YORKTOWN, N.Y. – The Town of Yorktown's finances recently passed a close inspection by its outside auditors.
Joseph Komek of Toski, Schaefer & Co. told the town board an audit completed July 20 identified no deficiencies in the town's financial reporting for 2011 and found no problems in the administering of its Section 8 program.
One of the recommendations contained in the 73-page report was for Yorktown to establish a fund balance policy, something Supervisor Michael Grace has mentioned as a priority.
"It's always a big issue," Grace said.
Council member Nick Bianco said while there has been no formal fund balance policy, the board has regularly received reports from Comptroller Joan Goldberg.
Komek reported Yorktown had $4.1 million in its unassigned fund balance, which represents 18 percent of its general fund, a percentage well within the recommended level.
It was also suggested that the town establish a citizens audit committee, for which Yorktown is already seeking members.