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Menands board approves audit after auditor flags general‑fund deficit tied to pension catch‑up and interfund borrowing
Summary
Auditor Brendan of BST told the Menands Village Board that a roughly $275,000 loss in the 2024 reporting period and an unbudgeted pension catch‑up drove a general‑fund deficit; the board approved the final audit and agreed to pursue a repayment plan and advisor input rather than deficit bonds.
The Menands Village Board voted to approve the village’s final audit after hearing that a combination of an unbudgeted pension catch‑up payment and years of relying on appropriated fund balance had left the general fund in a material deficit.
Brendan of audit firm BST told the board that fieldwork for the 2025 audit was completed in mid‑January and the report was dated Jan. 26. He said the village’s 2024 financial statements showed a loss of about $275,000 that reduced available appropriable fund balance to roughly $200,000. He cited a large ‘‘384E’’ catch‑up contribution for public safety pensions that increased the PFRS contribution on one line by about $250,000 compared with budget, and noted that the village had been treating appropriations of…
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