Purpose of Audit
The purpose of our audit was to determine whether the Library’s revenue and expenditure projections were reasonable for the period January 1, 2016 through February 16, 2017.
The Plattekill Library is a public library located in the Town of Plattekill in Ulster County. The Library, which provides library services to approximately 10,000 residents, is governed by an elected seven-member Board of Trustees. Budgeted appropriations for 2017 total $446,257.
- The Board consistently underestimated revenues and overestimated expenditures in its budgets over the past four years.
- The Library accumulated a surplus fund balance of approximately $360,000, which is about 81 percent of its annual budget.
- Develop and adopt budgets that include realistic estimates for revenues and expenditures based on all information available at the time.
- Use surplus funds as a financing source for funding one-time expenditures, funding needed reserves or reducing property taxes.