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23-Apr-2020 14:49

The membership also did not approve all disbursements as required by the bylaws.

Finally, Department officials did not provide adequate oversight of the Treasurer's duties.

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During our audit period, the Committee and the Board approved one local business loan for ,040, which was less than 1 percent of available loan funds.

Instead of using the UDAG repayments as outlined in the Bolton Community Development Program (BCDP) manual, the Board authorized loaning approximately .5 million from the community development (CD) fund for six Town capital projects.

Although the Board approved all six loans by resolution, these loans were not consistent with the adopted BCDP manual.

The six loans to Town funds for capital projects ranged from 0,000 to million and were authorized at an annual interest rate of 1.385 percent for terms ranging from 8 to 29 years.

Further, while the loan to the local business was governed by the BCDP manual, the Board did not develop any formal plans or policies, as recommended by the United States Department of Housing and Urban Development (HUD), to guide officials in approving the use of the repayments for Town capital projects.

The Board members did not have a fund balance policy or include an estimate of fund balance when they submitted their budget to the Town.