As residents and taxpayers of Wappingers Falls, we deserve to know how our money is being spent. Unfortunately, a critical piece of that puzzle—the Annual Financial Report (AFR)—is missing. The last AFR available for fiscal year 2022.
WHAT IS AN AFR AND WHY DOES IT MATTER?
The Annual Financial Report (AFR) is a comprehensive report required by NYS General Municipal Law § 30. It’s not just a “nice to have”—it is the official “report card” of our village’s financial health. It tracks every dollar of revenue, every expenditure, our debt levels, and our actual cash reserves.
The law is clear:
• Villages must file this report with the State Comptroller within 60–120 days of the fiscal year end.
• The village must post the most recent AFR on its official website and publish a notice in the paper within 10 days of filing.
LACK OF COMPLIANCE
The State Comptroller’s audit (Report 2023M-70) sounded the alarm, finding that the Wappingers Falls Board of Trustees failed to provide adequate oversight. Specifically, they:
- Failed to ensure AFRs were filed timely and accurately.
- Were “unaware” of the village’s true financial position because records were “disorderly and incomplete.”
- Failed to conduct required annual audits of the treasurer’s records.
THE DANGER OF “FLYING BLIND”
Without timely AFRs, the Board cannot properly provide fiscal oversight. It’s like trying to balance a checkbook without knowing your starting balance. Without these reports, we are budgeting based on “best guesses” rather than facts. This leads to
• Inaccurate tax levies (are we being overtaxed or underfunded?).
• Unchecked spending.
• Lack of accountability for capital projects.
IT’S TIME for ANSWERS!
The Board has known about these findings since late 2023, yet we are still waiting for full compliance and a truly transparent financial picture. We need to ask our mayor and trustees to tell us:
• What accomplishments can you point to in the past 12 months that provide the public with fiscal transparency?
• When will the backlogged AFRs be finalized and posted online?
• When will the independent audit that has been promised and discussed for the past several years finally be completed?
Transparency is the cornerstone of good government. Let’s make sure our village is held to the standards required by New York State law.