NY Comptroller Accuses Solvay of Long-Term Mismanagement of Electric Fund
The village of Solvay in New York has been accused of mismanaging its municipal electric department's finances, resulting in a significant drop in its cash balance over the past four years, according to an audit by the state Comptroller's Office. The audit revealed that officials failed to maintain up-to-date records, did not ensure that annual payments from the electric fund to the general fund were justified, and did not monitor the village's general fund budget. The village's electric department, which operates independently, has experienced annual losses while its cash balance declined. The village mayor has acknowledged the need for improvements and is working on implementing changes, including a rate study and cost-cutting measures.