(Nov. 2013) The State’s Comptroller office prepared the following audit of the town of Lincoln. It’s findings included:
As of Dec. 31, 2012, the town accumulated unexpended surplus funds in the general fund totaling $458,698, which were excessive compared to the 2013 budget of $255,420. This primarily occurred because the board underestimated budget revenues in previous years and did not adopt a policy to govern the level of fund balance to be maintained.
The board also did not develop a long-term financial plan to ensure unexpended surplus funds will be used to benefit taxpayers.
To view the entire audit, recommendations made and the supervisor’s response, click on the following link:
Town of Lincoln – Financial Management (Madison County)