Audit Objective 

Determine whether Town of Southold (Town) officials properly administered the Peconic Bay Community Preservation Fund (CPF) to ensure that all collections were properly supported, recorded and deposited and that disbursements were proper and supported.

Key Findings 

Town officials ensured the CPF collections we examined were properly supported, recorded, and deposited in full and that disbursements were proper and supported. Town officials also ensured the debt service payments we reviewed were for legitimate CPF purposes and properly allocated. Specifically: 

• Of the 103 deposits totaling $28 million made to the CPF bank account during the audit period, we reviewed 10 deposits totaling $14.5 million. All 10 deposits we reviewed were properly receipted, deposited timely and intact, and accounted for.
• Of the111 disbursements totaling $16.1 million paid during the audit period, we reviewed 11 disbursements totaling $11.7 million. All 11 disbursements were adequately supported and approved prior to payment.
• We reviewed all 12 debt service payments totaling $4.2 million made during the audit period. All 12 were properly allocated and represented a legitimate liability incurred by the CPF.

Key Recommendations 

There were no recommendations as a result of this audit.