Town of Windsor – Financial Management (2025M-24)

Issued Date
May 30, 2025

Audit Objective 

Determine whether the Town of Windsor (Town) Board (Board) effectively managed the Town’s fund balance and developed a multiyear financial plan. 

Key Findings 

The Board did not effectively manage the Town’s fund balance or develop a written multiyear financial plan. In addition, the Board’s preliminary budgets also did not include fund balance estimates with a breakdown by fund to assist officials in preparing and approving the final budget and providing transparency to the taxpayers and residents. Due to the Board’s budgeting practices, officials: 

  • Generated net operating surpluses totaling nearly $2.7 million instead of planned operating deficits totaling $482,700 in the general fund town-wide (TW), general fund town-outside-village (TOV) and highway fund TOV, the three main operating funds, during the four-year audit period. As a result, more taxes may have been levied than needed.
  • Increased unrestricted fund balance from December 31, 2019 to December 31, 2023 by 96 percent, 93 percent and 93 percent in the general fund TW, general fund TOV and highway fund TOV, respectively.
  • Underestimated sales tax revenues by approximately $1.3 million in the highway fund TOV and overestimated employer retirement contributions by approximately $298,100 in the main operating funds.

Recommendations 

The audit report includes five recommendations to help improve the Town’s financial management. 

Town officials generally agreed with our recommendations and indicated they will or have initiated corrective action.