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City’s 2014-2015 AUD accepted by state

The City of Amsterdam is now one step closer to catching up with its required financial reporting to New York State. According to Controller Matt Agresta, the Annual Update Document (AUD) for 2014-2015 was accepted by the state recently. The only remaining document still yet to be filed is the 2015-2016 AUD, which Agresta said previously he hopes to have completed this coming February.

According to the document, the city’s general fund balance at the end of  2015 fiscal year was $730,169. The figure for the previous fiscal year spanning 2013-2013 was originally $2,450,615. However, the firm hired to audit the city’s finances recommend that the figure be reduced by just over $1.5 million, partly to account for taxes that may still be owed to Montgomery County due to lack of proper reconciliation of property tax records in the past. Agresta said the 2015 figure stated in the AUD takes into account that reduction. Other funds also reflected “prior year adjustments” due to corrections recommended by the auditing firm.

The document shows the sanitation fund with an ending balance of $884,127 , the water fund with a balance of $864,574, and the sewer fund with a balance of $1,096, 125. Both the transportation and golf course funds showed negative balances of $513,031 and $358,323 respectively.

The document also showed a positive $1,594,073 cash balance for the general fund. In the previous fiscal year, the balance was only $1,630.

 

About Tim Becker

Tim Becker is the owner of AnthemWebsites.com LLC which publishes The Compass. He serves as both editor and a writer.

One Response to City’s 2014-2015 AUD accepted by state

  1. Thom Georgia says:

    $350,000 in the red for the golf fund that the rest of the city now has to cover. Great job at ‘protecting our taxpayers & seniors’, and giving corporate welfare to ‘those people’ with a nine-iron. Time to dissolve the course, sell off its physical assets, and parcel the land for luxury housing development. Torpedos a sinking ship & grows the property tax base in one simple solution.