“In today’s fiscal climate, budget transparency and accountability for our local communities is a top priority,” said DiNapoli. “By auditing municipal finances and operations, my office continues to provide taxpayers the assurance that their money is being spent appropriately and effectively.”
The district has adopted a code of ethics and a procurement policy, as required, but not an investment policy. The board did not complete an annual audit of the treasurer’s books and records.
Village officials did not always use competitive methods for purchasing goods and consumable products. For example, the village paid $4,126 more for fuel than necessary.
The village general fund balance decreased from approximately $564,000 at the end of 2011-12 to less than $156,000 at the end of 2013-14 due to operating deficits primarily caused by underestimated budget appropriations.
The 2015-16 budget relies on nonrecurring funding of $14 million to finance operating expenditures which will not be available in future years. In addition, the city plans to borrow up to $13 million for tax certiorari settlements in the 2015-16 fiscal year. The city’s outstanding debt has grown almost 12 percent over the last 10 years. The city’s proposed 2015-16 budget complies with the property tax levy limit.