Thursday, February 24, 2011
Auerbach's Audit of the RRA Part 2
-Ulster Comptroller Elliott Auerbach
Auerbach RRA Audit
Read audit by clicking above.
Some of the reports findings include:
Expenses are outpacing revenues by nearly 3.5% a year and at that rate by 2014 expenses will exceed income.
A majority of the Agency’s revenue contracts (21 of 37) will expire in 2012 and without intervention by 2014 the Agency’s sole revenue contract will be with Ulster County.
Capital assets have been decreasing since 2006.
As of 2009 the Agency has a total debt of $38,908,859 due through 2025.
The Agency’s debt reserve continues to trend downward after decreasing by almost $10 million since 2000.
The Comptroller’s research found no documentation of long-term operational and financial planning. “As we looked at the financial landscape of the Agency it became clear that it has been functioning on a day-to-day basis these past many years,” said Auerbach.
Posted by Jeremy Blaber at 12:21 PM