“My office's audits of local governments improve their financial management practices,” DiNapoli said. “These audits are tools for local officials to make sure proper policies and procedures are in place to protect taxpayer dollars and provide the best possible service these taxpayer dollars can deliver.”
Town of Oyster Bay – Financial Condition and Selected Financial Operations (Nassau County)
The town is experiencing fiscal stress due to a deteriorating financial condition. The general fund’s total unreserved fund balance has declined by $25 million, from $14.7 million at the end of fiscal year 2007 to a fund deficit of $10.3 million at the end of 2012. Auditors found that the town does not have a formal change order policy that establishes procedures to be followed when change orders are necessary. Finally, the board has not adopted IT policies and procedures regarding remote access, data backup, breach notification and disaster recovery.