Waterloo Town Supervisor Don Trout says his community has a ‘good handle’ on getting things corrected after a state audit was critical of its finances.
The audit evaluated the Town’s processes between January 1st, 2018 and November 24th, 2021. There were a number of concerns, including one that the Town Board did not effectively manage its financial operations.
What were the issues?
- Failure to implement adequate correction action to address prior audit findings and recommendations;
- Failure to contract with a third-party to conduct an audit, or conduct an internal audit; and
- Failure to establish a written multi-year financial and capital plan to manage fund balances.
More than two dozen recommendations were made inside the report to correct for past issues. Officials in Waterloo said the report didn’t highlight anything that the board wasn’t aware of or already in the progress fixing.
“We’ve been working not here problems for about two years and have already corrected about half of them,” Trout told the Finger Lakes Times. “We will fix them all.”
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