Town of Oxford – Financial Management (2016M-420)

Issued Date
November 22, 2017

Purpose of Audit

The purpose of our audit was to examine the Town's financial operations for the period January 1, 2015 through August 22, 2016.

Background

The Town of Oxford is located in Chenango County and has approximately 3,900 residents. The Town is governed by an elected five-member Town Board. Budgeted appropriations for 2016 totaled approximately $1.1 million.

Key Findings

  • The Board adopted budgets that relied on fund balance to fund recurring expenditures.
  • The Supervisor did not provide the Board with sufficient information to monitor fund balance.
  • The Supervisor did not file the Town’s AUDs in a timely manner.

Key Recommendations

  • Adopt budgets that finance recurring revenues with recurring expenditures.
  • Provide the Board with monthly reports that include an allocation of the balances or loans between funds and periodic estimates of fund balances.
  • File the Town's AUD with the Town Clerk and OSC in a timely manner.