County audit comes back clean
Fund balance continues to grow
TROY, N.Y. » Rensselaer County officials are once again reporting positive results as part of the county’s 2016 independent audit.
The audit was conducted by Drescher and Malecki LLP. The report said they found no material weaknesses in internal controls or accounting practices. Drescher and Malecki conducted an unannounced internal controls audit and found sufficient internal controls were in place to help prevent fraud.
Drescher and Malecki LLP pointed to the continued improvement of the county’s fiscal position. Through strict cost controls and sound management practices the county again this grew its unassigned fund balance by adding about $1.03 million to a total of about $15.72 million. The total fund balance, including unassigned and assigned, increased by about $2.99 million to $25.86 million.
The growth in the fund balance is good news, with the unrestricted fund balance accounting for approximately 11.04 percent of the county’s operational costs. The steadily rising unrestricted fund balance takes the county closer to the goal of achieving the Government Finance Officers Association’s recommendation of 16 percent.
Rensselaer County Executive Kathleen Jimino said that for many years her administration has worked hard to make sure the county spends taxpayer dollars wisely.
“Day in and day out my administration works to ensure the tax dollars our residents give us are prudently and responsibly managed,” said Jimino. “We make the tough decisions to help keep our expenses low so that we are able to provide the services our residents depend while facing the tremendous burden of unfunded mandates by the state. These efforts are paying off as the county’s fiscal health continues to improve.”
“The result of this independent audit shows Rensselaer County is carefully and effectively managing assets entrusted to us by the people of the county,” added Chair of the Legislature Stan Brownell. “The Legislature has made a commitment to doing more with less during a time of economic challenge.”
During the audit review, Drescher and Malecki indicated that New York state passes along a high percentage of its fiscal obligations to local governments, mainly counties, which is an issue that Jimino has stressed for many years. “89 cents of every tax dollar we raise in Rensselaer County is consumed by the state to pay for the statemandated programs the county has no control over,” explained Jimino. “This leaves just 11 cents of every dollar we collect to pay for vital local services including those to pave, plow, and patrol our streets as well as our senior and veterans services.”
County officials said Rensselaer County currently maintains an AA bond rating from Standard and Poors. According to the bonding agency any entity achieving an “AA” rating from them means they have a “Very strong capacity to meet financial commitments”. Standard and Poors also noted that the “County’s budgetary performance has been strong overall.”
“Rensselaer County has produced six consecutive budgets under the state tax cap, maintained needed services and
earned outstanding fiscal reviews like this independent audit,” said Vice Chair for Finance Phil Danaher.
“Along with this, the county is preparing to undertake a major road repair and improvement effort and following a rebid by the Legislature, will save $800,000 in insurance costs.”