Tuxedo Farms Local Development Corporation – Collections and Disbursements and Adherence to Bylaws (2021M-187)

Issued Date

December 22, 2021

Audit Objective

Determine whether collections and disbursements were in accordance with the sewer agreements and whether the Tuxedo Farms Local Development Corporation (TFLDC) Board of Directors (Board) adhered to its bylaws.

Audit Results

Collections and disbursements were generally in accordance with the sewer agreements, and the Board adhered to its bylaws.

There were no recommendations as a result of this audit.

LDC officials agreed with our findings.

Background

The TFLDC was established by the Town of Tuxedo (Town) in 2015. The TFLDC is governed by a three-member Board appointed by the Town Supervisor (Supervisor) with the Town Board’s consent.

The TFLDC Board establishes all general policies governing the TFLDC’s operations. The Supervisor is the TFLDC’s Chief Executive Officer (CEO) and performs other duties as assigned by the Board.

The TFLDC uses an accounting firm and a bank to assist with collections and disbursements functions and uses a legal firm to take Board minutes.

Quick Facts
Total Collections	$4,942,627
Total Disbursements	$21,726,582
Active Projects	1
Bond Amount	$30,000,000

Audit Period

June 15, 2015 – September 30, 2020