Finance audit at town meeting

FALLS VILLAGE — The annual town meeting to receive the audited report for the fiscal year 2008-09 is Friday, March 26, 7 p.m. at Town Hall.

Copies of the report are available at Town Hall.

The report includes two letters from auditor Mike Zemaitis, reporting on “internal control over financial reporting and on compliance� with state government auditing standards.

In December 2009, Zemaitis reported to the Board of Finance that  there were “no reportable deficiencies,â€� in the audit.

He also said that the town’s balance  of $805,000 in the unreserved fund  — about 19 percent of the budget —is “by anybody’s estimate a healthy balance.â€�

Referring to last year’s worries about securing the town’s funds, Zemaitis said in December that most of the town’s money is insured by FDIC, and what isn’t insured is secured by agreements made with local banks during the last budget cycle.

Zemaitis did recommend creating a formal budget process for the water department, with a budget and capital plan. That task is expected to be complete for the current budget cycle.

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