audit. If you have any questions or would like a comment from the Comptroller’s office regarding this audit, please call 518-474-4015.


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