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State audit dings Canton village accounting practices

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CANTON — The New York State Comptroller’s Office cited the Village of Canton for inadequate accounting practices Wednesday.

In a June 2010 to May 2011 audit of the village’s records, the office found deficiencies in Canton’s record keeping and reporting practices, making it difficult for the audit to determine whether trustees were able to effectively monitor its fund balances during that period.

The report claims that fund balances, if recorded, could have been used to alleviate the tax burden on village residents.

According to the report, the village clerk-treasurer did not maintain accurate computerized accounting records and reports, which impaired the board’s ability to monitor financial operations.

As of May 31, 2011, the village’s two main bank accounts had not been reconciled for more than two years. Also, the board did not have procedures in place to ensure that required Annual Financial Reports were completed and filed in a timely manner.

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