Town gets positive audit review
Updated 10:01 am, Friday, February 20, 2015
The town of New Milford has received a "clean opinion" audit report from the firm of Mahoney Sabol on fiscal year 2013-14.
"These results took hard work, management and watching the numbers closely," said the town's finance director, Ray Jankowski. "The variances came in from tax collection aggressively pursued and paid and some of the state funding came in higher than anticipated."
Jankowski said he is "very pleased" there were no material internal findings, as had occurred in previous years.
"It shows management is listening and responding and doing the best we can," Jankowski said.
An outdated, 1980s financial software system had caused issues previous auditors had cited in past reports. A new, state-of-the-art Munis financial software system has since been purchased.
The auditing of the books found the town's pension plan at 87 percent funding, with a balance of $7.47 million on June 30.
Bonds and notes decreased by $27.9 million or 33 percent, during the last full fiscal year.
The unassigned balance of the town's general fund as of June 30, totaled $15.76 million, or 15 percent of the total general fund expenses and other financial uses.
This was sufficient to cover 1.8 months of general fund operating expenses, the firm found. The actual change in fund balance was an increase of $1.26 million.
Michael J. Van Deventer, a Mahoney Sabol partner, declined comment, citing company policy.
"It was good to hear the auditor talk about the different improvements we have made," Murphy said. "I'm proud of the work the employees have done."