Determine whether the Board established multiyear plans and financial policies to adequately manage the Town’s finances.
The Board did not:
- Develop comprehensive multiyear financial or capital plans.
- Adopt a fund balance and reserve policy.
- Develop and adopt a comprehensive multiyear financial and capital plan for a five-year period.
- Develop a fund balance and reserve policy to govern the levels of unrestricted fund balance and reserves to maintain.
Town officials generally agreed with our findings and indicated they plan to initiate corrective action.