Auditor: town funds are in great shape

FALLS VILLAGE — The Board of Finance got welcome news from auditor Mike Zemaitis at the regular monthly meeting Monday, Dec. 14.

“There are no reportable deficiencies,� said Zemaitis as board members leafed through the draft audit for fiscal year 2008-09.

Zemaitis added that the town has a balance in the unreserved fund of $805,000 — about 19 percent of the budget.

“By anybody’s estimate that’s a healthy balance,� he said.

Referring to last year’s worries about securing the town’s funds, Zemaitis said most of the town’s money is insured by FDIC, and what isn’t insured is secured by agreements made with local banks during the last budget cycle.

“Can you publish that in bold type?� asked finance board member Lou Timolat.

Zemaitis did recommend creating a formal budget process for the water department, with a budget and capital plan.

Chuck Lemmen stepped down as chairman of the board; Timolat and George Elling were elected co-chairmen. Kent Allyn returns as board clerk.

The board approved a meeting schedule for 2010. The regular meeting will continue to be held on the second Monday of the month at Town Hall, 6:30 p.m. (except October). The Board of Education is scheduled to present its first set of budget numbers at the March 8, 2010 meeting.

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