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1990-12-31 RECEIVED NOV 1 5 1991 ELAINE SNOWDEN TOWN CLeRK Report of Examination: Town of Wappinger Fiscal Year Ended December 31, 1990 Edward V. Regan Comptroller Office of the State Comptroller Division of Municipal Affairs Bureau of Examinations * STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER ALBANY, NEW YORK 12236 Edward V. Regan State Comptroller Report: 91M-470 Period: January 1, 1990 . December 31, 1990 Filed: NOV 1 2 1991 REPORT ON FINANCE RELATED MATTERS TO THE SUPERVISOR AND MEMBERS OF THE TOWN BOARD OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK: Pursuant to the authority vested in the State Comptroller by Article 3 of the General Municipal Law, we have examined the financial affairs of the Town of Wappinger for the fiscal year ended December 31, 1990. Our responsibilities are to review the financial condition and fiscal operations of the town in order to identify areas needing improvement and to inform local officials and the public of our findings and recommendations. Consistent with these responsibilities, the objectives of this examination were to identify conditions indicating possible fiscal stress and test for noncompli- ance with certain fmance related statutory and regulatory provisions as well as guidance of the Office of the State Comptroller. It was not our objective to, and we do not, express an opinion on the financial statements of the town or provide assurance as to either its internal control structure or the extent of its compliance with statutory and regulatory requirements as well as guidance of the State Comptroller. The management of the town is responsible for its fmancial affairs and for safeguarding its resources. This responsibility includes establishing and maintaining an internal control structure to provide reasonable, but not absolute, assurance that resources are safeguarded against loss from unauthorized use or disposition; that transactions are executed in accordance with management's authorization and are properly recorded; that appropriate financial reports are prepared; that applicable laws, rules and regulations are observed; and that appropriate correc- tive action is taken in response to audit findings. Nevertheless errors, irregularities, or instances of noncompliance may occur and not be detected because of inherent limitations in any internal control structure. The town has engaged independent public accountants to audit the town's general purpose financial statements for the year ended December 31, 1990 and report on the internal control structure and compliance with certain law, rules and regulations. In determining the scope of our examination, we considered the town's financial condition, its internal controls, applicable statutory provisions, guidance of the Office of the State Comptroller and other relevant information. We obtained an overview of the fiscal operations Town of Wappinger Page 1 of the town through inquiry, analytical procedures, observations and the inspection of records and reports. As a result of this planning process, we limited our examination to the following areas: Financial Condition Supervisor's Records and Reports Budgeting Investments Purchasing Retirement Indebtedness Fixed Assets Capital Projects We conducted our examination in accordance with Generally Accepted Government Audit- ing Standards (Government Auditing Standards, issued by the Comptroller General of the United States). For the areas selected, we gained an understanding of the town's internal control structure. Based upon this understanding, we assessed risks and designed and performed such tests which we considered necessary to satisfy our audit objectives. We believe that our examination provides a reasonable basis for our report. The results of our examination procedures disclosed certain findings and recommendations which are presented in this Report of Examination. These findings and recommendations have been discussed with local officials and their comments have been considered in preparing this report. The town board has the responsibility to initiate corrective action. Pursuant to Section 35 of the General Municipal Law, the town board may, in its discretion, provide to the State Comptroller a written response to the findings and recommendations contained in this report. We strongly urge the town board to prepare a corrective action plan which would be available for public review in the town clerk's office and the Office of the State Comptroller. Very truly yours, cDfflaf; of the dtate C!.ornptwtfe,,,, OFFICE OF THE STATE COMPTROLLER DIVISION OF MUNICIPAL AFFAIRS Albany, New York May 9, 1991 Town of Wappinger Page 2 FINDINGS AND RECOMMENDATIONS Financial Condition Ilellli!illll:!:IIII!I!IIIIIIIII~ill~!lilill!I!I!III!I~!1!1~!lil!li~!I!li!III!lil!IIII!I!lilll!I!I!ljllllllll~11!111111!IIII~illl!IIIIIII!lil!I!I!lilililil!I!!ill!1!1!1!lj~!!!I!II!I!II!I!I!IIII!!11!1111111!lllii!I!!!lj1!1!!!!!IIII!I!I!I!I!!!!!II!!!!!I!I:I!. The town's annual financial report for the year ended December 31, 1990 disclosed that the funds listed below had accumulated, unappropriated, unreserved fund balances at December 31, 1990, as follows: Unreserved Appropriated Unappropriated Unappropriated Fund Balance at in the 1991 Unreserved asa % of the December 31, 1990 Budget Fund Balance 1991 Budget $696,465 $227,500 $468,965 .24% 850,395 250,000 600,395 31% 86,897 27,235 59,662 62% 243,154 20,521 222,633 83% 63,048 16,551 46,497 34% 89,359 7,800 81,559 192% 220,701 62,419 158,282 32% 68,786 5,355 63,431 103% 25,686 5,557 20,129 69% Fund General Town-Wide Highway Part-Town Midpoint Sewer District Rockingham Sewer District Wildwood Sewer District Ardmore Water District Central Wappinger Water District Fleetwood Water District Wanhill Witchhill Water District Wappinger Park Water District 13,277 5,787 7,490 19% The cause of the accumulation and retention of these excess fund balances has been the underestimation of revenue, overestimation of expenditures and the lack of appropriating sufficient amounts of fund balance when preparing the current and preceding years' budgets. We recommend that the town board adopt more realistic budgets. The appropriation of available fund balance as a financing source to reduce real property taxes or user charges is a primary tenet of municipal finance. Careful projections should be made to help ensure that real property taxes or user charges are not raised in amounts greater than necessary to provide anticipated services. As an alternative, or in addition to the foregoing, surplus moneys could be appropriated and transferred to duly established reserve funds. Careful budgeting and/or the use of duly established reserve funds more accumtely defines and documents for public review the town board's intended use of its resources and provides a basis for the efficient use of such resources. A similar comment appeared in our prior Report of Examination. 1IIIIIIillllii!illilllillllllllilllillll!III!lilililillililillilill!iiill!!ili!!!!lilililil!illillllilililil!111!liilililiiililililil:lilil!I!I!!!!ililili!il!lililili!il!II!liliilililill!lilillli!!I!II!!il!l!ilil!li!il!1ilil!li!ililililili!ili!!: The 1991 town budget for Sewer Improvement District No. 1 contained an appropriation of unexpended fund balance of $167,705. The town's reported financial statements for the year ended December 31, 1990, showed that the Sewer Improvement District No.1 had an unex- pended fund balance of $149,830. However, after taking into consideration the $100,000 Town of Wappinger Page 3 over-reported cash (see comment entitled "Financial Reporting"), the adjusted unexpended fund balance at December 31, 1990, was $49,830. The appropriation of fund balance in excess of actual may result in insufficient moneys being available to meet budgetary appropriations. Care should be exercised in estimating the amount of fund balance available for appropriation in the succeeding year's budget. Investments At December 31, 1990, the town had entered into a repurchase agreement with a trading partner totaling $1,854,752. This represents a significant amount of money invested in trans- actions which, if not properly managed, can expose the town to greater risks than investing in other available investments. Our review of the town's investment policy and practices with regard to repurchase agreements disclosed the following deficiencies: . Although the town's written investment policy does not permit the substitu- tion of securities purchased under a repurchase agreement, the repurchase transactions and custody agreement between the town and its trading partner provides for the substitution of securities purchased. . There was no evidence to indicate that the town monitored the market value of securities purchased to ensure that such securities would be sufficient in amount. Repurchase agreements are investment transactions in which the town purchases securities from a trading partner and simultaneously agrees to resell them and the trading partner agrees to repurchase them at an agreed future date and at an agreed price. We believe that permitting the substitution of securities in a repurchase agreement may tend to give the impression of a collateralized loan as opposed to a bona fide sale. For this reason, no substitution of securities should be permitted. If the securities are requested by the trading partner prior to the agreed upon termination date, the current repurchase agreement should be terminated and a new repurchase agreement entered into for the new securities. While repurchase agreements may expose the investor to serious risks in the case of insolvency of the trading partner, it is possible to reduce these risks by not allowing the substitution of securities and monitoring the market value of the securities purchased. We recommend that the requirements discussed in the publication entitled "Financial Management Guide for Local Governments," issued by the Office of the State Comptroller be adhered to by town officials. At February 28, 1990, the town had on deposit $2,459,453 in interest bearing accounts and $2,552,201 in non-interest bearing accounts with one of its depositories. Such deposits exceeded the amount insured by federal deposit insurance plus the par value of pledged collateral securities by approximately $1,711,654. In addition, the written custodial agreement allows withdrawal and substitution of securities without the prior written consent of a town officer. Town of Wappinger Page 4 In order to protect the town's moneys, the town board should require a pledge of obligations as collateral to secure all deposits and investments in excess of Federal Deposit Insurance Corporation (F.DJ.C.) coverage. Generally, the F.DJ.C. insures an official custodian of funds, regardless of the number of individual accounts, up to $100,000 for time and savings deposits per bank and up to $100,000 for demand deposits per bank. Although additional coverage may be available under certain circumstances, there was no indication of the existence of such additional coverage made available to us by the town during the course of this examination. Time deposits in excess of $100,000 per bank should be secured in the manner required by General Municipal Law, ~ 11 and other related statutes. Moreover, even when demand deposits are not required by law to be secured, prudent management practice dictates that security be furnished for amounts in excess ofF.DJ.C. coverage. Obligations pledged to secure town deposits should be delivered to a bank or trust company other than the institution with which the deposit is made. The town board should enter into a written custodial agreement with the third party bank which provides, among other things, that any rights of the custodial bank with respect to the collateral are subordinate to the town's interest and that a town officer's written consent is required for the release and substitution of pledged obligations. Furthermore, the town should monitor the collateral by implementing procedures which would periodically verify the existence, sufficiency and segregation of pledged collateral. For guidance in this area we recommend that the governing board refer to the publication issued by the Office of the State Comptroller entitled "Financial Management Guide for Local Governments. " A similar comment appeared in our prior Report of Examination. Financial Reporting 111111111:IIIIIIII::lllllllllI11illl::lI1111111;1111111!!li:!:llllil1iilillllllllllillllllllifliilll!illlliiir~11111!!111111i!!i!llilillii:ii:ll!1Iil11illl: Our review of the town's annual financial report filed with the State Comptroller for the fiscal year ended December 31, 1990 disclosed certain errors therein. These included the following: ... Due to a bookkeeping error, total reported cash for Sewer Improvement District No. 1 was $100,000 more than that available at such date as determined by our examination. ... Certain specific revenues and expenditures of $3,210 and $49,785, respec- tively, were omitted. ... The total of interfund transfers out of the several funds/districts as reported was not in agreement by $50,000 with the total of the related transfers in. ... Modified budgets for the water and sewer districts were omitted. ... The town's annual financial report omitted notes to the financial statements. These notes communicate information necessary for a fair presentation of financial position and results of operations that is not readily apparent from or cannot be included in the financial statements themselves. Town of Wappinger Page 5 "- Accurate and complete financial records are necessary for the proper management of the town's financial activities. Further, a complete and accurate annual financial report provides the town board with reliable information on which to base decisions concerning the operations of the town, and provides town residents and other interested parties with a complete summary of town financial activities. Greater care should be exercised in compiling the amounts presented in the report in order to present accurate information. A similar comment appeared in our prior Report of Examination. Purchasing No record was presented to indicate that bids had been requested by public advertisement for the following purchase and public work contracts during the fiscal year ended December 31, 1990: Purchase Contracts CompurerSoftwareandHardware Water Storage Tanks Water Meters Aggregating Costing Costing $26,943 18,707 9,999 Public Work Contract Water System Repairs and Improvements Costing $129,257 With certain exceptions, which appear not to be applicable in the above instances, purchase contracts in excess of $5,000 and public work contracts in excess of $7,000 shall be awarded to the lowest responsible bidder afrer public advertisement for bids (General Municipal Law, ~ 103). Competitive bidding provisions should be followed to help assure the prudent and economic use of public moneys and to facilitate the acquisition of goods and services of desired quality at the lowest cost. A similar comment appeared in our prior Report of Examination. Based on a judgmental sample of forty-eight claims audired by the town comptroller and paid, we noted twelve claims did not bear evidence of approval by the officer whose action gave rise or origin to the claims. In addition, computer generated abstracts were not signed by the town comptroller. Since the town comptroller may not have knowledge of the origin of the claim, itis necessary to have the assurance of the officer or employee who originated such claim that it is proper and that the commodities have been received or services rendered. Abstracts of audited claims should be signed by the town comptroller directing the supervisor to pay to the claimants the amounts allowed. A similar comment appeared in our prior Report of Examination. Town of Wappinger Page 6 We found nothing to indicate that the town has prepared a written self-evaluation of its purchasing policies and procedures. In order to more adequately develop, implement and monitor purchasing practices, we recommend the town periodically perform such an evaluation and adopt and/or amend proce- dures as warranted. For assistance in this area, the Office of the State Comptroller included in the "Financial Management Guide for Local Governments" a self. evaluation checklist as a guide for munici- palities in reviewing their purchasing function. A similar comment appeared in our prior Report of Examination. Budgeting The 1990 adopted budget did not include a budget for Watch Hill Sewer District. Actual revenue and expenditures totalled $14,472 and $12,641, respectively. In addition, the highway fund part-town budget included a contingency appropriation of $30,000. Neither Town Law, ~ 107, nor Highway Law, ~271, provide for a contingency appropriation in this fund. The town board should require that the budget officer submit a budget in such a format that the contents conform to legal requirements, to help insure that the budget includes information essential to realistically project the following year's anticipated financial operations. For further guidance in this area we recommend that the governing board refer to the publication issued by the Office of the State Comptroller entitled "Financial Management Guide for Local Govern- ments. " Indebtedness The town clerk's record of indebtedness did not include information concerning the town's current outstanding bond anticipation notes of $3,056,550 and a capital note of $115,400. The town clerk is required to maintain a permanent record of all obligations (Local Finance Law, ~163.(0). The information recorded in this record should be utilized for budgeting and accounting purposes. A similar comment appeared in our prior Report of Examination. Fixed Assets There were inadequacies in the records and procedures used to account for general fixed assets which consist of land, buildings and equipment. With regard to these records we noted the following: .. The town does not maintain general ledger accounts for the general fixed asset account group. Town or Wappinger Page 7 .. Although a physical inventory was conducted in 1990, the results of that inventory were not compared with the property record cards. Also, some additions were not posted to the property record cards. . Complete and accurate accounting records for general fixed assets are necessary for proper fmancial reporting in conformity with generally accepted accounting principles. In addition, these records help establish control over town property and provide assurance that such property is adequately safeguarded. For guidance in this area, we recommend that the governing board refer to the "Uniform System of Accounts for Towns" and Section 3 of the "Financial Management Guide for Local Governments" issued by the Office of the State Comptroller. A similar comment appeared in our prior Report of Examination. Retirement Reporting Our examination included a review of the town's reporting to the New York State and Local Employees' Retirement System. Based on our findings the retirement system notified the town of the following: .. A standard work day had not been established for four elected officials; therefore, days worked reported for such officials could not be confirmed. .. There was no written documentation to substantiate that employees in an optional membership status were offered the opportunity to join the retire- ment system. .. Days reported for one part-time employee were calculated incorrectly. All elected officials who are retirement system members must be reported to the retirement system with an accurate figure for days worked. The town must review the time worked by its elected officials, and based on the review determine the number of days worked to be reported. In establishing the number of days worked, an acceptable method is to have the elected officials keep a record of their activities for a period of one month. The record must be a future month, not one with unusually high or low activity, and should contain sufficient daily detail of hours and duties for review by the governing board. The board may consider such factors as the official duties of the office and the need to be available to the public outside normal working hours. This sample month can become the basis for reporting days worked to the system. The privilege of membership cannot be withheld by an employer. If an employee is in an optional membership status, he or she may join the retirement system and must be offered the option of membership. Employers must, at the time of employment, notify the new employee, in writing, of his or her right to membership in the Employees' Retirement System. Each employee must acknowledge having been given such notice by signing a copy of the acknowl- edgment and filing it with the employer. A similar comment appeared in our prior Report of Examination. Town of Wappinger Page 8 .)7 2296 (R~V:1189) STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER ALBANY, NEW YORK 12236 November 12, 1991 EDWARD V. REGAN STATE COMPTROLLER 9lM-470 Town of Wappinger Elaine H. Snowden, Clerk Town of Wappinger 20 Middlebush Rd. P.O. Box 324 Wappingers Falls, N.Y. 12590 Dear Ms. Snowden: Enclosed is a report of examination, as identified above, prepared by the Office of the State Comptroller. Also enclosed for your convenience is a copy of Section 35 of the General Municipal Law which explains your responsibilities, together with a sample publication notice and certification. The examination was made, and report prepared, in accordance with the authority granted to the State Comptroller by Article 3 of the General Municipal Law. We recommend that the report be studied by all appropriate officials and that a written response to the audit findings be prepared and filed pursuant to Subdivision 4 of Section 35 of the General Municipal Law. The December 1988 issue of Governmental Affairs Review discusses the new filing requirements and provides guidance con. cerning the preparation of a written response. Very truly yours, ~GHAM Assistant Direc~N( Bureau of Municipal Affairs Examinations WJC: mg Encs. \\ \. \J REceiVED NOV 1 5 1991 .\ \, ^, ~'': ELAINE SNOWDEN TOWN CLeRK ~ ! " ""'-. G CJ AC 2~96-B (Rev. 1/89) 35 GENERAL MUNICIPAL LAW - SECTION 35 FILING OF REPORT OF EXAMINATION AND NOTICE THEREOF Section 35. Filing of report of examination and notice thereof. 1. A report of such examination shall be made and shall be filed in the Office of the State Comp- troller and in the office of the clerk of the municipal corporation, district, agency or activity, or with the secretary if there is no clerk. An additional copy thereof shall be filed with the chief fiscal officer, except that in the case of a school district, such additional copy shall be filed in the office of the chairman of the board of trustees, the president of the board of education or the sole trustee, as the case may be. When so filed, each such report and copy thereof shall be a public record open to in- spection by any interested person. 2. (a) Within ten days after the filing of a report of examination performed by the Office of the State Comptroller, a report of an external audit performed by an independent public accountant or any management letter prepared in conjunction with such an external audit with the clerk of the municipal corporation, district, agency or activity, or with the secretary if there is no clerk, he shall give public notice thereof in substantially the following form: "Notice is hereby given that the fiscal affairs of (name of municipal corporation, district, agency or activity) for the period beginning on . . . . . . . . . . . . . . and ending on ..... . . . . . . . . ., have been examined by (the Office of the State Comptroller or an independent public accountant), and that the (report of examination performed by the Office of the State Comptroller or report of, or management letter prepared in conjunction with, the external audit by the independent public accountant) has been filed in my office where it is available as a public record for inspection by all interested persons. Pursuant to section thirty-five of the general municipal law, the governing board of (name of municipal corporation, district, agency or activity) may, in its discretion, prepare a written response to the (report of examination performed by the Office of the State Comptroller or the report of external audit or management letter by independent public account- ant) and file any such response in my office as a public record for inspection by all interested per- sons not later than (last date on which response may be filed)." (b) Except as otherwise provided for a common school district, the clerk or secretary if there is no clerk, shall cause such notice to be published at least once in the official newspaper, or if there be no official newspaper, in a newspaper having general circulation in the municipal corporation, district or area served by the agency or activity. If there be no newspaper having general circulation, the clerk or the secretary if there is no clerk, shall post such notice conspicuously in ten public places in the municipal corporation, district or area served. In a common school district which maintains a home school, the clerk shall post such notice on the front door of the schoolhouse. In a common school district which does not maintain a home school, the clerk shall post such notice conspicuously in at least five public places in the district. (c) The clerk of every municipal corporation, district, agency and activity or the secretary if there is no clerk, shall file in his office proof of the publication or posting of notices pursuant to this sec- tion. The proof so filed shall be in such form as may be prescribed by the State Comptroller. (d) In each school district subject to the jurisdiction of a district superintendent, under the provi- sions of Article forty-five of the Education Law, such district superintendent shall ascertain that the public notice required by this subdivision has been published or posted, as the case may be. 3. The clerk, or secretary if there is no clerk, shall present the report of examination to the govern- ing body of the municipal corporation, district agency or activity for its consideration at the first meeting thereof held after the filing of the report with the clerk or secretary. 4. (a) The governing board or other board, officer or employee of the municipal corporation, district, agency or activity receiving a report of an external audit performed by an independent public account- ant or a management letter prepared in conjunction with such an audit shall file in the office of the clerk of the municipal corporation, district, agency or activity, or with the secretary if there is no clerk, and shall furnish to the comptroller, a copy of the report or letter within ten days after receipt. If the report or letter is not received by the governing board, a copy shall be provided to the governing board within three days after receipt by any other board, officer or employee receiving the same. (b) (1) Not later than ninety days after presentation to the governing board of a report of examina- tion performed by the Office of the State Comptroller, or receipt by the governing board of any report of an external audit performed by an independent public accountant or any management letter in con- junction with such an audit, the governing board may, in its discretion, provide to the comptroller, and file in the office of the clerk, or with the secretary if there is no clerk, of the municipal corpora- tion, district, agency or activity, a written response to the findings and recommendations, if any, in the report or letter. In the case of municipal corporations, districts, agencies or activities subject to examination by the commissioner of education, any written response shall also be provided to such commissioner. (2) A written response prepared pursuant to subparagraph one of this paragraph shall be in such form as may be prescribed by the comptroller and shall include, with respect to each finding or recommendation, a statement of the corrective actions taken or proposed to be taken, or if correc- tive action is not taken or proposed, an explanation of the reasons therefor. Any such written response shall also include a statement on the status of corrective actions taken on findings or recommenda- tions contained in any previous report of examination, or report of an external audit, or any manage- ment letter prepared in conjunction therewith, by an independent public accountant for which a writ- ten response was required. All officers and employees of the municipal corporation, district, agency or activity shall fully cooperate with the governing board in the preparation of the response by the governing board. (c) The provisions of this subdivision shall not apply to any city having a population of one million or more. NOTE: Proof of publication shall be filed in the office of the clerk or secretary of the municipality or district. You are not required to file a copy of proof of publication with the Office of the State Comptroller. AC 2296-8 (Rev. 1189) 35 . , AC; 2612 (Rev. 1/89) 35 State of New York Office of the State Comptroller NOTICE NOTICE IS HEREBY GIVEN THAT THE FISCAL AFFAIRS OF THE FOR THE PERIOD BEGINNING ON AND ENDING ON HAVE BEEN EXAMINED BY THE OFFICE OF THE STATE COMPTROLLER AND THAT THE REPORT OF EXAMINATION PERFORMED BY THE OFFICE OF THE STATE COMPTROLLER HAS BEEN FILED IN MY OFFICE WHERE IT IS AVAILABLE AS A PUBLIC RECORD FOR INSPECTION BY ALL INTERESTED PERSONS. PURSUANT TO SECTION THIRTY.FIVE OF THE GENERAL MUNICIPAL LAW, THE GOVERNING BOARD OF THE MAY IN ITS DISCRETION, PREPARE A WRITTEN RESPONSE TO THE REPORT OF EXAMINATION PERFORMED BY THE OFFICE OF THE STATE COMPTROLLER AND FILE ANY SUCH RESPONSE IN MY OFFICE AS A PUBLIC RECORD FOR INSPECITON BY ALL INTERESTED PERSONS NOT LATER THAN (LAST DATE ON WHICH RESPONSE MAY BE FILED. 90 DAYS AFTER PRESENTA. TION OF REPORT TO BOARD). (NAME) (TITLE) NOTES: 1 . In order to be in compliance with General Municipal Law, 935, this notice must be published within 10 days of the filing of this report with the clerk or secretary. 2. If the board has made a decision to respond to the report prior to publication of this notice, the following sentence may be substituted for the last sentence of the above Notice: PURSUANT TO SECTION THIRTY.FIVE OF THE GENERAL MUNICIPAL LAW, THE (NAME OF GOVERNING BOARD) HAS AUTHORIZED THE PREPARATION OF A WRITTEN RESPONSE TO THE REPORT OF EXAMINATION PREPARED BY THE OFFICE OF THE STATE COMPTROLLER AND WILL FILE SUCH RESPONSE, WHEN COMPLETED, IN MY OFFICE AS A PUBLIC RECORD FOR INSPECTION BY ALL INTERESTED PERSONS NOT LATER THAN (LAST DATE ON WHICH RESPONSE MAY BE FILED. 90 DAYS AFTER PRESENTATION OF REPORT TO BOARD). , , AC 261'.IRev. 1/89) 35 _Ela\EJ;::Df~~ -.::~tt~f;t'he-:e~a.t.e~,~~.n.Pller'- NOTICE NOTiCE IS HEREBY GiVEN THAT THE FiSCAL AFFAIRS OF THE TOWN OF VAPPINGER FOR THE PERIOD BEGINNING ON JAJIIJARY 1. 1990 AND ENDING ON DECEIlBER 31. 1990 HAVE BEEN EXAMINED BY THE OFFICE OF THE STATE COMPTROLLER AND THAT THE REPORT OF EXAMINATION PERFORMED BY THE OFFICE OF THE STATE COMPTROLLER HAS BEEN FILED IN MY OFFICE WHERE iT is AVAiLABLE AS A PUBLIC RECORD FOR INSPECTiON BY ALL iNTERESTED PERSONS. PURSUANT TO SECTION THIRTY.FIVE OF THE GENERAL MUNICIPAL LAW. THE GOVERNING BOARD OF THE TOlIII OF MAY IN ITS DISCRETION, PREPARE A WRITTEN RESPONSE TO THE REPORT OF EXAMINATiON PERFORMED BY THE OFFICE OF THE STATE COMPTROLLER WAPPINGER AND FiLE ANY SUCH RESPONSE IN MY OFFICE AS A PUBLIC RECORD FOR INSPECITON BY ALL iNTERESTED PERSONS NOT LATER THAN ~1lIt~1ii>M-~ ..---..-.. ~ FEBRUARY 25, 1992 (NAME) ~1j" ~ S~\.,*l^ ELAINE H. SNOWDEN November 15, 1991 (TITLE) Town Clerk-Town of Wappinger .........., ' . . ,',' . '. ~ ;;: "'" .....,.. '. I '")~ ", r. ;' .i . /. ,: I , , ;~. ,;;, 7: " . ' " ,'t .,: t , 1. ',;; ., ~. .' ~- .,".'! . . . r,