NEW CANAAN, Conn. — New Canaan’s Board of Selectmen wants a thorough review of the recent town audit to ensure that the town and Board of Education continue the strong financial management practices it has set up, the selectmen said Wednesday.
“This administration made a promise on day one to roll up our sleeves, take the time and effort to review and understand the financial management of our town, and correct those fundamental problems and other deficiencies that many of us had become concerned about over the years,” a statement from the selectmen said.
Since November 2011, the town’s administration has replaced the town’s auditors, chief financial officer, legal team and actuaries because of a substandard level of financial management, oversight and reporting, the statement said. Now there are policies that make sure best practices are being used, accounting issues are reviewed and resolved, and personnel evaluated, it said.
The audit was presented to the Town Council on Tuesday night, and the council will continue to review and follow up with the firm, O’Connor Davies, and showed positive results, the statement said. It specifically mentioned: revenues exceeding expenditures, a fund balance higher than previously noted, and tax collections greater than budgeted.
Making sure the town keeps these standards in place is a top priority for the selectmen, who believe New Canaan has people in place to do so, the statement said. The board also thanked former acting CFO Kathleen Corbet and current CFO Dawn Norton for their work in recognizing and beginning to fix the problems, it said.
“Our goal is simple: we want the “The Next Station to Heaven” to reflect not just the wonderful community we live in but also the government that we run,” the selectmen said in the statement.
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