February 06, 2021

Municipal and school district audits issued during the week ending February 5, 2021

New York State Comptroller Thomas P. DiNapoli announced the following municipal and school district audits were issued during the week ending February 5, 2021.

Click on the text highlighted in color to access the complete audit report

 MUNICIPAL AUDITS

Town of Owasco – Real Property Tax Exemptions Administration (Cayuga County)  

The assessor did not properly administer select real property tax exemptions. Granted property exemptions were not always properly applied for or supported. Of the 99 property tax exemptions that auditors reviewed, 75 of the exemptions totaling over $4.1 million were not properly applied for or supported. Property owners received $4,014 in 2019 town tax reductions for these unsupported exemptions.

 

Stamford-Harpersfield-Kortright Fire District – Financial Activities (Delaware County)  

The board did not establish adequate controls or provide adequate fiscal oversight of the treasurer. As a result, district assets were not safeguarded. The board did not adequately monitor fiscal operations and properly document disbursement approvals. The board also did not conduct required audits or adopt a procurement policy, investment policy or code of ethics, as required. Although the treasurer’s financial records and reports that auditors reviewed were accurate, and financial transactions were appropriate and properly accounted for, the treasurer performed all financial duties, including receiving and disbursing cash, signing district checks and maintaining the accounting records, with no oversight.

 

SCHOOL DISTRICT AUDITS

Groton Central School District – Cash Management (Cayuga County, Cortland County and Tompkins County)

School district officials did not maximize interest earnings. During the audit period, the district’s interest earnings totaled $72,555, but the district could have earned another $367,963 if officials invested available funds in a financial institution that offered higher interest rates. Business officials did not develop and manage a comprehensive investment program or comply with the district’s board of education’s investment policy. District officials should solicit interest rate quotes to maximize interest earnings and prepare monthly cash flow forecasts.

 

CAUTION

Subsequent court and administrative rulings, or changes to laws, rules and regulations may have modified or clarified or vacated or reversed the decisions summarized here. Accordingly, these summaries should be Shepardized® or otherwise checked to make certain that the most recent information is being considered by the reader.
THE MATERIAL ON THIS WEBSITE IS FOR INFORMATION ONLY. AGAIN, CHANGES IN LAWS, RULES, REGULATIONS AND NEW COURT AND ADMINISTRATIVE DECISIONS MAY AFFECT THE ACCURACY OF THE INFORMATION PROVIDED IN THIS LAWBLOG. THE MATERIAL PRESENTED IS NOT LEGAL ADVICE AND THE USE OF ANY MATERIAL POSTED ON THIS WEBSITE DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP.
Consistent with the Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations, the material in this blog is presented with the understanding that neither the publisher nor members of the staff are providing legal advice to the reader and in the event legal or other expert assistance is needed, the reader is advised to seek such advice from a competent professional.