Michael T. Baldwin Reports:
The Caneadea Town Board has been scolded by a new state audit. The report said the board did not effectively manage fund balance and spent down fund balance by $427,000 or 71 percent. The board also appropriated fund balances the town did not have, which resulted in deficit, or negative fund balances, in the general fund.
Additionally, the report said the board did not develop and adopt a comprehensive written fund balance policy, a multiyear financial plan, or capital plans. As a result, the board’s ability to know what effect financial decisions would have on future fund balance levels was diminished. In response, the Supervisor said the town agrees with the immediate finding of the Comptroller’s audit. Read documents below: