Mayor Buckley: I greatly appreciate the efforts of City Chamberlain Michele Smith
From the City of Hornell,
At the September meeting, the Hornell Common Council received the annual audit report for the City’s 2023-2024 financial year, presented by Erica Handley from Drescher & Malecki. The audit provided a comprehensive review of the City’s general, water, and library funds, along with compliance checks on federal and NYSDOT funds.
Handley opened the presentation by outlining the responsibilities of the auditors noting their review of accounting policies, estimates, and the independent status of the auditor to ensure no conflicts when reviewing City records. Handley provided an overview of the audit results, stating, “Our auditors provided an unmodified, clean opinion upon reviewing the finances, which is the best you can do. We reviewed policies and found sound policies with no changes, so essentially, the review was a comparison between last year and this year.”
The audit highlighted key financial trends in the City’s general fund, indicating revenues exceeded expenditures for the year. Increases in department revenues and interest earnings were noted, while a decrease in federal aid was expected due to the end of COVID-related funding. Rising costs for goods, health insurance, salaries, and retirement led to higher expenditures. Despite these pressures, the surplus was added to further strengthen the City’s healthy fund balance.
Mayor John Buckley expressed his appreciation for the financial stewardship of City Chamberlain Michele Smith, department heads, and the Common Council. “I greatly appreciate the efforts of City Chamberlain Michele Smith, who does an excellent job managing the City’s finances. I also want to thank our department heads, who are always mindful of spending and balancing the needs of their departments with their budgets, as well as the Common Council and Finance Committee for all their work. This is a team effort, and we have a hard-working team, which is evident from the audit.”
City Chamberlain Michele Smith echoed the importance of maintaining financial stability, “I am pleased that the audit went well and we didn’t have any findings. It is extremely important to me that the City remains financially stable. The City is now in a financial position to replace some larger equipment that is long overdue while continuing to make upgrades throughout the City. We are still cautious of the increasing expenses we are experiencing, and continue to seek revenues and funding streams to offset these costs.”
Handley also reviewed the City’s water and library funds. The water fund reported $2.2 million in revenues and expenditures, keeping up with cost increases for supplies, though $10,000 of fund balance was used to cover excess expenses. Meanwhile, the library fund maintained a stable financial picture, with revenues slightly exceeding expenditures, as both increased at comparable rates.
Third Ward Alderman and Finance Committee member, Joseph McKay shared his confidence in the City’s financial standing, stating, “The audit presentation was a testament to the hard work done by Chamberlain Michele Smith, Mayor John Buckley, and the finance committee. Receiving high praise from an independent audit should give confidence to the taxpayers of Hornell. I can confidently say that we are on the right track, and this is no small feat when you consider the inflated economy that we and other municipalities are currently experiencing in New York and across the nation.”
Concluding the presentation, Mayor Buckley asked Handley to assign a letter grade to the City’s finances. “I would say A+ definitely,” Handley responded. “There are no compliance issues and no deficiencies. With rising costs, spending has increased, but revenues have steadily increased to keep up. We issue a good bill of health from an audit standpoint. The result of an audit shouldn’t be a surprise, and the City presents with a good, well-managed financial picture, as reflected in the audit.”
Fourth-Ward Alderman and Finance Committee member Steven Peck expressed his satisfaction with the results, stating, “I was thrilled to hear the City of Hornell was given an A+ on our financial condition from the auditing firm. Thank you to Mayor John Buckley, Chamberlain Michele Smith, and all department heads for their efforts in placing the City in a strong financial outlook. Excellent work.”
Photo: Erica Handley (standing) provides a review of the City’s 2023-2024 audit completed by Drescher & Malecki to the Common Council, Mayor, City Chamberlain, City Attorney, and City Clerk at the September Common Council meeting.
