Determine whether Lansing Fire District (District) officials developed and managed a comprehensive investment program.
District officials did not develop and manage a comprehensive investment program.
- The Board of Fire Commissioners (Board) did not develop and adopt a comprehensive written investment policy as required by New York State General Municipal Law Section 39.
- The District earned interest totaling approximately $9,000 from the District’s savings account, which had an average daily balance of approximately $3.8 million during the audit period. However, the District could have earned approximately $70,000, or $61,000 more had officials used other available investment options.
- Officials did not consider other legally permissible investment options or formally solicit interest rate quotes that may have resulted in higher interest earnings.
- Develop, adopt and implement a comprehensive investment program and the required investment policy.
District officials generally agreed with our findings and indicated they have begun to initiate corrective action.