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The Telegram
  • NY auditors fault Amsterdam’s accounting

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  • ALBANY ó New York state auditors say Amsterdam officials canít properly assess the upstate cityís financial condition because of inaccurate and incomplete accounting records.
    They say Amsterdamís fund balance dropped from $3.4 million in 2007 to $620,000 in 2011. Short-term borrowing to cover expenses rose 250 percent in the last three years.
    State Comptroller Thomas DiNapoli says the city needs better planning and ďan honest conversation about the numbers.Ē
    Auditors say city officials lacked basic accounting records for Amsterdamís cash, assets, outstanding debt and available funds.
    City officials say Amsterdam changed accounting systems in 2011.
    They say theyíve begun taking corrective steps to fix the problems.
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