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Woodstock approves $48,000 transfer to fund independent financial risk assessment
Summary
The board authorized a $48,000 transfer from the general fund and engaged CliftonLarsonAllen, LLP to perform a financial risk assessment aimed at strengthening internal controls and preparing for audits; members said the review will go beyond a standard audit.
The Woodstock Town Board approved a resolution to transfer $48,000 from the general fund to fund an independent financial risk assessment and to engage CliftonLarsonAllen, LLP to perform the work.
Chair said the town has not had recent independent oversight and described the engagement as going "deeper than just an audit," explaining it will review internal controls and document-keeping to ensure there are "no mechanisms by which taxpayer money could be siphoned or moved around" (Chair). The resolution authorized budget entries necessary to implement the transfer and engagement.
Board members said the assessment should provide a roadmap for improving fiscal management and preparing town systems for increased scrutiny, especially since grant funds and audits are anticipated. The motion passed by voice vote; the transcript records no roll-call tally.
