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September 1, 2010

 

DiNapoli's Office Completes Audit of City of Troy



New York State Comptroller Thomas P. DiNapoli today announced his office completed the audit: City of Troy - Internal Controls Over Cash Receipts and Lump Sum Payments.

“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. The City of Troy failed to establish internal controls over cash receipts and payroll. To prevent abuses from occurring in the future, the city council should provide for an annual audit that includes a review of the financial records maintained by officials and employees who handle cash at these city facilities.”

DiNapoli’s auditors found that the Frear Park Golf Course (golf course) and Knickerbocker Ice Arena (ice arena) collect a total of approximately $1.2 million annually.

Further, auditors from DiNapoli’s office noted that the council did not establish a formal cash receipts policy to ensure the city comptroller established an adequate system of internal controls at the golf course and the ice arena, or provide for an annual audit of these facilities. In addition, while the council had the authority to delegate its responsibility for auditing these facilities to the city auditor, the council did not do so.

DiNapoli’s auditors also reviewed a sample of 20 employees who received lump sum payments totaling $341,723 during the audit period and found that these payments were for legitimate purposes and were properly supported by either contracts or city council resolutions.

Click here for a full copy of the audit.


If you have any questions, or would like a comment from the Comptroller’s press office regarding this audit, please call 518-474-4015, or send an email to press@osc.state.ny.us.


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