Town of Vestal's Comptroller Report
6/21/2013 (Updated 9:50:06 PM)A state audit of the Town of Vestal finances since 2001 claims officials did not always properly plan and finance the acquisition of capital assets and projects.
This, the audit claims, caused the town's outstanding debt to more than double, from $9 million in 2002 to over $18 million in 2012.
The state comptroller's office suggests town officials should develop a multi-year capital plan and consider alternative methods of financing.
Vestal Supervisor John Schaffer declined our request for comment but did write to the comptroller in response to the audit saying the report did not accurately portray the town's capital planning and acquisition process. He agrees improvements to the process could be made.
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