Since the new manager took over in March 2009, what changes has he made to the Financial procedures of the Borough and what benefits have been realized?
Prior to his employment, there were very little, if any, checks and balances in the financial oversight of the Borough. No continuity in the position of Chief Financial Officer, numerous deficiencies were noted in annual audits from previous years, not utilizing the Borough’s finance system to its full potential, and lax or no employee training were some of the major items. As a result of these shortfalls, accurate financial oversight was almost impossible. Almost immediately, these shortfalls were addressed and corrective actions were put into play, which include but are not limited to the following: • Creation of separate accounts for Current Fund, General Capital, Sewer Operating & Sewer Capital for better financial oversight. • This included ceasing the practice of inter-fund accounting, which allowed moving funds from one fund to another. • NOTE: While the use of interfunds is legally permissible, and when used properly can be an excellent budgeting tool, our financial woes were t
