[read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the Town’s IT controls, financial condition and purchasing practices for the period January 1, 2015 through March 2, 2017.

Key Findings

• The Board has not adopted IT policies to sufficiently protect its IT assets and did not ensure the adopted computer use and inventory policies were enforced or monitored.
• The Board has not reduced excessive fund balance; adopted a comprehensive multiyear financial or capital plan, or an adequate fund balance policy; or developed policies and procedures to govern budgeting practices.
• Lacking established long-term plans and budgetary guidance, the Board continued to adopt budgets that were not based on sound and realistic estimates.
• The Board adopted a procurement policy, but it does not require competition for professional services or the submission of documentation with claims to support competition was sought.

Key Recommendations

• Adopt comprehensive IT policies. Ensure adopted IT policies are updated, enforced and monitored.
• Develop and adopt comprehensive multiyear financial and capital plans and plan for reserves. These plans should be monitored and updated on an ongoing basis.
• Adopt budgets with realistic estimates of revenues, expenditures and the amount of fund balance to be used to fund operations.
• Revise the Town's procurement policy to provide guidance as to how competition should be solicited for professional services, the required submission of quotes and other documentation with claims and a method for ensuring Town purchases are considered in aggregate.