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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts


Village of Walden – Financial Condition (2017M-255)


Released: February 2, 2018 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to determine whether the Board and Village officials appropriately managed the Village’s financial condition for the period June 1, 2016 through September 19, 2017.

Background

The Village of Walden is located in the Town of Montgomery in Orange County and has a population of approximately 7,000. The Village is governed by a Board of Trustees composed of the Mayor and six Trustees. Budgeted appropriations for the 2017-18 fiscal year total approximately $7.7 million.

Key Findings

  • The Village lacks a fund balance policy and its general fund balance decreased from $859,588 to $379,387 from 2013 to 2017.
  • The sewer fund has not repaid the general fund $400,000 in interfund transfers from 2014 through 2016.
  • The Village has no comprehensive multiyear financial plan.

Key Recommendations

  • Adopt a fund balance policy.
  • The sewer fund should repay the general fund $400,000.
  • Develop and implement a multiyear comprehensive financial plan.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236