Purpose of Audit

The purpose of our audit was to examine the Town’s long-term planning for the period January 1, 2015 through July 26, 2016.

Background

The Town of Conesville is located in Schoharie County and has a population of approximately 730. The Town is governed by an elected five-member Town Board. Budgeted appropriations for all funds for 2016 total approximately $930,000, of which $598,100 is for the highway fund.

Key Findings

• Town officials have not adopted formal long-term financial or capital plans for equipment replacement.
• The Board has not established any reserves to ensure financial resources are available to finance future capital equipment needs.

Key Recommendations

• Develop long-term financial and capital plans to ensure that financial resources are available to replace capital assets in a timely manner.
• Consider establishing reserves to set aside funds for identified future expenditures and clearly establish the purpose, planned uses and desired funding level of each reserve.