[read complete report - pdf]

Audit Objective

Determine whether the Town properly planned and managed a capital project.

Key Findings

The Board:

• Did not properly plan and manage the capital project and clearly inform taxpayers when the estimated cost and scope of the project changed.
• Was not fully transparent on the anticipated project costs. As a result, original estimates were $9.8 million and increased by more than $3.6 million after competitive bids were received.

Town officials did not:

• Ensure an itemized project budget outlining revenues and expenditures was maintained in the accounting records and periodically updated.

Key Recommendations

• Prepare realistic estimates and ensure the project costs are clearly defined.
• Prepare and approve an itemized budget, and amend and update the budget as the project changes.

Town officials agreed with our recommendations and indicated they planned to take corrective action.