A recent audit of the Lansing Fire District has found that its officials did not develop or manage a comprehensive investment program, leading to potential missed earnings.
The Board of Fire Commissioners failed to create and adopt a detailed investment policy as mandated by the New York State General Municipal Law Section 39. Although the District garnered roughly $9,000 in interest from a savings account with an average daily balance of around $3.8 million during the audit window, officials overlooked other legal investment options. The audit suggests that, with alternative investments, the District could have earned an additional $61,000.
The Lansing Fire District, a separate entity from the Town of Lansing and Tompkins County, provides fire protection services across a 75-square mile territory via four stations. The five-member elected Board is accountable for the District’s financial management and appoints a Treasurer for overseeing the depositing and investing of District funds. While the audit covered from January 1, 2021, to January 31, 2023, an extension through February 28, 2023, was granted to assess interest rate hikes. In response, District officials acknowledged the audit’s findings and have signaled the commencement of remedial actions.
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