July 8, 2009
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Comptroller criticizes ‘inaccurate’ budget estimates in Greene County village
ALBANY – The Village of Coxsackie has experienced a series of unplanned operating deficits in its general, water and sewer funds over the last several years, according to an audit by the state Comptroller’s office released Tuesday. These deficits were caused by inaccurate budget estimates and insufficient monitoring of financial operations throughout the year, it said.
The total combined unreserved fund balances in the general, water and sewer funds declined from $678,000 at May 31, 2004, to $118,600 at May 31, 2008, a decline of $559,400 or 83 percent over the four-year period.
The village’s financial condition problems have occurred because complete and comprehensive financial information has not been routinely submitted to the board, the state found. Village officials also need to improve internal controls over cash receipts and disbursements, purchasing and claims processing and information technology, they said.HEAR today's news on MidHudsonRadio.com, the Hudson Valley's only Internet radio news report.