FAC Explorer

Finding 524483 (2024-003)

Significant Deficiency Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-02-26
Audit: 343825
Organization: Town of Middlebury, Vermont (VT)
Auditor: Kittell Branagan and Sargent

AI Summary

  • Issue: Loan reimbursement requests are not being made on time.
  • Impact: Delays mean taxpayers may have to cover project costs instead of using approved debt.
  • Follow-up: Ensure timely loan reimbursement requests are made during projects, not just at the end.

Finding Text

2024 – 3 Loan Reimbursement Requests - During the course of our audit it was noted that loan reimbursement request is not being conducted timely. Criteria: Loan reimbursements should be requested in a timely manner or else the taxpayers are being responsible to cover the bills. This also makes calculating expenditures related to possible single audits to be reconciled. Cause: Unknown Effect: Taxpayers are being responsible to cover the bills of projects that they previous approved to be paid by debt. Recommendation: Request reimbursement of loans throughout the project. Management Response: Management is making more of an effort to request reimbursement throughout a project rather than completion.

Corrective Action Plan

Recommendation: Request reimbursement of loans throughout the project.

Categories

Cash Management Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 524481 2024-001
    Significant Deficiency Repeat
  • 524482 2024-002
    Significant Deficiency Repeat
  • 524484 2024-004
    Significant Deficiency Repeat
  • 1100923 2024-001
    Significant Deficiency Repeat
  • 1100924 2024-002
    Significant Deficiency Repeat
  • 1100925 2024-003
    Significant Deficiency Repeat
  • 1100926 2024-004
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.46M
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $315,276
66.468 Drinking Water State Revolving Fund $40,206
20.205 Highway Planning and Construction $18,144
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $12,867
97.047 Bric: Building Resilient Infrastructure and Communities $3,739
45.310 Grants to States $636