Woodstock audit receives high assurance

WOODSTOCK – Woodstock finances have received a clean audit.

“In our opinion, the town financial statements are fairly presented,” said Auditor James Kelly, of Robinson, Farmer, Cox Associates said at Finance Committee meeting. “This is the highest level of assurance we are allowed to give.”

The audit found the town followed accepted accounting principals, he said.

They made two suggestions of items found during the audit, which does include an Information Technology review.

“These are very minor,” Kelly said.

The suggestions were:

  • For the town to implement a consistent system of talking periodic inventory counts at least quarterly of the public utilities fund.
  • For the town to consider restricting access to its servers, which are currently open in an unsecured area of the town hall, which has space limitations. This was suggested to reduce the risk, either intentional or unintentional, of events that could cause damage to the servers.

“I am thankful to have another good clean audit,” said Mayor Jeremy McCleary “It is a testament to the quality of our finance department and (finance director) John O’Neill”

The audit indicates a level of trustworthiness in the town accounting practices as well as provides an overview of the town’s financial position, he said.

The town of Woodstock for the fiscal year ending June 30, 2017 brought in more revenue than it spent. It had a beginning fund balance of $3,130,746 and a ending fund balance of $3,652,257 thereby increasing the town’s fund balance  $521,111. The town took in $1,196,076 in property taxes and $2,484,121 in other local taxes, such as meal, lodging and sales tax.

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