Purpose of Audit
The purpose of our audit was to determine if the Board established multiyear financial and capital plans as well as a fund balance and reserve policy to adequately address the Town’s operational and capital needs for the period January 1, 2016 through June 26, 2017.
The Town of Marbletown is located in Ulster County and has a population of approximately 5,600. The Town, which is governed by a Town Board, had budgeted appropriations for 2016 of approximately $3.1 million.
- The Board does not have a comprehensive multiyear financial and capital plan or reserve policy to address the Town’s operational and capital needs, including the replacement of vehicles and equipment, infrastructure or the aging highway garage.
- The Board has not adopted an adequate fund balance policy, which resulted in the Town accumulating excessive fund balance in the general fund.
- Develop multiyear financial and capital plans and a reserve policy to ensure that financial resources are available to provide funding for replacing vehicles, equipment and infrastructure.
- Develop a fund balance policy to govern the levels of unrestricted fund balance.