[read complete report – pdf]

Audit Objective

Determine whether the Village of Stamford (Village) Board of Trustees (Board) transparently planned and monitored the pool capital project (Project).

Key Findings

The Board did not transparently plan or sufficiently monitor the Project. As a result, total costs to complete the Project exceeded the grant revenues received by $256,302 and contributed to the declining fund balance in the Village’s general fund. The Board did not:

• Prepare a Project budget or ensure that a separate capital projects fund was set up to record Project revenues and expenditures.
• Ensure the Project was monitored and change orders were reviewed and approved.
• Competitively procure Project contracts and expenditures.

Key Recommendations

• Approve an initial detailed Project budget and ensure all actions are documented in the Board meeting minutes.
• Monitor project payments to ensure the contract terms are followed and not exceeded.
• Comply with statutory bidding requirements and the Village’s procurement policy.

Village officials generally agreed with our findings and indicated they plan to initiate corrective action.