Determine whether the Town of Waterloo (Town) Board and Town Supervisor (Supervisor) ensured the Town had adequate financial records and reports to effectively manage Town finances.
The Board and Supervisor did not effectively manage the Town’s financial operations, and were unaware of the Town’s true financial position, because the Supervisor did not maintain accurate accounting records and reports. In addition, the Board did not:
- Implement adequate corrective action to address prior audit findings and recommendations, which prolonged significant deficiencies, such as inadequate financial policies, procedures, records and reports.
- Conduct, or contract for, an annual audit of the Supervisor’s records.
- Establish written multiyear financial and capital plans to adequately manage fund balance.
- Establish written policies for financial operations, develop written multiyear financial and capital plans and adopt realistic budgets.
- Provide adequate oversight and attend municipal accounting training.
- Maintain accurate accounting records and provide monthly financial reports to the Board.
Town officials agreed with our findings and indicated they have initiated corrective action.