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Thursday, August 27, 2020
State audit critical of Town of Corning
A recent state audit of the financial condition of the town
of Corning has brought some criticism. The state summary says…Auditors
determined the board did not effectively manage the town’s financial condition,
which resulted in the town-wide general fund having unassigned fund balance
totaling nearly $769,000 as of December 31, 2019, or 79 percent of actual
expenditures. In addition, the board did not develop multiyear financial and
capital plans or adopt a reasonable fund balance policy. Town Supervisor
Kimberly Feehan agreed with most of the report, but not all. She said communities
such as the town of Corning that were carrying a little more in Unassigned Fund
Balance can weather the storm of reduced revenues and will not need to raise
taxes significantly on its residents. The Comptroller’s Office responded by
saying the Board’s approach during this audit period and the last audit has
resulted in taxpayers repeatedly paying more real property taxes than
necessary.