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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Village of Palmyra - Financial Management (2019M-94)

Released: August 16, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether the Board adopted realistic budgets and effectively managed fund balance based on accurate financial records and reports.

Key Findings

  • The water and sewer funds maintained excessive unrestricted fund balance levels, as a result of unrealistic budgets.
  • Village officials have not developed multiyear financial or capital plans or a fund balance policy.
  • The Board did not audit the Clerk-Treasurer’s records and reports or identify and address improper budgeting and accounting practices that resulted in inaccurate accounting records and reports.

Key Recommendations

  • Adopt realistic budgets and reduce excessive fun and a fund balance policy.
  • Annually audit the Clerk-Treasurer’s records and reports to ensure they are accurate.

Village officials agreed with our recommendations and indicated they planned to initiate corrective action.

Background

The Village of Palmyra (Village) is located in the Town of Palmyra in Wayne County.

The Village is governed by an elected Board of Trustees (Board) composed of a Village Mayor (Mayor) and four Trustees. The Board is responsible for the general management and control of the Village’s financial affairs, including adopting the annual budget and establishing financial policies. The Mayor is the chief executive officer and is responsible for the Village’s day-to-day management. The Mayor appoints a Clerk-Treasurer, who serves as the chief fiscal officer and is responsible for maintaining accounting records and providing financial reports to the Board.

Quick Facts
Population3,400
2018-19 Water Fund Appropriations$503,700
Water Accounts1,352
2018-19 Sewer Fund Appropriations$532,250
Sewer Accounts1,541

Audit Period

June 1, 2017 – April 30, 2019. We extended our scope back to June 1, 2015 to analyze financial trends.


Local Government and School Accountability Contact Information:

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