DiNapoli's Office Completes Local Government Audit
State Comptroller Thomas P. DiNapoli today announced his office completed the audit: Village of Catskill – Fiscal Oversight and Internal Controls Over Selected Financial Activities.
“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 Catskill – Fiscal Oversight and Internal Controls Over Selected Financial Activities
The village board and president did not effectively oversee the village’s financial operations and failed to address significant weaknesses, identified in our previous audit, in budgeting, accounting, reporting, cash management, and claims processing. These inadequate management practices have contributed to the deteriorating financial condition of the village’s primary operating funds, perpetuated a reliance on interfund transfers to maintain cash flow, and placed the village at risk of fiscal stress that could jeopardize its ability to operate effectively. For example, due to poor planning and unrealistic budgeting, the total fund balances of the village’s main operating funds (general, water, and sewer) decreased by $933,727 (58 percent) over the three fiscal years 2004-05 to 2006-07. At the end of 2006-07, these three funds had a combined operating deficit of $574,876, or 36 percent of their total fund balance at the beginning of the 2004-05 fiscal year.
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.