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Morehouse certifies first AFR, addresses accounting software and IRS penalty
Summary
The town's first Annual Financial Report was certified and sent to the Comptroller; town leaders said they need three years of AFRs to borrow. The board also established an investment policy and discussed accounting software integration issues and a $1,200 IRS penalty.
Supervisor Fernandez told the board the Town’s first Annual Financial Report (AFR) has been sent to the Comptroller’s Office and "has been certified," and that having three years of certified AFRs will be necessary before the town can borrow. The board adopted Resolution 25-3-5 to establish a town Investment Policy at the meeting.
On accounting operations, the Hamilton County Accounting Service informed town leaders it withdrew from a QuickBooks arrangement because QuickBooks does not integrate with the New York State Retirement System; the town is evaluating alternative software, and direct deposit rollout is on hold. Fernandez also said the town received a $1,200 penalty related to a 2022 Social Security record discrepancy and that he has submitted proof-of-payment documentation to the IRS and asked for the penalty to be removed.
