FOR RELEASE:

DiNapoli's Office Completes Local Government Audit

State Comptroller Thomas P. DiNapoli today announced his office completed the audit of the Town of Warrensburg – Financial Condition. The town is located in Warren 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.”

Town of Warrensburg – Financial Condition
The board adopted budgets that were not structurally balanced but routinely relied on the appropriation of fund balance and interfund transfers to finance operations in the town’s highway, lighting, water, and sewer funds. As a result of the board’s budgeting practices, its lack of monitoring and its continued reliance on fund balance and interfund transfers, the combined unreserved fund balances of the highway, lighting, water, and sewer funds declined from approximately $156,000 on December 31, 2004 to a deficit of $97,000 on December 31, 2007. This decrease of approximately $253,000, or 162 percent, over three years has impaired the town’s financial flexibility and overall fiscal health of the highway, lighting, water, and sewer operating funds.

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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