Purpose of Audit
The purpose of our audit was to examine Town officials’ budget practices for the four major operating funds, which include the general and highway town-wide funds and the general and highway town-outside-village funds, for the period January 1, 2015 through October 11, 2016.
The Town of Greene is located in Chenango County and has a population of approximately 5,600. The Town is governed by an elected five-member Town Board. Budgeted appropriations for 2017 total approximately $2.3 million.
- The Board did not develop realistic budgets for its four major operating funds, which resulted in operating surpluses.
- Town officials have not developed a policy for acceptable levels of fund balance to maintain.
- Town officials have not developed long-term financial and capital plans.
- Develop and adopt budgets that include realistic estimates for revenues and expenditures.
- Develop a fund balance policy that establishes the levels of fund balance, including reserves, to be maintained in each fund to meet the Town’s needs.
- Develop comprehensive multiyear financial and capital plans.