A recent audit of Leyden’s finances indicates that the town is in a strong financial position, as reported by auditor Tony Roselli of Roselli, Clark and Associates. During a presentation to the Selectboard on November 3, 2024, Roselli noted that the financial records were straightforward to balance, although he highlighted two significant deficits that require attention.
The audit revealed a $4,000 deficit in the deputy collector fund and another $4,000 deficit related to police department details. Roselli stated, “There were no difficulties encountered during the audit,” affirming that there were no misstatements or mistakes made by the town’s accountant or treasurer.
Understanding the Deficits
Roselli explained the nature of the deputy collector account, which is utilized by the tax collector to cover expenses associated with tax collection. He emphasized the importance of addressing the deficit before it must be included in the town’s annual financial report, known as the tax recap, which is submitted to the state to set the tax rate.
“It looks like it’s been there for at least a year, maybe longer. So at this point you need to make a decision. Is it a permanent deficit that needs to be raised on the tax recap or was there a coding error?” Roselli advised. He suggested that the simplest resolution would be to include it in the tax recap.
Accountant Angelica Desrosiers and Tax Collector Susan Bobe indicated that they are already addressing the issues raised in the audit. They believe the deficit in the deputy collector fund arose from a transition in tax collection systems. “The previous collector used the deputy collector fund; the current collector uses the revenue fund, so it offsets the revenue. So it’s just two different systems and when we crossed over they just got lost in the wash a bit,” Desrosiers explained.
In addition to the deputy collector fund, Roselli pointed out a separate $4,000 deficit in the police detail account. Desrosiers clarified that this was due to the Broadband Committee funding only half of the necessary costs for police details during the installation of broadband infrastructure. This amount will need to be addressed in the current fiscal year.
Future Steps for Leyden
The audit did not uncover any issues that town officials were not already aware of, except for a few minor accounts with negligible balances. For instance, a retiree health insurance account contained only $12 and had not seen any activity for years. Roselli recommended that if these accounts are no longer in use, they should be closed, allowing the funds to be rolled back into the general ledger.
Overall, the audit provides a positive outlook on Leyden’s financial situation while also highlighting key areas for improvement. The town’s officials are now tasked with resolving the identified deficits to maintain their solid financial standing moving forward.
