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NYS Comptroller


Audits of Local Governments and School Districts

Town of Taylor – Financial Management (2016M-391)

Released: March 3, 2017 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to assess the Board’s oversight and financial management of the Town's operations for the period January 1, 2015 through September 8, 2016.


The Town of Taylor is located in Cortland County and has a population of approximately 525. The Town is governed by an elected Town Board composed of the Supervisor and four Board members.

Key Findings

  • The Board has not historically monitored available fund balance or established formal plans to address the excessive fund balance levels.
  • The Board did not know it was required to annually audit the Supervisor's records.
  • The bookkeeper maintains custody of the bank statements, prepares the checks and abstracts, records all transactions and performs the bank reconciliations without oversight.

Key Recommendations

  • Develop a plan to reduce the amount of available fund balance in a manner that benefits Town residents.
  • Annually audit, or have an independent accountant audit, the Supervisor's records.
  • Periodically review the bookkeeper's work to ensure that all financial activity is recorded accurately and completely accounted for, monthly bank reconciliations are performed and any discrepancies are promptly investigated and corrected.

Local Government and School Accountability Contact Information:

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