(Photo via the Marathon Fire Department Facebook page).
The Marathon Joint Fire District (MJFD) recently received an audit from the New York State Comptroller’s Office.
The State Comptroller’s audit – which had an audit period between Jan. 1, 2022 and March 31 2023 – stated that MJFD “did not develop and manage a comprehensive investment program.”
The audit noted key findings, including:
- 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 until the end of our audit period.
- The District earned interest totaling approximately $2,000 from the District’s checking and savings accounts, which had an average daily balance of approximately $567,000 during the audit period. However, the District could have earned approximately $14,600, or $12,600 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.
As a result of the comptroller’s audit, the MJFD “subsequently approved an investment policy” in March 2023, and “invested $653,000 into an investment fund with higher interest rates.”
Craig Braman, chairman of the MJFD, responded to the comptroller’s audit report in a letter:
(Provided by the New York State Comptroller's Office).
