Village of Greenwich - Cash Management (2019M-230)

Issued Date
April 17, 2020

[read complete report - pdf]

Audit Objective

Determine whether Village officials maximized interest earnings.

Key Findings

  • The Board did not develop and manage a comprehensive investment program to ensure interest earnings were maximized.
  • Had officials invested available funds in a financial institution with higher available interest rates, interest earnings could have been increased by approximately $42,200 during the audit period.

Key Recommendations

  • Periodically solicit interest rate quotes from multiple financial institutions.
  • Prepare monthly cash flow forecasts that estimate available funds for investment.
  • Ensure available funds are invested within legal limits, to maximize interest earnings.

Village officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.