Village of Ballston Spa - Financial Condition (2017M-256)

Issued Date
October 05, 2018

[read complete report - pdf]

Audit Objective

Determine whether the Treasurer maintained adequate accounting records and the Board effectively monitored the Village’s financial condition.

Key Findings

  • The Treasurer did not maintain accurate accounting records and failed to file required annual financial reports for the last four fiscal years.
  • The Board did not adequately monitor the Village’s financial condition.
  • The general fund’s unrestricted fund balance decreased from $213,327 as of fiscal year-end 2014 to $30,487 as of fiscal year-end 2018.

Key Recommendations

  • Maintain adequate accounting records in a timely manner.
  • Monitor the Village’s financial condition and ensure the Treasurer files timely financial reports.
  • Develop a plan to address the general fund’s declining fund balance and the Village’s overall financial condition.

Village officials indicated that they plan to implement the recommendations in this report.