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NYS Comptroller


Audits of Local Governments and School Districts

Report Highlights

Town of Lloyd - Financial Condition (2019M-108)

Released: August 2, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether the Board and Town officials effectively managed financial condition.

Key Findings

  • Budgeting practices resulted in an increase in fund balance from $2.4 million in 2014 to $4.1 million in 2018.
  • The Board appropriated fund balance totaling $1.4 million of which only $340,000 (25 percent) was used to finance appropriations from 2014 through 2018.
  • The Board underestimated revenues and overestimated expenditures in the general, water and sewer funds each year.

Key Recommendations

  • Include more realistic estimates of revenues and expenditures when adopting the annual budget.
  • Discontinue the practice of adopting budgets with appropriation of fund balance that will not be used to fund operations.
  • Develop and adopt a fund balance policy to ensure levels of fund balance are reasonable.

Town officials agreed with our recommendations and have initiated or indicated they planned to initiate corrective action. Appendix B includes our comments on issues that were raised in the Town’s response letter.


The Town of Lloyd (Town) is located in Ulster County (County).

The Town is governed by an elected five-member Town Board (Board), composed of the four Board members and the Town Supervisor (Supervisor). The Board is responsible for the general oversight of operations and finances.

The Supervisor, as chief fiscal officer, is responsible for the day-to-day management. The bookkeeper maintains the accounting records and assists the independent accountant in preparing and filing annual financial reports. The Board appointed the confidential secretary to the Supervisor as Budget Officer.

Quick Facts
Square Miles33.4
2019 Appropriations$11.5 Million

Audit Period

January 1, 2017 – January 15, 2019. We extended our audit period back to January 1, 2014 to analyze financial trends.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email:
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236