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Town of BallstonCorrective Action Plan

William Goslin 6/25/13

Comptroller Recommendations and responses:

1. The Board should develop a plan to eliminate the fund balance deficit in Water District

# 2 and improve the Districts fiscal health within a reasonable period of time.

Town will update accounting records to obtain current balances in all waterdistricts.

Town will review past water district 2 expenditures and reclassify to otherdistricts if appropriate.

Town Board will review water operations funding and change water rates ifnecessary.

2. The Board should periodically monitor water district fund balance and take appropriate

action as necessary.

Water district balances will be reported to the board quarterly and reviewed by thetown board.

3. The Board should evaluate the availability of each water districts available fund

balance prior to appropriating it as a funding source.

Quarterly water district reports will be utilized to verify fund balance prior toappropriating funds.

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4. The Board should develop a plan to address the condition of the Towns accounting

records. Such a plan should include the creation of a capital fund to track the revenue and

expenditures of capital projects.

Town Financial records will be brought up to date and future capital projects willbe tracked using capital project fund accounts.

5. The Board should ensure that the Supervisor properly maintains the Towns financial

record keeping system to provide for the timely and accurate recording of all financial

transactions and any year-end adjusting entries.

Major town fund balances and accounting reports will be reviewed monthly. All other fund balances will be reviewed quarterly.

6. The Board should ensure that complete and accurate monthly bank reconciliations are

performed, and ensure that any differences disclosed by the reconciliation process are

promptly identified and resolved.

Monthly bank reconciliations will be performed by the bookkeeper/supervisor andreported to the board. The fund balances will be internally audited on a quarterly

basis.

7. The Board should establish fiscal policies to address the frequency and content of

interim financial reporting. Supervisor should prepare and provide the Board with

complete and accurate monthly financial reports. The Board should use these monthly

reports to monitor and manage the Towns financial operations.

Major town fund balances and accounting reports will be reviewed monthly. All other funds will be reviewed quarterly

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8. The Board should ensure that the required audits of the financial records and reports of

applicable Town officers and employees are performed annually.

Town will perform an annual audit on 2012 finances. Town will audit departmental financial operations on a rotating basis throughout

the year.

Additional Items

Town will create an accounting manual that will include all items discussed inthis document.

Town will create procedures for the receipt of funds for all town entities thatreceive funds.

Town will create formal water fund billing and collection procedures. Town will consolidate town water districts where possible